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May 26, 2008

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Franchise Whale

Perfect post. That was exactly what I was looking for.

Damon Yudichak

The notion of grabbing many diverse people to find new ideas is particularly interesting. This reminds me of many of the stories that are told in Don Tapscott and Anthony D. William’s book Wikinomics. Of particular mention is the story of how Goldcorp released their geological maps to the world in a process to gather the ideas for new areas to mine for gold. Many people from disparate backgrounds responded to the adventure to find gold which resulted in new goldmine discoveries. This all goes back to the old adage that many brains are better than one.

What then makes ideas stay discovered? I propose that an idea stays discovered when someone recognizes the value of the idea. Because of the person’s background, thinking and experience they are able to see relevance in the idea. Much like a person that is putting together a jigsaw puzzle, they are able to visualize how the pieces fit together. Further the person builds on the idea and nurtures it until the idea can germinate into something of greater value. There is a lot of work that must be applied to the initial idea before it grows into an idea that will be valued by the masses.

Andrew Hargadon

There is a certain element of "wisdom of the crowds" here, but I would argue there is a great deal of work in between an individual's ideas and the acceptance of the masses. The initial days, months, and years of an overnight sensation are usually spent building up acceptance one person at a time. And with each of these new partners, allies, customers, investors, suppliers, and advocates, there must be some value that goes to them for accepting and advancing your idea.

Account Deleted

One of the hardest lessons for entrepreneurs to learn is that no matter how great your idea is … there are probably dozens if not hundreds who have had it before you … and did nothing with it. Ideas are GREAT, but they are cheap. If all you have are great ideas … or if you sit around endlessly refining your idea instead of acting on it (however imperfect at the time) … you’ll end up sucking wind and losing big to the guy or gal who gets it to market quicker. You learn more with a week of real, live market feedback (note: NOT silly focus groups, but legit market feedback) than a year of “thinking it over really, really, really hard.” Oh … I don’t want to go too fad-like on ya … but the previous sentence is a BIG, DRIVING LESSON you can and should take from “Web 2.0.” P.S. Sorry for the slow posting lately. I’m neck deep in spec’ing and having a custom sales and CRM system built using Filemaker Pro. For years, my business has run on a hacked-to-death version of Goldmine. Now that I’m … for the most part … going to a Mac only shop, it’s given me the excuse reason I wanted needed to have a shiny new system built just for me.
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