Can Your New Idea Compete? 11 Criteria to Help You Assess - Deepstash

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INCAFRICA

Can Your New Idea Compete? 11 Criteria to Help You Assess

Can Your New Idea Compete? 11 Criteria to Help You Assess

incafrica.com

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Bringing an idea to market

You have an idea for a new product, and now you want to bring it to market. You may not think it would be easy because of your limited budget and experience.

The internet is an excellent tool for research, but there is also value in visiting brick and mortar retailers and befriending store ...

Market size: How large is the potential market for your new idea? Put otherwise, how many consumers may be interested? 

Competition: How saturated is the market for similar products? Too much competition can make it extremely difficult to succeed. However, ...

Manufacturing, Cost, and Protection

Manufacturing: Can your new idea be manufactured using existing machinery? YouTube can help in researching alternative manufacturing methods.

Cost: Will the retail price of your new idea be low enough to stand up to the competition?

Protection...

Education: Do people understand when you explain your concept to them? Educating the consumer can be expensive and time-consuming.

Line extensions: One new idea doesn't make a business. Consider how you can expand your idea into a line of products.

Ways to mitigate risk

Crowdfunding to raise money.Test your idea while raising the funds you need to get started.

Joining a startup. It can be enlightening to work with others who have skills that you don't.

Focus on licensing your idea instead of venturing.

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