Ideas come in all sizes, shapes, and flavors. Some ideas sound really good, but lack feasibility. Other ideas sound basic, but have great potential. Some ideas are simply bad. Most ideas are not novel (new) but rather variants of existing ideas. Ideas alone lack much value, but yet people are fearful of sharing their ideas out of concern that others will steal the great idea. Do some ideas get stolen? Yes, but those instances are far and few between. As marketing expert Seth Godin says “Ideas die in secret” — if you keep your idea in your head, it will just sit there dormant. On the other hand, if you share your idea, you put it at risk of being stolen. Experienced entrepreneurs know that ideas are cheap, but execution is expensive and complex. It is the execution piece that makes the theft of ideas so minimal. But maybe there’s a middle ground: a safe place where you can get feedback and input on your idea without the risk of it being stolen. It has to do with when you share your ideas. Simply put, the less formed your idea is, the less probability that it will be stolen. As you develop your idea, and can establish a pathway to execution, the risk of someone stealing the idea increases moderately, but not significantly.
The website, The Entrepreneur's Handbook explains that "During the thought stage of idea development, sharing is okay because your idea is still unproven and impulsive. It truly is ‘worthless’ in the sense that it’s simply an idea, a thought. Even after you begin to write down the idea on paper and research stages of idea development occurs when you begin to write down the idea, articulate a pitch of sorts, and research the internet to see if other similar ideas exist, and if so, how yours is different. Still, it is fine to share this idea, as a pitch, and some research do not equate execution of an idea. Besides, if you never pitch your idea, how can you ever get feedback.
Nevertheless, people worry that if they share their idea, either other people will either ridicule the idea, or worse, steal the idea. Therefore, many people justify not sharing ideas by saying to themselves, better safe than sorry. In this assignment, you will use a tool introduced in the textbook called the "Idea Classification Matrix." All of us have ideas, but the question arises as to how you choose which ideas to exert effort toward. The Idea Classification Matrix (ICM) helps us to answer this question -- which ideas are worth pursuing? The ICM has two primary forces in play: 1) the degree of novelty or uniqueness related to the idea, and 2) the value and usefulness of the idea.
Ideas that are high degree of novelty, and usefulness are categorized in the ICM as innovative ideas. These are the best ideas, and ones that should take precedent over your other ideas. Conversely, ideas that are low in novelty (not very original), and low in usefulness are deemed to be irrelevant ideas in the ICM, and certainly are not the type of ideas much energy should be directed toward.
Reflect on ideas you have and rate them on the ICM scale. You can use a scale of 1-10 for both variables; degree of novelty, and value and usefulness. 1 = low degree of novelty and a score of 1 = low value and usefulness. a score of 10 = a highly novel idea, and a score of 10 = a high level of value and usefulness related to your idea.
Step 1: write down at least three ideas you have.
Step 2: share your ideas with people you do not know well (no family and friends). get feedback about your ideas.
Step 3: research the internet to see if similar ideas like yours exist.
Step 4: rate your three idea using the ICM. Which quadrant do your ideas fall within based upon your research (Invention, Innovation, Irrelevant, or Improvement)?
Summarize your findings and upload them to this assignment.