You have a brainstorm, wake up the next morning, and need to figure out whether the idea is actually worth pursuing — or better left under the covers.
This is the murky time before investors, retail space or product packaging come into the picture — a time to figure out where that big idea might actually fit, or not fit, in the marketplace. After all, there’s no shortage of would-be visionaries out there: last year alone, there were 674,499 applicants for a new trademark or patent registration.
While groups abound to help entrepreneurs find financing, pen a business plan or secure a patent, on Day Two it’s mostly up to the individual to do some reconnaissance, and soul-searching.
“It’s amazing to me how little common-sense research people do,” says Mike Collins, chief executive of Big Idea Group Inc., which helps match inventors with companies that can market the idea.
What’s necessary is everything from gauging the interest of real end-users (not just friends and family) and figuring out an initial price to checking out available Web domains and crystallizing personal goals.