Power of Idea

31 01 2008

This is one of the most sort of terminologies we hear. All of us have ideas – ideas in our daily life, work, home etc. Then what is “Power of an Idea?” When you read an interview of any successful businessman or when you talk to people who run companies (entrepreneurs), one thing which you commonly hear is the power of an idea. Many aspiring entrepreneurs ask this question in forums – What do VC’s look for? and again, the common answer is “The idea”.

Let us examine this term with few known examples which created history.

We all know that the first attempt to fly was made by Wright Brothers in 1903, and also, most of us think that an airplane was invented at that time. But actually, the first draft of an airplane was made by Leonardo da Vinci in the 15 Century. This was the time an idea was born. After that, after close to 400 years, Wright Brothers dreamed big and brought out the idea of flying and today, we just cannot live without an airplane.

To quote a more recent example, Ratan Tata dreamed of having a common man’s car. He noticed the family of four going on a 2 wheeler without any space to anyone. He wanted to transform the way we travel and today, we know what the answer is.  When compared to GE, HM, Honda, Hyundai etc etc, Tata Motors is a small automobile company. But, how could they change an idea of car?

The above two examples make us think. An ‘idea’ is the way you look at things. All of us have ideas, to change the way we live or to create something which can help solve an existing problem. However, the result of the idea is left to the individual who thinks through it. At times, an idea or thought process becomes bigger than the thinker himself.

Another example we can think of is of Mohammad Yunus of Grameen Bank. He started small around 25 years back to provide support to “Bottom of Pyramid” group to enable them to live for themselves. What we see today is a transformation in life-style. Today, many countries in the world would want to replicate the same model to improve living conditions in their region.

Idea is powerful and it can really create history. However, the main ingredient of the idea is the committment of the thinker. In our airplane example, probably Leonardo did not have access to all the information and material required to fly in his time, but when the time came, the idea was re-born. This is the power of an idea.

What VC’s look for in entrepreneurs is their committment to their idea. The idea might not create history, but will it solve a particular problem is what is evaluated.

The first thing you do when you have an idea, is to live it up!

Innovation Series #1

26 01 2008

Going forward, I would like to write on my learnings on Innovation, Strategy, interesting information on Entrepreneurship and introduce you to books and sites which can provide you with loads of information regarding these topics. I name this series as “Innovation Series #<No>” and you can filter all posts on this topic using tags – Innovation, Strategy.
Let me begin this week with some interesting information and links: Fidelity Ventures PresentationsVery interesting presentations available. Especially I like the presentation on “Positioning Technology Companies for Success” in which there is a very practical depiction of “Magic Quadrant” which is very important for any organization to showcase itself.
Building Teams is another good one where the speaker is concentrating on how do you build, recognize and manage teams which produce results.
The Joy of fund raising is a good point to start before you make your first investor pitch.
When you write your business plan, one key aspect which you cannot miss to pen down is “Exit Strategy”. You will need to have this section which brings clarity to yourself and your investors.
Managing Successful Exit gives you an insight into this.

State of Indian EntrepreneurshipSanjeev Bikchandani, on his blog wrote about State of Indian Entrepreneurship.
A nice read and this is what i have to say -” That was very thoughtful Sanjeev. Yes, as you mentioned there are various organizations who are promoting entrepreneurship. I just wanted to throw light on BarCamps which are fast becoming forums for like minded people which deserve a noble mentioning keeping the returns in mind. Likewise, we just concluded HeadStart yesterday which focused on showcasing entrepreneurial spirit and also brought investors, academicians, entrepreneurs together.Coming to the “slow down”, yes, we need to be worried, but IMHO a person who believes in his/her ideology and passion need not bother about it. However, one needs to assess risks and ensure there is always a risk mitigation plan in place. When you write your business plan, always has answer to the other side of your proposal – this would be a lot of help.”
Buy and Sell IdeasDid you know that there is a market for buying and selling ideas? Yes, there is. Visit Idea Pages and you will know. Idea Pages provides you a platform to list your idea and will link you and the party interested in your idea so that you can either sell/partnership with the prospect to bring your idea to life 🙂
Angel Group Financing has an interesting e-book on Venture Capital information for Entrepreneurs.
You will need to visit The Institute of Innovation and Information Productivity web site to get some interesting information on these topics. Read the IIIP Innovation confidence Index for 2007 which says Asia shows most enthusiasm for Innovation. Interesting data.
Blogs on EntrepreneurshipSramana Mitra, Paul Graham have interesting writings on Entrepreneurship.
Forbes Midas list has the list of worlds top 25 Venture Capitalist’s and there are 3 Indian names with Ram Shriram at number 3.
Refresh yourself and smile, after you see this comic strip on Web 2.0.

Being more Creative

3 12 2007

Just got these points in an email chain and I found them very interesting read. Hope you enjoy too 🙂

1. Ignore everybody.

2. The idea doesn’t have to be big. It just has to change the world.

3. Put the hours in.

4. If your biz plan depends on you suddenly being “discovered” by some big shot, your plan will probably fail.

5. You are responsible for your own experience.

6. Everyone is born creative; everyone is given a box of crayons in kindergarten.

7. Keep your day job.

8. Companies that squelch creativity can no longer compete with companies that champion creativity.

9. Everybody has their own private Mount Everest they were put on this earth to climb.

10. The more talented somebody is, the less they need the props.

11. Don’t try to stand out from the crowd; avoid crowds altogether.

12. If you accept the pain, it cannot hurt you.

13. Never compare your inside with somebody else’s outside.

14. Dying young is overrated.

15. The most important thing a creative person can learn professionally is where to draw the red line that separates what you are willing to do, and what you are not.

16. The world is changing.

17. Merit can be bought. Passion can’t.

18. Avoid the Watercooler Gang.

19. Sing in your own voice.

20. The choice of media is irrelevant.

21. Selling out is harder than it looks.

22. Nobody cares. Do it for yourself.

23. Worrying about “Commercial vs. Artistic” is a complete waste of time.

24. Don’t worry about finding inspiration. It comes eventually.

25. You have to find your own schtick.

26. Write from the heart.

27. The best way to get approval is not to need it.

28. Power is never given. Power is taken.

29. Whatever choice you make, The Devil gets his due eventually.

30. The hardest part of being creative is getting used to it.

31. Remain frugal.