Is it new?
To find out if the idea is really new, be thorough in your online search. Search base on descriptions of the the problems it solves, how it is used and the benefits. You should also search Google Patents or the USPTO.gov site to look for existing patents in this area.
Does it need to be new?
"New" is nice, but in a rapidly developing market space like most IoT applications, there may be a lot of room for "better" or "improved." If there is competition, find out how well it is being adapted and used; you may still uncover new opportunities.
Is it feasible?
This is clearly a loaded question. To determine market feasibility, you will have to answer a number of individual questions, including:
- Will the product address a real problem and deliver tangible benefits
- Can you make a product that performs the way you want it to?
- Will anyone want it if you do? Why?
- How many of them are there and who are they?
- Can you market it at a price they will be willing to pay for it?
- How can you reach and sell to them?
- Do they know they want this, or will you need to educate them?
- What obstacles will you need to overcome to make a sale?
- What will compete with this purchase, both directly (other products) and indirectly (other ways to solve the problem)?
I hope that helps. I have been doing a lot of work in the IOT space and would be happy to walk you through a process to help you answer your question.
Answered 7 years ago
To find out if the idea is new:
- Do a thorough Google search for relevant keywords. Depending on the idea, an image search might help.
- Do a search on Google Patents (https://patents.google.com/) too.
- Ask in relevant subreddits (https://www.reddit.com/subreddits/search) if they know of any products that do xyz
- Go to relevant local meetups (www.meetup.com) and ask them too
To find out if the idea is feasible:
Talk to someone with extensive multidisciplinary engineering knowledge. If you get a "no", ask a couple more people before you give up; sometimes it just requires an imaginative solution to make something possible.
I have a lot of experience in coming up with creative multidisciplinary solutions to hard problems, so I can help with the feasibility part if you want. I can also help you analyze any existing related patents. I have three biotech patents pending, so I've gone through all that before.
in any case, best of luck,
Answered 7 years ago
The simple answer is that it does not have to be new in most cases since it is an idea. We all have thousands of ideas. So, if it is not published anywhere, you may not know about it even if Microsoft is actively working in a small back room eagerly trying to make the same idea become their next multi-million dollar success story. So, how do you talk to people about your idea without losing control over it? Well, you can ask anyone who does work for you to sign a NDA. That might help.
Secondly, in order to find out if your product or service is something that your target market might be interested in, follow the steps below.
Here is $10,000 worth of information for free and in a nutshell. (each of these proven concepts could actually be worth millions of dollars in the right hands.
I didn't come close to inventing the pre-launch or the launch. Concert goers are very familiar with winning concert tickets by calling into radio stations or winning vip treatment, or back stage passes, lunch with a star, the list goes on.
Likewise, if you look at "professional wrestling," the whole fitting before the fight is just a pre-launch. PT Barnum was doing this for circus goers over 100 years earlier. And I can only imagine the pre-launch of the Romans for the Gladiator Fights.
In more recent history, every type of business from Retail Stores to Real Estate companies have used multiple pre-launch techniques. Believe me, tourists are bombarded with Condo deals when they visit Disney Land.
This is similar, but different from lead generation (I don't have the enough space to discuss this powerful technique here). But I use both of these techniques in my own businesses including offering a free information packed newsletter and encouraging my clients to move up my sales latter because it is best for them. Most do move up the sales latter as their ambition and drive increases. Some move all the way up from the very beginning. Both benefit from this, one just takes longer to receive the benefits. Others will never take a chance on becoming successful.
Okay, more to your pre-launch campaign for SaaS. Simply, come up with a taste of what you have, ask a serious question and answer it. At the end of the end of the first "answer and solution" set the potential client up with another problem that is very familiar to them. Tell them that you have the answer. Follow this technique several time. I believe most do this repetition 2 or 3 times, but a famous golfer has sent me literally dozens of how to videos in order for me to take the bait.
You might think that giving the answer to a solution makes your product less valuable and your opinion less valuable. If you think that, you would be wrong. Heck, look at what I have given out in this answer. My experience is if you give you will receive. That is if you know what to give, how much to give, and how to receive.
I am not trying to sell you on calling me. Most people frankly cannot afford it. Really, I am pretty busy with my businesses and consulting. However, I need more info before I could have a greater impact in helping you.
Most solutions involved this: Ask, Ask, Ask, then Ask again.
Concentrate on the 3 M's. There are actually 7, but 3 will do for now. These are Market, Message, and Media. They come in that order.
Who is your target market (customer, clients, buyers, users, etc.)?
