If you ever go a venture capitalist to help you fund your new technology or business ideas, the first question is
“What is the market potential? How much revenue will it earn?”.
With new technologies , concepts, there is no known market. That means only you can decide and think of a market. When Facebook, twitter or Google came into existence, there was almost no precedent ( or not so proven). Google changed the way they indexed web pages and went on to become one of the most valued company. According to its History, for four years , founders did not even have a business name. Later they received funding which enabled them to run their businesses.
People used to wonder if Facebook and Twitter would be so popular today. The impact of these websites ( or ideas) on our lives is unprecedented. The same concept ten years back would have hardly evoked a discussion.
With rise of new ideas , old ideas move out or they are replaced. However it often require a leap of faith to take new ideas from conception to eventual success. The entrepreneur who work tirelessly to make them successful spend their days and nights on them.
Here is the takeaway:
- With new ideas often there is no precedent
- There are no rules to follow, you make the rules
- Fund your venture yourself initially till you find someone to fund it
- Think of monetizing your work as soon as possible
- Don’t wait for skeptics to be on your side. They probably will never be.