good idea vs commercial idea
I attended an interesting seminar recently that challenged your business idea; was it just a good idea or was it a commercially viable business idea?
The acid test is whether a venture capatalist will give your idea the time of day… or not. But even they get it wrong; they wouldn’t have backed Sam Morgan of Trade-Me for example.
One particular VC was prepared to back a company that produced a slimming product, they backed out for patent reasons and later found out the product gave users bad side effects… but they had been prepared to leave their ethics and integrity at the door in pursuit of a ‘commercially viable business idea’.
::: When does the hunt for a viable return on investment become pure greed?
When the innovative brilliant idea that is the founder’s passion is left out in the cold for the unemotionally and calculated business idea that is a license to make money?
Fiona Powell, ‘chiefette’ of Ferb Media is a social media maven, blogger, an award winning magazine business editor and publisher, an international speaker, and an educator and businesswoman.
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