TradeBriefs Editorial

From the Editor's Desk

Only 6 Percent of Ideas Become Commercial Successes. Here's How to Increase Your Odds

You probably spend a lot of time on idea generation--a necessary thing to do.

You might even be spending too much time coming up with ideas and not enough figuring out how to evaluate them. You want to select the best ideas--not just any idea. Bill Gates, Steve Jobs, and Mark Zuckerberg didn't generate their business-launching ideas. They picked them.

This over-emphasis on idea generation is confirmed by 2012 research from the German University of Erlangen-Nuremberg, which found a "lack of research in the field of idea evaluation... and that the appropriate evaluation instruments are missing."

Idea evaluation is hard work. According to existing literature, only 6 percent of all "official" ideas and 14 percent of promising ideas that reach a development phase become commercial successes.

There are plenty of strategies out there for selecting the best ideas. They'll only take you so far if you don't understand these four fundamental principles for idea evaluation:

Continued here

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