Stage 0: So you have an idea?
Hooray! Australia needs creative people like you to improve our quality of life, nurture the health of our planet, and grow the new industries on which our future wellbeing will depend.
Will every idea make it to market?
No. According to Entrepreneur magazine ‘only about 10 percent of “new” ideas are unique enough to receive a patent, and only 2 percent of those are commercially successful, including patents granted to large corporations.’
Why do ideas fail?
A common reason is because the inventor places too much focus on the technology/product, and not enough on whether it solves a real customer problem or need, and therefore whether people will be willing to pay for it. Too often, the inventor wastes time and money developing their product without customer input. It is only when they ask a marketer to sell it for them that they discover there is no demand for it.
How do I give my idea the best chance of succeeding?
Before you or others invest significant amounts of money in your idea, do some homework to fully understand the problem you seek to solve and the market, especially the number of potential customers and any competitors. You should also investigate the technical feasibility of your idea, its novelty and means of protecting it, as well as the availability of any support or funding for its commercialisation.
Seek advice and assistance early
When setting up your company, devising shareholders agreements, or negotiating licensing/sales terms for your innovation, be smart and get good legal advice. Regard it as an investment, not as a cost – it will save you money in the long term.
To learn about protecting your intellectual property, visit IP Australia
The R&D Tax incentive can provide a tax offset for some of the costs your company incurs when undertaking eligible research and development (R&D) activities. Seek advice in advance on eligibility and requirements from an R&D tax professional.
Grants are available to help you commercialise your innovation. Investigate the options early, while you’re still eligible. You should also consider how best to approach investors, from ‘angels’ through to small and large venture capital organisations. To learn about federal commercialisation grants visit, Accelerating Commercialisation.
How gemaker can help
We can begin by discussing your idea and its potential, your strategy and any steps you have taken to commercialise, and the assistance you may need to go further. Commercialisation advice is available (charged per hour) over the phone or in half day to full day sessions with you.
gemaker bridges the Valley of Death between invention and business growth. As your commercialisation journey progresses, our skilled and experienced team can support any or all stages of your crossing, to help you take your new idea to market.
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