How do we monetise our great ideas?

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Do you sometimes have great business ideas that you don’t act upon? Then a little later find that someone else has turned that same idea into a successful business venture?

Or do you share your ideas with others who may seek your advice, and then see them succeed with your idea?

Other times you might discuss your ideas with people and then find someone else has taken your idea and started a business, without even telling you?

Do you maybe feel a little up tight that someone else has benefitted from your great idea and you have not?

I recently ran a fascinating Action Learning workshop with a group of very successful entrepreneurs. They raised the challenge of ‘how do we monetise our great ideas?’

Here are the answers they came up with

  • You have an obligation to yourself and the world at large to develop at least some of these ideas.
  • While it is a very noble and wonderful to share your great ideas others in a spirit of giving, you also need to look after your own self-interest and benefit.
  • It’s very important to write down all your great ideas in a journal. This keeps you thinking about them and encourages you to think about new ideas.
  • It’s generally not a good idea to go into a partnership or joint venture to develop a new idea. The two parties frequently have very different perceptions on the relative value of the idea versus the value of implementing the idea. Conflict and a split is a real possibility. Obviously there are exceptions
  • We all love to talk about our great new ideas and this is not smart. Split your ideas into the following categories that will help you manage them constructively, stay happy and prevent future conflict & dissatisfaction.
    • Ideas that you are happy and prepared to give away to others without expectation of any personal benefit. This is always good in the spirit of the “givers gain” philosophy. Share these freely.
    • Ideas that you would like to implement yourself in the near future – work on how you can implement them and don’t share these with anyone.
    • Ideas that you are prepared to share and expect some personal return on. Share these with interested parties, but only after communicating very clearly what your expectations are and getting some meaningful commitment and mechanism to ensure you get what you want.
    • Ideas that you would like to implement yourself at some future time. Do not share these with anybody and keep on thinking about them. If they are meant to be, you will make them happen.

The group I worked with is currently implementing this thinking and I’ll report on progress in a future blog.

I invite you to share your best ideas on ‘monetising ideas’ and express your views on the above.

I also invite you to contact us if you are looking for a great process to generate worthwhile business ideas with a team of smart people

About the author

Ron McLuckie - Ron is Chairman & Chief Executive of WIAL India which he established in March 2012 and serves on the global board of the World Institute for Action Learning. He is a highly experienced international consultant and Action Learning authority. Ron has held senior executive roles in major organizations, senior lectureships and led a number of international consulting companies. His special interest is in developing skilled leaders who can drive business success and bridge the ‘knowing/doing gap’. His passion is challenging the conventional development approaches that do not work and finding effective ways of developing people and organization capability. He is also a proud granddad of three grandsons.

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