“Yippeeee, I have an idea, THE IDEA!”, you say. “That’s it, I am quitting my job to create the next big thing!”. …Congratulations, but DONT pull the trigger, just yet.
Tell Shailu that you have an idea, dont need to tell him what the idea is….The wise (?) old Shailu will look at you with his shrewd, thoughtful, cold and “let me help you, son” look, and asks the SEVEN deadly questions….most are meant to help you explore and think deeper).
If you can answer all questions in detail and have a plan for each, glory is waiting for you…be the next google/mercury/hotmail story!
• “So Mr. IDEAMAN, What stage of idea development are you in” ?
Concept stage ? Implementation stage ?
• What is the quality and breadth of team ?
The team is as important as the idea ? Do you have a team that would kill for making this dream true ?
• What is the defensibility from competitors ?
Are you planning to create for example, a search engine ? have you heard of this company called Google ? Can u match, or worse, beat it ? Dont fall in love with your idea so much that you are blinded to the competition.
• What is the up-front capital investment needed ?
Capital could include time and money… Have a plan and come cold numbers ? Can you let go of the word called “security” and marry “risk” ?
• Does it have a short time-to-market ?
If a potential buyer said, I love it, when can I see it ? how long will it be ? Tomorrow ? Next Year ? Maybe 2 ?
• Does it have a market leadership potential ?
AKA a google ? remember they created it when you had a host of search engines like altavista, yahoo etc., and beat the giants to punch.
• Does it have a sustainability and high growth potential ?
Critical: Is your idea a sizzler or a steak ? Translation : Can it sustain ?