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How to Successfully bring a Tech Idea to Fruition

You don't need much technical experience to have a good idea about technology. For example, you could have brought up the idea for Uber without in-depth knowledge of how to create it, or and idea for eBay just with a basic understanding of how auctions work.

Let's say you have an excellent tech idea and you want the world to know. Should you abandon it, assuming it has either already been done or is it not possible, or should you take a few steps to make this idea come true? 

Let's look at these steps: 

1. Competitive Analysis

The first thing is to do a competitive analysis. There are thousands and millions of tech products already in circulation, many of which are not massively publicized. You may discover that your amazing idea has already been considered by someone with more resources and time than you had. It's never a pleasant thing to learn, but you won't waste time building something existing already.

2. Technical Feasibility

If your idea exists already in a way, you will already have evidence that the tech idea can't be developed. If your idea appears to be new, your next task is to determine the idea's technical feasibility. Your application may seem perfect on paper, but can it be created cost-effectively or reasonably?

This can be a difficult question to answer if you do not have much direct experience in technology. Fortunately, there are different approaches you can use to determine this. If you have the time and resources, you could research potential development options, learning about several technologies and potential development limitations.

3. Monetization Potential

Depending on what type of technology you wish to develop, there are several potential options here. If you are creating something for enterprises, you can charge companies to use your technology either in a subscription or on a per-product model. If you are developing consumer-oriented software, you may sell individual licenses or offer it for free while partnering with other companies for ads or affiliate deals.

Study the possibilities, and make sure you substantiate your expectations with real and precise data. Would your target market be willing to patronize you for these prices?

4. The Business Plan and Research

Once you have enough information to boost confidence in your feasibility, you can start drafting a business plan. The business plan will entail several sections, including your vision and mission, a unique value proposition, market analysis, competitive analysis, and, of course, a financial prediction. Strive to be as objective and focused on research as possible while writing this document.

5. Recruitment

You may want to partner with people who have valuable technological experience or recruit team members to form your development team. The options are limitless, but the basic goal is always the same: get the right employees and partners to efficiently build your tech idea.

6. Funding

If you're going to pay product developers or launch a marketing campaign, you'll need substantial initial funding. How you get these funds depends on your goals; venture capitalists and angel investors are typical options, but you could also go for crowdfunding if you create something tangible or self-finance yourself.

It's tough to get an idea out of simple brainstorming to become a viable business - even if that idea is fantastic. Good ideas can result in bad business, and also, good business fails, do your due diligence and be dedicated.

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