As the saying goes, 'ideas are nothing, execution is everything'. But in order for an idea to be successful, it is necessary to first consider whether the proposed solution is even worth executing.
Just because you can, doesn't mean you should.
The three critical elements to consider before forging ahead on turning an idea into a business opportunity is: 1. desirability - do enough people want or need the solution you are proposing? 2. feasibility - is it technically or organisationally possible to develop? and 3. viability - is it financially sustainable?
A solution that presents an overlap of all three of these elements indicates the idea is one worth pursuing.
Taking another step back, it is also important to consider if the problem you are trying to solve is really a symptom of a much bigger opportunity. Could you make more impact if your solution was an attempt to address the core issue?
Siobhan Curran is the manager of the University of Newcastle's Integrated Innovation Network I2N