Finding an Idea

Do I need to invent something new?

Answered by Unleash Your Ideas.

Invent something new

Patents and R and D
Different rules and funding
Educate the market
A specialty path

Repackage what exists

Reposition, resell, re-deliver
Demand already proven
Fund it with revenue
How most businesses start

Answer

No. Almost no successful businesses invented anything. They repackaged, repositioned, resold, or re-delivered existing things. Inventing is a specialty market with different rules and different funding.

Quick Facts

Repackaging existing solutions keeps you in a proven market and avoids inventing demand, the no-market-need failure that ends about 42% of startups.

Source: CB Insights

Inventors and pioneers failed roughly 47% of the time, while those who re-delivered an existing idea as fast followers failed only about 8%.

Source: Golder & Tellis (1993)

Most of the 33 million-plus U.S. small businesses repackaged or repositioned existing offerings rather than inventing anything new.

Source: SBA Office of Advocacy

Questions For You

Cross out any word in your idea that implies you must invent, patent, or pioneer. What is left?
What already exists that you could reposition, resell, or deliver in a better way?
Are you drawn to inventing because the market needs it, or because it feels more impressive?

A Word of Inspiration

If you feel like you have to invent something to be a real founder, you can let that pressure go. Almost no successful business invented anything, they repackaged and re-delivered what already worked. That is not settling, it is choosing the path with better odds and lower cost, and it leaves you free to focus on serving someone well.

Try this today

Cross out any word in your idea that suggests you must invent, patent, or pioneer. Rebuild around what already exists.

Sources & Citations

This resource is educational and does not constitute legal, tax, or financial advice. Consult qualified professionals for decisions specific to your situation.