Sunday, 13 May 2012

Convert your Ideas to Cash

Everybody has ideas. Most of us have had an idea for a new product only to dismiss or neglect it.
Sometimes we later find that others had the same idea, but they did something with it and it is
their product in the market, not ours.
Ideas are relatively easy to come by; inventions are more difficult. It takes knowledge, time,money and effort to refine an idea into a workable invention, even on paper. Turning an invention into an innovation -- a new product or service launched into, and accepted by, the marketplace -- takes a lot of effort, not to mention a little luck. There are formidable tasks and substantial barriers in the path of those who pursue innovation. Accomplishing these tasks and overcoming the barriers typically require much careful planning and input from others.

The Innovation Process
The importance of innovation can be measured in terms of its impact on both the private and public interest. Perhaps as much as one-third to one-half of all manufacturers' profits are generated by products less than five years old. In addition, nearly half of all new jobs created in the last several decades have been the result of innovation.
Innovation is essential to our present standard of living; without it, we face a future of inevitable decline.
Recent studies show that, in spite of skyrocketing costs, increased risks and market complexity, independent inventors, technological entrepreneurs and small businesses still contribute somewhere between one-half to two-thirds of the major industrial innovations occurring worldwide. 
Other studies show that they do it much more efficiently than their corporate and institutional counterparts.
Industrial innovation may be defined as a complex series of activities, beginning with an idea and followed by a succession of interwoven steps - research and development, financing, marketing and production. However, it does not bear fruit until a product, process or service is accepted by the marketplace.
Generate Ideas
Idea generation consists of two steps: the creation of an idea and the commercial development of
that idea by an organization. Perhaps the most useful resource available to inventors at the idea generation stage is provided by other inventors in the form of inventor organizations. The explosion of the web and social media will help further to determine the market and any potential threats or gaps in your idea.
Idea Evaluation
It is normal to like our own ideas; however, it is a mistake for someone to become committed to his or her idea too early in the innovation process. Many people skip the evaluation stage because they believe they have a good idea and they know it will sell. This is a serious mistake, for it takes more than a good idea to make a commercial success. Innovation is a costly, complex and time-consuming process.
i-City advises everyone to obtain a competent evaluation before moving to next level. Make sure your idea or innovation has merit and that you are willing to make the commitment necessary to turn your idea into cash. A good evaluation should help you make those decisions.
i-City has developed a free service for the primary evaluation of your ideas unde rstrict confidentiality and continual support. If your idea has potentialities to develop further we will be happy to invest on it and help you grow both your idea and your business further.
To be continued...

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