Hi all,
I've been truly inspired by all of you here; yes even those of you that are struggling to figure out how to make the first step. I'm right there with you! For some people, like me, ideas are hard to come by when you're starting out and trying to change your mindset is the first big obstacle to breaking through to the fastlane. So first and foremost thank you to all of you for that.
Over the past few weeks, months, perhaps years even, I have always been trying to come up with ideas that lay outside of my core 9-5 experience. You see, daily I work as more of a PM/Manager in a technical capacity for a very, very, niche area of the media industry. I won't get into the various reasons why I've been focused outside of my expertise but suffice to say that it's likely because it was founded in stupidity, a desire to get out of the industry, underestimating the value I have in this area, or a combination of all three. Anyway, this morning on my way to work I was listening to an audio book as I usually do (The Education of Millionaires by Michael Ellsberg in this case) and my mind wandered to some 9-5 work.
A customer of ours indicated that they would like to use our company's data in a certain way, and then the idea hit me. I figured out how this could be done better! I continued with the thought process of determining what other value could be provided by growing the capabilities of this idea. What I've come up with is an idea to bring together 3-4 different sets of data into one system and presenting it into a dashboard-ish way to help analyze and gain insights. It doesn't sound that revolutionary, but no one else is out there doing this. The idea creates a bridge between the technical department and the business end. One of the sets of data would be created by the system and the others would just pull data from other databases at the customers site. The data set created by the system would require hardware to do it (high barrier of entry due to the technical aspects) but thankfully there are companies out there that already do what I need for the most part!
So, rather than investing a ton of time and money that I don't have to overcome the high barrier of entry and bring this idea to reality, I'm thinking of trying to license it to the company(s) in the industry that supply that part with the highest barrier of entry (Thanks Stephen M Key!). IMO it would create a very valuable selling proposition for them and highly leverage their current install base for up-selling opportunities which would generate new revenue from past customers. It also elevates their product from being a purely technical tool and into generating business insights, which could be more lucrative for them although despite being outside of their current niche.
There's an industry trade show/conference happening in a few months. I figure that gives me a bit of time to vet the idea and refresh myself with what I need to do to pitch a licensing deal. It's been a while since I've read Stephen's book. I'll contact the companies before the trade show and set up meetings to pitch them the idea and shop it around. If needed I have a network of industry contacts that I can leverage to help get me in touch with the decision makers in these companies.
I hope this little message can help to bring some value to others on the forum. I'm new and learning so my contributions to the forum at this stage are somewhat limited. I'll be sure to document my experiences with this idea as it evolves.
Fingers crossed that this will work!
Mike
I've been truly inspired by all of you here; yes even those of you that are struggling to figure out how to make the first step. I'm right there with you! For some people, like me, ideas are hard to come by when you're starting out and trying to change your mindset is the first big obstacle to breaking through to the fastlane. So first and foremost thank you to all of you for that.
Over the past few weeks, months, perhaps years even, I have always been trying to come up with ideas that lay outside of my core 9-5 experience. You see, daily I work as more of a PM/Manager in a technical capacity for a very, very, niche area of the media industry. I won't get into the various reasons why I've been focused outside of my expertise but suffice to say that it's likely because it was founded in stupidity, a desire to get out of the industry, underestimating the value I have in this area, or a combination of all three. Anyway, this morning on my way to work I was listening to an audio book as I usually do (The Education of Millionaires by Michael Ellsberg in this case) and my mind wandered to some 9-5 work.
A customer of ours indicated that they would like to use our company's data in a certain way, and then the idea hit me. I figured out how this could be done better! I continued with the thought process of determining what other value could be provided by growing the capabilities of this idea. What I've come up with is an idea to bring together 3-4 different sets of data into one system and presenting it into a dashboard-ish way to help analyze and gain insights. It doesn't sound that revolutionary, but no one else is out there doing this. The idea creates a bridge between the technical department and the business end. One of the sets of data would be created by the system and the others would just pull data from other databases at the customers site. The data set created by the system would require hardware to do it (high barrier of entry due to the technical aspects) but thankfully there are companies out there that already do what I need for the most part!
So, rather than investing a ton of time and money that I don't have to overcome the high barrier of entry and bring this idea to reality, I'm thinking of trying to license it to the company(s) in the industry that supply that part with the highest barrier of entry (Thanks Stephen M Key!). IMO it would create a very valuable selling proposition for them and highly leverage their current install base for up-selling opportunities which would generate new revenue from past customers. It also elevates their product from being a purely technical tool and into generating business insights, which could be more lucrative for them although despite being outside of their current niche.
There's an industry trade show/conference happening in a few months. I figure that gives me a bit of time to vet the idea and refresh myself with what I need to do to pitch a licensing deal. It's been a while since I've read Stephen's book. I'll contact the companies before the trade show and set up meetings to pitch them the idea and shop it around. If needed I have a network of industry contacts that I can leverage to help get me in touch with the decision makers in these companies.
I hope this little message can help to bring some value to others on the forum. I'm new and learning so my contributions to the forum at this stage are somewhat limited. I'll be sure to document my experiences with this idea as it evolves.
Fingers crossed that this will work!
Mike
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today