Turning ideas into business ventures: Here’re things entrepreneurs could do!  

The word ‘innovation’ has been defined as “the introduction of something new,” 

Today, innovation is one of the most used words. 

Startups mostly work on innovative ideas designed to change the nature of work or lifestyle for the better. 

Would that mean innovation is always ‘something new’?

What about Uber or Urban Clap? We always had taxi services and various handymen visit our offices and homes before but now it is via an app and is much, much convenient that doesn’t even require a call. While these services are not new, especially in the cities, the ease with which we get them is commendable. Thanks to technology, a choice of services is at our fingertips and that makes it innovative. 

How did this come about? Who thought of making an app to call the beautician home, when she was already on speed-dial? Who thought of putting the bus ticketing system online and why? As for the online bus ticket booking company – redbus.in; it was a personal pain point of the founder Phanindra Sama, who couldn’t reach home for Diwali as all the seats on the bus were booked. All the travel agencies he went to asked him to check the next ticket booking agency for ticket availability. That was a Eureka moment for Sama, who wondered why there wasn’t a system where all the ticket information was on one platform. This would offer the required information without having to visit several travel agencies. Thus redbus.com came about. It redefined bus booking and broke all the hassle and even the middlemen. Ready printable solutions and multiple choice of payment. 

It wasn’t only innovative, it was revolutionary. 

What made these ideas so groundbreaking that they were accepted by a million users? 

Companies were set up on a single idea and it made a significant difference. We always had taxis. We could call some of them. Now Uber has us several and quietly it has become part of our list of ‘can’t live without apps.’ 

These ideas struck a chord because they catered to a need. Add to that mobility and ease, you have a winner on your hands. 

So if you are an entrepreneur, how do you know if your idea would work? 

Research is key. Who else can tell you if your idea will work other than the users? 

Here are a few tips on the research before you go ahead with the idea:

• Talk it out 

How does the idea sound outside of my head? Talking aloud is an exercise to understand how much we know of what we are thinking and how it sounds. Is the idea still vague? Is it still in its embryonic stage? Talk it out to your friends, colleagues who are in touch with the world of innovation and startup.  

• Does it already exist

Go online. Find out if someone has worked on a similar idea. Is there something already in the app store? Does it solve the same problem you set out to solve? You could add more value to the idea either as a competitor or collaborator. Learn from the existing product what’s working and what isn’t. 

• Do market research 

Put down a list of people who will benefit from your idea. Who will download it from the App Stores. Pay for it if necessary. How many people do you have on your list? Answer these questions and you’ll know if your idea is viable.  

• Find people aligned with your vision 

For a tribe to grow and flourish, you need well-aligned, hard-working people. For your idea to flourish you need people who understand your plan and believe in your vision. 

When your idea is firm and clear, here are further steps to take:

• Find an investor

• Find an ecosystem 

• Make a prototype/model of your idea / service