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DEVELOPING NEW BUSINESS IDEAS24

you lack the ability to identify what different target audiences may
object to. This represents a positive outcome, however, because it
identifies early on in the process the gaps in your knowledge which you
need to fill.

fast forward to ‘yes’ One of the needs of the different target

audiences discussed above is to receive sufficient information so that
they can be persuaded to grant approval. There is no escape from
gaining approvals – to see the eventual light of day, every business idea
will need to win approval of some sort from key decision-makers,
whether in the form of a board of directors, management committee,
venture capitalist or bank manager.

Not only will the idea development process increase the quality of the
ideas to be presented, the process also provides an excellent framework
for gathering information at an increasingly higher level of detail for
inclusion in the approval submission, be it internal project plan or
external business plan. The better the idea development process, the
greater the chance of success and the less risk of having to commit
further time and resources to revisions.

As we saw earlier with the Bodas lingerie company’s search for
business angel funding, it had to satisfy the investors’ need to back a
business, not an idea. To achieve this, the founders had to provide
evidence that their idea would work, such as a prototype together with
proof of market demand.21

making it happen By the same token, a rigorously followed idea

development process provides a detailed framework for subsequently
managing the business. The wide range of elements addressed – from
manufacturing, design, resourcing, benchmarking and quality right
through to milestone planning – translates easily into an effective
management tool.

individual or corporate: the process works for both

The issues surrounding the contemporary global marketplace are well
rehearsed in the modern business literature. These issues include
reduced life cycles for both companies and products; the creation of
new industries, including those based predominantly on knowledge;
the enabling possibilities of information technology; and downsizing
into lean organisations. Without wishing to repeat the discussion at