How much is my idea worth?

Answer:
This is a tough question and if you're asking then

you probably already know the answer. Ideas are great, they are what keeps the blood pumping and what keeps us fresh. Getting caught up in ideas can sometimes be troublesome and and other times it can be lucrative. Being an Entrepreneur/dreamer/optimistic I find my self attracted to and chasing ideas all day long. I would say 95% of my ideas never get to the development stages and you wonder, of those 95% are any worth anything to anyone? The worth of your idea or concept is dependent on a few factors.

How concrete is your idea?
Is your idea a concept that has some tangible or realized effect? If so then your idea may have some value if it is something someone is willing to buy and you have already began conceptualizing or developing a plan. I would categorize this type of an idea as an invention more than a concept in which I'll categorize shortly. An invention that has some meat to it can be valuable if it is something that can be sold. Valuating an invention that has yet to hit the market is possible and to the right person this type of an idea could hold true value.

So what do you do? Lets say you have an idea. You've done some minor field testing, received quotes on outsourcing the development, done some competitive analysis and are either ready to move on with the idea or go elsewhere. If you move on then it's likely you'll need some sort of financial assistance. You'll want to patent this idea and doing so is costly. It can be difficult to come up with money to spend on a patent and development so if you're considering maxing out your credit cards be sure your idea is valuable. If you don't have the entrepreneurial spirit to go on then you may want to consider selling the concept. I personally, have never sold a concept but I know it is possible. If you have data to back up the idea then it's worth trying. Contact those companies you did your competitive analysis on and try to find decision makers in those companies. Have them sign a non-disclosure and pitch the idea. If you're working on a pitch or a business plan then it may also be beneficial to hit up some local VC's or Angels. You never know, maybe they will love the concept and dump all sorts of money into it.

How far fetched is your idea?
If your idea is to develop a teleportation system then your idea unfortunately has very little value. I think there is a fine line between a far fetched idea and an idea that takes so much work or funding that it might as well be "far fetched". More specifically, some people may have grand ideas to make the internet better. Perhaps a social network or community for every street in the world or maybe something more technical like a hologram web cam. Though these ideas are feasible and could be done I don't believe the average joe has the man power or funding to make them happen. Unfortunately, and often times if the concept is possible then it has already been evaluated many times over. If the 10 or 10,000 people that have already evaluated the concept are unable to make it happen then most likely you will have the same issues. I don't want to sound discouraging as maybe you have a brilliant way to develop a project others were unable to do so.

My best words of advice are to always jot down your ideas. Keep a journal, revisit your ideas semi-annually. Factors may make the realization of your idea more likely. Maybe there are new breakthroughs in technology, maybe you'll have more money to play with, the options are endless.


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