Ideas Written on Cocktail Napkins vs. Business Opportunities
We all come up with ideas, sometimes in a bar, others in the shower…
The truth of the matter is that we toss and turn all night going over and over it in our heads… “If it works out, I’ll be loaded.” “And if I fail…”
Starting today, it will be easier for you to differentiate between business opportunities and ideas written on a cocktail napkin.
Including technical complexity in a product does not make it “the bomb” on a business level.
Nothing could be farther from the truth.
I call this the theory of “Since we’re already here.”
Since we’re already here, let’s include another motor in it.
Since we’re already here, let’s include an alert of …
Since we’re already here, I want it to be loaded with solar panels.
Since we’re already here…
The theory of “Since we’re already here” is an absolute loss of focus.
My tip is to think of the minimum working prototype you could offer clients to resolve their problem.
This change of approach will allow you to arrive at a working prototype in less time and for less money.
You’ll jump into the pool, but with water wings.
To make it easier for you to understand, here’s an example:
Paco is staying at a hotel in Paris.
He’s a fan of Real Madrid, which means he gets to attend and enjoy exciting finals matches.
I don’t dare go on… I’m writing before the beginning of the match.
Now, try to remember.
I’m sure that when checking out of a hotel, you’ve been asked the typical question: Did you consume anything from the minibar?
In response to this situation, this is Paco’s idea:
“I’m going to invent a smart fridge that can track, in real time, hotel minibar consumption.
This way, when a guest completes his stay, the front desk will automatically have the billing information.
This will avoid errors and unnecessary losses due to guests’ faulty memory.
As if that were not enough, the guest will download an app so he can know how many cold beverages are in the minibar, request that they be restocked, or select the types of beverages he really wants.
The plan is faultless; hotels are going to multiply their sales.
It's likely that Paco’s idea is excellent.
As you can see, before taking the first step, he intends to solve two different problems:
- Improve the consumption and billing tracking system.
- Increase opportunities for in-minibar sales.
I do not deny that they are great opportunities.
Nor do I doubt that, after mulling it over a bit more, new ideas will pop up on how to perfect the product.
But, up to now, what does Paco have?
In terms of an opportunity, nothing. It is an idea written on a cocktail napkin. Like sketches for a house.
To turn it into an opportunity, he has to present a working prototype to hotels and demonstrate that there is a real interest on their part.
Listen, forget about patenting the “big idea” and sitting back and waiting for miracles. We’ve already spoken of that on other occasions.
Attention!
For problem Nº 1, the main one: Improving the consumption and billing tracking system.
We could convert an existing fridge into an IOT device.
We could connect it to a website where consumption can be viewed, etc.
Don’t forget that the objective of this prototype is to bring the idea to life and turn it into a business opportunity.
We know how to do this.
Where does the usual error lie? The “Since we’re already here.”
It’s normal for Paco to not be satisfied with a basic prototype, one that only demonstrates that it solves the main problem.
Paco wants for his prototype to have “everything” and resolve whatever problems may have occurred to him.
Developing mobile apps for clients, with the technology required for users to be able to select which products they want the minibar to be stocked with, to know which beverages are cold and which are not, etc.
These requirements multiply by two the cost of the prototype.
So, neither one nor the other!
Paco ends up like most do:
With an idea written on a cocktail napkin turned into a utility model, while he waits for a miracle: the sale of the big idea.
Listen, it can be said louder, but not more clearly.
Ideas written on a cocktail napkin do not sell.
Industry representatives, investors and major distributors only buy business opportunities.
If you want to turn your idea into a real opportunity, count on me.
Remember... With these tips, I don't intend to sell you anything.
I fulfill my commitment to support our community of inventors.
Warm regards
Tell us your idea
Business Director - Inventors' Advisor at Let´s Prototype
Erick Remedios has been linked to entrepreneurship and the launch of innovative projects and inventions for over a decade. His start in the entrepreneurship sector began as the Project Management Director at the network of Private Investors, Business In Fact, S.A., a club of private investors specialized in high-risk investments, which he ended up managing as General Director for at least 5 years.
As the director of the Private Investors network specialized in innovative projects in the startup phase, Erick Remedios participated in more than 40 investment operations, with his main functions being: advising entrepreneurs and inventors, as well as private investors interested in investing in such projects.
Erick Remedios has been one of the influential figures in the development of the ecosystem of entrepreneurs and private investors in Spain. Since 2012, he has participated in numerous private investment forums, has advised entrepreneurial projects as a member of their Boards of Directors, and has served as a lecturer in numerous Public and private Universities, specialized public centers in entrepreneurship, and internationally leading business schools, such as It Aérea Business School, where he leads the management of the Business Model Design Module for entrepreneurs, mostly Aerospace Engineering graduates.
Specialized Centers in Entrepreneurship and the Launch of Innovative Projects where Erick Remedios has participated:
- Direction of the Program - Sanse Emprende from the City Council of San Sebastián de los Reyes, Madrid.
- Direction of the Espoban Program – Diputación de Córdoba and European Center for Business Innovation. Training of entrepreneurs and inventors and preparing them to attract capital through private investors.
- Speaker on the subject of launching innovative projects at Universities such as: Pablo Olavide, University of Seville, University of Málaga, University of Cádiz, University of Huelva, University of Almería, University of Jaen, University of Granada.
- Direction of the Entrepreneurship Module – IT Aérea Business School.
- ENyD Business School: Professor and lecturer in the area of Entrepreneurship and Private Investment.
- Avanza Castellón - Mentor of entrepreneurs and inventors in the program of the Diputación de Castellón.
- Ávila Emprende – Program of the City Council of Ávila. Mentor of entrepreneurs in sales processes and product development.
- Aula UGR- Professor of entrepreneurship and management of launching innovative projects in programs aimed at training teachers from the University of Granada.
- Master Up - Professor of entrepreneurship and investment management in the Official Master's for entrepreneurs from the University of Cadiz.
At the same time, numerous companies have signed Erick Remedios as an advisor and member of their Board of Directors, companies in which Mr. Remedios has also acted as the representative of the private investors who have placed their trust and economic resources, including:
- Tu Fabrica de Eventos
- Baby Radio
- Graffos
- Neurobia Research
- HitsBook
- Bit Credit
- Glelemo
Currently, Mr. Remedios is leading the international expansion of Let´s Prototype in the United States, while also advising inventors on startup processes for projects related to innovative Hardware or Software elements, both in terms of product design, a specialty of Let´s Prototype, and in terms of designing strategies for selling inventions and patents.
Interviews with Mr. Remedios and publications authored by him in Media:
- School of Business and Management: [Link](https://www.youtube.com/watch?v=ch3nRTFvxhw)
- Diputación de Córdoba. Training for Investors: [Link](https://www.youtube.com/watch?v=Cj2fvxkD-zI)
- Spanish Television - Program Emprende: [Link](https://www.youtube.com/watch?v=vZRi98CE20M)
- TV2 - Spanish Television: [Link](https://www.youtube.com/watch?v=ms22bxyllKc)
- University of Cadiz: Article for Inventors: [Link](https://emprendedores.uca.es/lean-prototyping-el-puente-entre-el-concepto-el-prototipo-y-las-patentes/)
- University of Granada: Article for Inventors: [Link](https://ugremprendedora.ugr.es/6-tips-para-convertir-tu-idea-o-concepto-en-prototipo-lean-prototyping/)
Latest posts by Erick Remedios (see all)
- Propiedades y tipos de materiales para desarrollar productos. - November 25, 2024
- Plan de empresa. Tipos y estructura. - November 24, 2024
- Ventajas competitivas de los produtos innovadores - November 15, 2024
