How feasible is my venture idea

5 questions you should answer if you want to implement your idea

How do I actually know whether my idea is good?

Maybe you've had an idea that was really, really good. So good that you didn't tell anyone for fear that it would otherwise be “stolen” from you. This fear is very understandable. Sometimes it is also important not to talk about your idea because the idea can be protected by intellectual property rights. In this case, you should go to patent and inventor advice and seek advice before discussing your idea. Often you are in the way of implementing your idea if you want to keep it a secret. It is very important to talk to others in order to develop the idea further and to get feedback from others.

This is exactly what the UNIKAT ideas competition offers. You can describe your idea on three pages and get professional feedback from three reviewers. Today the awarding of the best ideas took place. Why is it so important to face the competition and what can founders find out? When an idea is floating around in your head, it's difficult to grasp.
The outline of the idea sketch helps to structure the idea and to think about five basic questions. Which are they?

1. Market feasibility:
Are there any customers who would buy the product or service? Is the USP that your own product or service has compared to the competing products even considered relevant by the customers? Are you solving an existing problem or are you creating demonstrable added value?

2.Economic feasibility:
Is it worth implementing the idea? What exactly should the customer's offer be worth? Whom will your idea help? Are the benefits enough to convince the customers?

3. Technical feasibility: Can the idea be implemented? How much effort does the idea take to implement it? What are the costs and the amount of time involved?

4. Unique selling proposition (USP): Does the idea have a unique selling point (which is of course difficult to copy)?

5. Why is this offer not yet available? Has anyone already tried to implement the business idea? If so, why did it fail? If not, are there possibly other good reasons for this, e.g. legal restrictions, high development costs, etc.?

If the idea appears economically feasible and feasible after the first check, you should further specify it and talk to others about it. One possibility is to create a prototype early on in order to ask potential customers for their feedback. If this is too expensive or if it is a service that cannot be prototypically tested, there are other options.

One possibility to test whether there are customers who also pay money for the offer is the regional UNIKAT crowdfunding platform. Many ideas are possible here, from short films to building a prototype to theater production. The products must be related to the University of Kassel or be regional projects. The product development can then be financed or at least further advanced through the income.

Here you can find out which ideas were awarded in the UNIKAT ideas competition this year.

If you want to know if your project is suitable for crowdfunding:
5 indications by which you can see whether you can finance your project through crowdfunding

 

CategoriesCrowdfunding, TipsTagsCrowdfunding, ideas, ideas competition, UNIKAT ideas competition