What makes an idea BIG?

Rachel Panther, Business Support Director at Oxford Innovation shares the top 5 things you must research to understand if your idea is BIG.

Any BIG idea has to be a number of things;

  • Be innovative
  • Serve a market need
  • Have potential customers
  • Beat the competition

BUT most importantly it needs to be profitable as fundamentally that’s what any business exists to do.

1) Be Innovative – Any new BIG idea has to do something better than what is already available; better or different to what is currently available in the market. It could be a product improvement, a higher quality service, a unique offer, or a new method of buying but, the overall message is it must improve on what already exists.

2) Serve a Market Need – Providing a solution to a problem has given us some of the greatest inventions of all time. But you must do you research and find out who will; use it, need it and buy it? This will enable you to see how urgent your solution is and who you need to be targeting.

3) Have Potential Customers – Having customers that need or want your product is very important. By grouping your target customers by characteristics, behaviours or even motivators will enable you to engage with them more effectively.

4) Beat the Competition – Once you have identified your market need the chances are you will now have developed a list of companies that you are competing against. Your job now is to think one step ahead and continuously beat them.

5) Be Profitable – before trying to get an idea off the ground it’s critical that you understand how the business will make money and how this can scaled. In the initial stages the focus should be on reaching financial security as quickly as possible so make sure your running costs are fully defined.

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