These days, it seems, every time I overhear a conversation it's entreprenerds talking in loud voices about their "Big Idea" and how it's going to make them millions.But how do entrepreneurs turn big ideas into money?
For starters, to make money you have to spend money, preferably, someone else's. That means, anything from your mom's building society account to firms with venture capital or, if you're really lucky or hugely well connected, a business angel.If you go after venture capitalists, make sure you talk to the right ones. Hi-tech venture capitalists (VCs) have rarely managed to port over and become successful internet VCs, media VCs. As soon as you start talking dynamic or information based products, the typical technical PhD is a fish out of water.VCs look for 2 things, a good idea and experience. Where this falls down is that at the same time you are having your great idea, so are thousands of other people all over the world. Basically you are never going to surprize anyone, but what really matters is how you are going to execute on the idea.
Remember, pioneers get the arrows, settlers get the land.
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