With new ideas, there is often no precedent, no set rules

by Ashvini on July 31, 2012 · 9 comments

in My Personal Thoughts

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:

  1. With new ideas often there is no precedent
  2. There are no rules to follow, you make the rules
  3. Fund your venture yourself initially till you find someone to fund it
  4. Think of monetizing your work as soon as possible
  5. Don’t wait for skeptics to be on your side. They probably will never be.

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{ 9 comments }

DiNaRa August 29, 2012 at 1:05 pm

But it so hard to get a new idea right now which is going to be absolutely new and catching. It may take time to find it and even a lot of time for it.

Ashvini Kumar Saxena August 30, 2012 at 11:54 am

Hi Dinara,

Sure it is . But we all got to start somewhere :)

migisi August 23, 2012 at 2:54 pm

Hi,
I like the points 2 & 4 because i will create new rules depends on my idea.. And i think new ideas will result in new success..
thanks for sharing this post with us..

Adrienne August 2, 2012 at 11:46 pm

Hey Ashvini,

Can you imagine trying to pitch your idea to some investors who think you’re nuts because they can’t even see what the future can hold? Of course not having the type of vision as the people at Google or Facebook I can see where some people might not be able to see what they did. I mean just testing the waters and not knowing where to go once it starts can be a challenge as well. But thank goodness for people like that who have that type of vision or we’d still be stuck in the 60’s.

Great post Ashvini!

~Adrienne

Ashvini Kumar Saxena August 3, 2012 at 4:11 pm

Hi Adrienne,

You are on the mark 100%. In fact a few persons who have been consistently funding new technologies are worth the praise. Without their thought and risk taking ( similar to entrepreneurs) there would be no movement forward. Out of many risks that a funding body takes, a few succeed like nothing. That is what is called true venture capitalism. However in India we are yet to see a similar kind of funding. The VCs only invest in tried and sure models. Tried models get decent returns but never give unexpected over the top results.

Thank you Adrienne for your awesome comment as always :)

Hemanth Kumar August 2, 2012 at 5:42 pm

Ashvini,
I really like point 2 & 4 . We set ideas and make our own rules to bring idea to action then sell it. People will accept our idea if it is better than the existed one. We can build new ideas differently in the proven fields also, the point is how better it is. Your view also works in blogging, I will think about it.

Ashvini Kumar Saxena August 3, 2012 at 4:15 pm

Hi Hemant,

Thanks for your comment. I really feel that improving an idea/existing product is also an innovation otherwise we would be using bullock carts till now. I think monetizing them asap is also very much necessary because you need money to keep your business going. If you don’t have new ideas, sometimes you can take an idea and improve on it ( except that there could be legal troubles, if you are not careful).

Jeevan Jacob John August 1, 2012 at 10:29 pm

Hey Ashvini,

I can relate back to this – not because I am running an active business or something, because I am working on ideas to use my Kindle Book launch, to leverage it to the max to engage my audience and get more sales (I have some good plans for it – Like you said, I didn’t or couldn’t find any precedents for my ideas, so I am free in that sense, I can set rules the way I want to, and my ego wouldn’t disturb me by saying that I should do what someone else is doing).

The great thing about new ideas is that there are no restrictions (like you mentioned). We could just use your imagination to take the idea even further and make the most out of it.

I also have some great ideas for my potential business (I hope that no one else gets those ideas before I start my actual business) :D

Anyways, thank you for the informative article, Ashvini!

Jeevan Jacob John

Ashvini Kumar Saxena August 3, 2012 at 4:19 pm

Hi Jeevan,

Its great that you have ideas to start a new business. Its not easy to get unique path breaking ideas. Of course once you have them , there is no rule , no precedent to how would you take it further down the road.
There is a serious threat when the ideas are taken away by competition. But that will probably keep happening. The important thing to create a loyal customer base around your idea and give them the best service so that competition can never touch you.
I feel that you have already a great idea and you are looking to implement it. Best of luck.

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