The Power of an Idea: What is a Good Idea?

All organizations, institutions, and creations of humans have started with an idea. The power of a good idea cannot be underestimated. An idea by itself is a necessary, but not sufficient, condition to successfully effect change, develop a technology or product, or start a business. Many ideas have not gone beyond the stage of being only ideas.

To have an impact, the idea must be wrapped in a vision and an understanding of whom the vision serves. This is where entrepreneurs enter the picture. They work with an idea, either their own or somebody else's, and mold it into a vision that is part possibility (what can be) and part reality (what needs to be). Entrepreneurs power the vision into reality by spending their time and energy and, most importantly, by maintaining their belief about the importance of the vision. Entrepreneurs may find it challenging to keep people focused on the entrepreneurial vision over the long time horizons of nanotechnology.

For many entrepreneurs, ideas come from methodical thinking and planning. Others may stumble upon ideas or find ideas thrust upon them by a life event or epiphany. Good ideas address a real problem or need for change, are realizable, are easy to communicate, and provide understandable value. In many cases, good ideas (such as sticky notes and penicillin) have come from what were perceived as problems by some but were seen as solutions by others.

Ideas can be sustaining or disruptive. Sustaining ideas improve the performance or capabilities of existing technologies or products along dimensions that have been previously valued by customers. They tend to be cumulative in their effect. Disruptive technologies bring to market a different value proposition than was previously available. They tend to be revolutionary and, at least initially, must be sufficiently resilient and flexible to survive ambiguity, incoherence, and uncertainty as the relationships and loops of the ecosystem rearrange themselves to support the new value proposition. In the beginning, successful disruptive ideas are embraced by a few but, as their value proposition becomes obvious, are adopted by many.

Importantly, even if an idea is good, to be successful its timing must also be good. Many ideas coming from academics must be tempered by the realities of business. Educating others about new ideas may take significant time and effort. Nanotechnology as an industry is still fairly new, and although many are interested in its possibilities, as yet few totally understand the technology, its application, and its value in the ecosystem. Some ideas may simply occur too early in the ecosystem's development to be successful. It is up to the entrepreneur to be keenly aware of the state of the ecosystem and to know whether or not it is ready to accept and embrace the idea. If the ecosystem is not ready for the idea, either the idea must be shelved or the ecosystem must be prepared for its adoption.

Entrepreneurs are generally not ideologists; they are pragmatists and innovators at heart. They enjoy seeing their technology, product, or service established in the ecosystem, and they understand that the value of their vision must be unique, real, and understood if it is to be adopted.