Great ideas are often the beginning of a great business.
The process of taking an idea and making money with it is called a ‘commercialization strategy’. In the web space it can also be referred to as ‘monetizing’ your idea.
Often, a poor business idea combined with a great commercialization strategy has a better chance of success than a great idea with a poor commercialization strategy. Here’s why:
1) You need a quarter to make a dollar – Part of a good commercialization strategy is funding the project. If you don’t have a quarter, you can’t make a dollar.
2) Another part of commercialization is listening to the marketplace and modifying your idea based on the feedback. The original idea may be the catalyst, but many startups evolve into a completely different product or service as they validate and ‘pivot’ with market research.
Related article – Customer Segmentation and Development
3) Fear of failure can paralyze a good business idea in it’s tracks. A good commercialization strategy mitigates the fear by mitigating the risks.
Related article – Now is the Perfect Time to Start a Small Business
There is not a better time to take action on your business idea. Just Google ‘business incubators’ and see what comes up. There are at least 200 business incubators in Canada. The Canadian Association of Business Incubation has a partial listing of incubators on their website. In the U.S., the National Business Incubation Association suggests there are over 2,200. I recently saw an article on ‘How to Choose a Small Business Incubator’!
All you need to do is save up a quarter, contact an incubator and educate yourself on your options for a commercialization strategy.