SME Focus

How an innovative idea can become a profitable business trend

Every innovative entrepreneur follows the road less travelled and by far the only way to reach there is—by Converting Cutting-edge Ideas into a regular Income.

The journey of a thousand miles begins with one single step…so goes the popular proverb.

The journey from Idea to Income follows the same step up approach. The various stages involved in this journey include:

 

  1. Conception of an Idea (Ideation)

The innovator conceptualizes an Idea based on his / her assessment of the need in the   market for the product or service to be developed.

  1. Evaluation of this idea

Once the idea is firmed up by the innovator, the idea goes through the phases of

  1. Concept Testing
  2. Concept Development and
  3. Concept Finalization
  1. Making a Prototype and Proof of Concept

Based on the concept finalized, the Prototype is developed and Proof of Concept demonstrated to ensure the product or idea is implementable and the technical details and usage particulars are documented.

  1. Financials forecasting and Regulatory Compliances

To convert this idea into a commercially viable business model—the entrepreneur then gets into financial forecasting including cash flows for both capex or capital expenditure and opex or operating expenditure. It is also critical to understand all regulatory compliances required to set up and start the project and begin commercial operations.

  1. Commercialization of the Idea

Team Building, process set up, sales management and commencing commercial selling of the product or services. This step involves Generating CASH FLOWS, the lifeline of any business.

  1. Scaling up and Growth

Taking the business to the next level of growth involves building a full-fledged, capable team, upgrading technology so as to be able to handle larger operations.

Pitching for Investments, product value-add if any, expansion in various geographies and markets and many such initiatives will assist the business to grow and generate more INCOME.

 

About the author

SPI Group

An integrated platform created to serve entrepreneurs and service providers. SPI engages with over 100,000 Entrepreneurs & Senior decision makers through a unique combination of cutting edge business magazines, high profile B2B summits and conferences, strategic alliances with Govt, business associations and government bodies. SPI also leverages the power of digital marketing and social media.

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