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Questions & answers

What makes a good business idea?

The simple answer is whether an idea can be monetized and the natural follow-up question is – how do I do it? A good business idea should answer the following questions:

  • Who is the customer?
  • What is the customer need that your product solves?
  • What is the product?
  • What benefits or values does the product create for the customer?
  • Why should the customer buy this particular product and not someone else’s?

There are other aspects to what makes a good business idea and much depends on the ambition of the individual entrepreneur. How much money will be made and what other values will be created in the company? Some crucial aspects of a good business idea are three potentials.

Three aspects of business idea potential

Customer potential

The more customers you solve a big or important problem for, the more customer value you create that they are willing to pay for – the more money there is to be made. This is called market potential.

The potential for profitability

The more customers are prepared to pay in relation to the company’s cost of realizing the customer value, the greater the exchange or leverage in the business idea and thus a large margin. If the cost of realization is dependent on volume – that is, it becomes relatively cheaper for each new customer – the business idea is usually called scalable.

The potential for competition

The more unique and hard-to-copy your created customer value and delivery method is, the stronger the business you can build the company on. By stronger, we mean the ability to compete with other companies that are also trying to sell to customers, existing and future competitors. We call these conditions the company’s sustainable competitive advantage.

What type of companies does LEAD work with?

We are looking for you who have an innovation or business idea where LEAD’s expertise and creative environment can make a difference. Whether your idea comes from research or your own garage, we are interested, as long as there is ambition to realize the idea and build a successful company. The most important thing for us is that our efforts make a big difference for your company.

In order to make the most impact and contribute to new innovative growth companies in the region, there need to be certain prerequisites in the business ideas we work with. When we enter into a collaboration, we need to see that there is a potential, then we will help and support you in realizing that potential.

What LEAD is looking at

It is people who do business and it is people who build companies. Who you are, what knowledge you possess and what you are passionate about are essential for successful company building. Do you have enough drive, the right skills and the ability to work on your innovation in a time-focused way?

The more people you can solve a problem for and the more people are willing to pay for the solution, the greater the market potential for the company. The potential needs to be big enough to build a growth company in an international market.

The product or service can be sold again and again with minimal additional work for each new customer.

The more unique and hard-to-copy your solution is, the stronger the business you can build your company on. Your business model or other factors create sustainable competitive advantages over competitors or future competitors.

Last but not least, that you believe that LEAD’s expertise is useful to the company and see the benefit of working in LEAD’s environment.