All entrepreneurs start with an idea. This idea may be the result of years of research or may be just something that struck them as they got out of bed. Either way, they have an idea that they believe they can turn into a business. What’s next?
The next step seems to be to keep it a secret until such time as they are ready to launch their business. What if someone “stole” their idea? While this may be a sensible (cautious) approach, in reality they may be missing out on a lot of opportunities to improve the business proposition before they get it off the ground. The time spent planning the business is also the time when they have the best opportunity to be innovative in the development of the product or service that they are going to provide, how it will be delivered, how they will manage the business, manage the customers and grow sales.
If we look at innovation in general, there is a lot of discussion about looking outside your company or field of expertise for sources of innovation. There are many examples of managers from different companies, in different industries, coming together to share different perspectives and insights for the benefit of all of them. Some companies are now working with artists on innovation programs. This collaborative innovation can provide breakthroughs that may not be achieved by limiting the discussion to people from within the same field of expertise.
Of course, all this is a million miles from the “lone entrepreneur” working away on their new business. But is there a way to try to merge these?
Business Incubation Centres have tried to provide some of this support but typically they serve as just an office space for start-ups. “Start you own Business” programs focus on getting the commercial aspects of the business off the ground. These are important but there must also be a role for innovation during the business planning phase (in addition to the original “innovative” idea) and this can be most productive in a collaborative environment. We need to establish these collaborative-innovation environments for entrepreneurs to participate in as they are planning their business. This will benefit everyone as the new entrepreneurs can provide valuable perspectives to others and can benefit from this environment themselves, at this critical phase of their new business’s life.
It will also highlight the benefits of “always innovating” which will certainly be critical as the business grows.