Going global: generating ideas for ICT businesses

BusinessWise with Yaneek Page

I tend to think that I am a good brainstormer of ideas, and right now, I have an idea that I would want to create. I want to create a technology company that targets all aspects of the Jamaican society. I want to use technology as an economic driving force for my country to create new ways of doing the same old things with new technology. I want to carry what exists in the First World countries here to Jamaica and eliminate the need for always playing catch-up.

So my start-up would be geared at outputting new technologies to help in the areas of education, science, and health care. I want to create progress while at the same time ensuring efficiency. Is this a good basis for an idea?

- DW

"I think in life you've got to dream big by setting yourself seemingly impossible challenges"

- Richard Branson

Let me start by congratulating you on being a dreamer and a big thinker. I agree with Richard Branson, one of the world's most celebrated entrepreneurs, that some of the best innovations and business ideas the world has ever seen resulted from audacious people who had big dreams that most other people thought were absurd or impossible.

However, dreams are just the start. There are some important characteristics of a good business idea that are lacking in what you have outlined. First, good business ideas must be very specific. A "start-up geared towards outputting new technologies in the areas of science and health care" is too vague. You need to clearly spell out what product or service you would offer, the exact form it would take, and how your target market would access it.

Good business ideas must also have a market. This is where many entrepreneurs go terribly wrong. They create and fall in love with their own idea and neglect to establish whether there is a market for it. Avoid this mistake by identifying who your customers will be and doing adequate research to validate that your target market has growth potential and that people are willing and able to buy your product or service.

Good business ideas usually offer something new and impactful yet simple. You mentioned carrying what exists in First World countries to Jamaica. Introducing existing technology to a new market is a good strategy; but an even better strategy is improving existing technology to make it cheaper, more functional, easier to use, more accessible, and generally much better. I suggest thinking globally. Technology businesses have huge potential for innovation, scale, and global reach, which is an opportunity you should exploit. In fact, every international entrepreneurship publication I've reviewed on the subject of 'the best industries for start-ups in 2013' such as Inc, Entrepreneur and Forbes magazines have listed information and communication technologies (ICT) as a hot industry.

Another characteristic of good business ideas is the potential for profits. The health, sustainability, and growth potential of a business is determined in large part by its profitability. Do your financial projections such as cash flow, profit and loss, and break-even analysis to determine whether the business will be profitable. Remember, financial projections are considered educated and informed guesses based on assumptions. You must, therefore, keep your assumptions realistic.

In refining your idea and getting it off the ground, you may need considerable help, especially in the areas of product development, testing, production, financing, market access, sales and promotion, and mentorship.

The Technology Innovation Centre located at the University of Technology is Jamaica's leading incubator for technology businesses. According to their website www.ticjamaica.com, they offer office space, training, and monitoring services.

I would suggest that once you have added enough detail to your idea and created a compelling prototype, you should also consider business incubators and accelerators outside Jamaica. Silicon Valley, located in California, is considered the technology innovation hub of the USA. US Market Access Centre is a non-profit business accelerator in Silicon Valley that helps non-US tech companies break into the US market. I was fortunate to visit their offices on an entrepreneurship tour in 2011 and learned of their track record of accelerating the success of entrepreneurs through training, coaching, market access, business connections, funding opportunities, and incubation. You can visit their website at http://usmarketaccess.com. Note that there are hundreds of other business accelerators around the globe that you could explore and many offer remote or online incubation.

Don't forget, a good business idea is all about the details. As Richard Branson noted recently: "A good business idea is about thousands of little details put together. Without those details you have nothing."

One love!

Yaneek Page is an entrepreneur and trainer in entrepreneurship & workforce innovation. Email: yaneek.page@gmail.com, Twitter: @yaneekpage , Website: www.theinnovatorsbootcamp.com