Your billion dollar idea already exists. Now what?

60 Second Article

How many times have you thought of the next billion dollar idea that will change the world? In the moment, the excitement leads you to imagine all how perfect the world will be with your solution.

You do a google search for your idea and you find a million different businesses for it. The disappointment brings you back to reality and I bet you said to yourself “dang it, that guy stole my idea”.

Teoriya Resheniya Izobretatelskikh Zadach is a Russian theory that states that solutions to problems are repeated across industries and sciences. So it is very likely that someone has already thought of your idea that helps solve a problem that affects thousands of people.

So how will you get your ideas to market?

First, keep in mind that the problem still exists for you and there is a reason for that. You didn’t know that the solution exists. Why? The businesses that are currently providing the solution to your problem may not be hitting on the right markets to get to you. Figure out how you can adopt a solution to that problem and hit on more niche markets. Whether that may be different regions, age groups, or professions, you have to find a niche market for your solution to give your idea a chance to grow.

Second, someone out there in the world may be running your billion dollar idea, but it may not be the most effective solution out there. For example, the QWERTY keyboard was invented in order to minimize jamming on the typewriter by spacing the most used keys out. The Dvorak keyboard is more efficient because it puts the most used keys together. Granted that keyboard layouts may not change soon, finding a more effective way to implement your solution may beat out the competition.

Finally, figure out if your idea is what people really want through testing. Sometimes the market is content with what they have because they don’t know what they could have. The market didn’t know that they wanted an MP3 player on their phone before Apple made it. In the same way, test out variations of that idea and see if the market responds positively.

So don’t give up on your billion dollar idea just yet. Find ways to make it work.

60 Second Article

How many times have you thought of the next billion dollar idea that will change the world? In the moment, the excitement leads you to imagine how perfect the world will be with your solution.

You do a google search for your idea and you find a million different businesses for it. The disappointment brings you back to reality and I bet you said to yourself “dang it, that guy stole my idea”.

Teoriya Resheniya Izobretatelskikh Zadach is a Russian theory that states that solutions to problems are repeated across industries and sciences. So it is very likely that someone has already thought of your idea that helps solve a problem that affects thousands of people.

So how will you get your ideas to market?

First, keep in mind that the problem still exists for you and there is a reason for that. You didn’t know that the solution exists. Why? The businesses that are currently providing the solution to your problem may not be hitting on the right markets to get to you. Figure out how you can adopt a solution to that problem and hit on more niche markets. Whether that may be different regions, age groups, or professions, you have to find a niche market for your solution to give your idea a chance to grow.

Second, someone out there in the world may be running your billion dollar idea, but it may not be the most effective solution out there. For example, the QWERTY keyboard was invented in order to minimize jamming on the typewriter by spacing the most used keys out. The Dvorak keyboard is more efficient because it puts the most used keys together. Granted that keyboard layouts may not change soon, finding a more effective way to implement your solution may beat out the competition.

Finally, figure out if your idea is what people really want through testing. Sometimes the market is content with what they have because they don’t know what they could have. The market didn’t know that they wanted an MP3 player on their phone before Apple made it. In the same way, test out variations of that idea and see if the market responds positively.

So don’t give up on your billion dollar idea just yet. Find ways to make it work.

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