Tailor your laser focused message for this target market.
What is the best media mix to get your message to that market?
Here's what you do...first, make it an offer that is so incredible that they cannot resist. Secondly, do all the work for them. Make it so easy to make the purchase now that they can do it virtually without effort. Thirdly, give them an incentive to act right now. Fourthly, offer an almost unbelievable guarantee. Fifth, offer a bonus for acting now. There are many other incredible steps, but these steps should help the novice to the professional sell anything.
Whether you are selling B2B or B2C, you have to focus on selling to only one person. You can actually sell to one person at a time while selling to millions at a time. They are one and the same. Don't get off track, what we call digital marketing selling is just selling in print. And that has not changed since Cluade Hopkins wrote "Scientific Advertising." Really long before he wrote the book.
The secret to success: I have had the pleasure of knowing and working with some of the biggest names in business, celebrities, actors, entrepreneurs, business people, and companies from startup to billion dollar operations. The number one reason for their success is doing what they know and love while doing it in new, creative, and innovative ways.
Ask, Ask, Ask. Have thick skin and learn from each "mistake." In a short while, the market will tell you what you need to do and who and what you need to ask. But get started now even if that just means asking a contact on LinkedIn.
While you are thinking, think big and think of something at least 1% better, newer, or different. And being cheaper is not a winning strategy.
Make decisions quickly and change decisions slowly..unless you are actually going off a cliff.
Remember these two 11 letter words...persistence and consistency. They are two of the most important tools ever invented.
Even better yet, remember my 411 Rule of Achievement – It consists of (4) eleven letter words for super achievement (also an 11 letter word). Here it is, my 411 Rule of Super Achievement:
Consistency can change even the smallest
Possibility into a big time
Persistence + Consistency =
By the way, I get a lot of people asking me if I can take phone calls for free (a free sample). Sorry, I can’t. I respect Clarity.fm and what they are trying to accomplish.
Treat everybody you talk to and everybody you meet (including yourself) like each is your number one million dollar customer.
Remember this for most people who really want to achieve a dream:
First: Your dreams are important and those who don’t support and believe in your dreams either don’t understand your desire and ambition or they have some other reason (many times reasons they themselves don’t understand) for not wanting you to spend the time and effort necessary to achieve your dreams.
Secondly: If you haven’t achieved your dreams and goals so far, it is not your fault. I know that this goes against what you usually hear, but it is true. Stop blaming yourself. You have a whole world of obstacles that are truly the blame. You only need to figure out how to go over, go under, go through, go around, or go with these obstacles in the direction of your dreams.
Thirdly: Fear is normal, but don’t give into it. Use it to motivate you and guide you.
Fourth: You are right; there are probably some people who don’t want you to succeed.
Fifth: Keep this in mind, there are people competing to get their first, do more, have more, invent what you are considering inventing, or simply trying to win. Believing in yourself and what you are doing is part of a strong recipe for winning over your competition.
I also always suggest that everybody at every stage work with a coach, mentor, or consultant. Heck, it works for Tiger Woods, every team in the NFL, the NBA, and etc. We all need guidance and support.
Best of luck,
Take massive action and never give up.
Michael Irvin, MBA, RN
PS – Many people have “Upvoted” my answers. Thanks to those who do this. I really appreciate it.
Answered 7 years ago
Idea in (IoT) sounds good, but the million $$$ question is whether the idea is patentable and making sure you are not infringing upon someone's patented technology.
Having said that, you need to identify your business model. For example, are you planning to launch your product in domestic market or you plan to launch it in one or more countries.
1st step should be to make sure your idea is novel, non-obvious and has industrial applicability to be patent worthy.
You need a worldwide patentability search to determine whether your idea is patent worthy.
Patent Searching Tips:
-Identify International Patent Classifications (IPCs) and US Patent Classifications of your technology
-Identify important Keywords and Synonyms
- Perform Keyword based patent searching
- Narrow it with International Patent Classifications (IPCs) & Cooperative Patent Classification (CPC) based patent searching
- Identify Main Assignees and perform search
-Identify Main Inventors and perform search
– Combination of Keywords in different fields of search, Identified patent classes (IPC, USPC and CPC), Assignees and Inventors
This will provide you a fair idea about the novelty of your system and method in IoT space.
To know more about Freedom to Produce, read the below article:
I hope this information helps you to determine feasibility of your innovation.
Answered 7 years ago
Make a search in the industry it is related to. It could be that there is some Simple and Stupid practice being used instead of an IoT solution.
Answered 4 years ago
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