3 Secrets Behind Turning a Great Idea Into a Big Business

BY Peter Cohan

How do you take a great idea and turn it into a big company? The answer to that question is likely on the minds of most early-stage entrepreneurs.

One person with the experience to provide useful insights is South Africa native Barry Morris -- an Oxford graduate who has "over 25 years of experience running private and public companies ranging in scale from early startup phase to over 1,000 employees."

To wit, Morris turned publicly traded Irish software company IONA Technologies into a dominant player with "10,000 customers, 270 technology partners, $180 million in revenues, and 70% market share."

As he explained in a July 10 interview from a restaurant in France, "I was pulled out of retirement to run database startup NuoDB, in 2010 because I was so impressed by the solution that database architect Jim Starkey had developed in 2008. He solved a difficult problem with groundbreaking intellectual property."

The Cambridge, Mass.-based startup now has about 50 employees and Morris is hiring fast--expecting that NuoDB will end 2014 with about 75 people.

While declining to provide statistics on growth in revenues or the number of customers, he did say that NuoDB has attracted interest from some very large companies because its technology allows it to keep its databases running nonstop and expand and contract its processing capabilities very flexibly and at a much lower cost than products from rivals such as Oracle, IBM, and Microsoft.

Morris argues that turning a great idea into a successful company hinges on three things: culture, people, and product. These three are tightly interrelated since a groundbreaking product can help attract great people--including a CEO who can create a strong culture in which the people can excel.

1. Actually care about culture.

Everybody talks about company culture, but few do anything about it. Morris believes that success depends on building a strong culture and using it to manage the company.
Said Morris: "Culture answers questions about who we are, how we think, what we believe, what kind of people we hire and don't hire. This comes down to defining values and running the company according to those values."

"At NuoDB, our values are driving innovation and transparency. We expect every person we hire to come up with new ideas and we make key statistics about our business--such as the number of users, the number of customer calls, the number of closed deals--available to all our people."

2. Better culture equals better people.

Culture can help a startup to hire a great team with energy and potential to expand with the company.

Quoth Morris: "When it comes to building a great team, I try to think like New England Patriots coach Bill Belichick. I want to hire people who have the greatest potential. I get resumes from recruiters that are full of experience at the right names, but I want to hire people with high energy, tremendous creativity, and drive."

"When we do hire a person, we have a contract with them. We tell them: 'You are the best and we are committing to you. If you create value, you will be on a winning team and have fun. If not, you will be gone,'" he said.

For sales people it's all about performance. As Morris explained, "if candidates don't tell me about their sales track record within the first minute of our conversation, they will not get further in the interview process."

3. Better opportunity equals better people.

The best people will not join your startup unless you offer them a tremendous business opportunity.

To lure Morris out of retirement, it took a ground-breaking product idea in need of a CEO to turn it into a company. Not only did NuoDB lure Morris, it also attracted investment from three of the leading luminaries in the industry.

"Jim Starkey solved a problem that has eluded the database industry for 30 years that's targeting a $35 billion market opportunity. He convinced me to go make it happen. And three of the biggest names in the industry invested--Ingres' Gary Morgenthaler, Sybase's Mitchell Kertzman, and Informix's Roger Sippl," said Morris.

A breakthrough product is a critical starting point for building a big company. Argued Morris, "If you build a product that's 10% better, it's about execution. But to create enormous long-term value, you need a fundamental innovation backed by significant intellectual property."

Source: www.inc.com

7 Ways to Generate Great Ideas

BY:  Kevin Daum

You don't have to be a deep thinker to come up with new ideas. Here are 7 ways to break your conventional thinking and make that light bulb appear.  

What makes the difference between a good idea and a great idea? Good ideas come along all the time and help people solve minor problems in work and daily life. Great ideas appear a little less frequently and require a little more work to execute. Great ideas aren't necessarily the result of highly-paid think tanks or drug-induced vision quests in the desert. Often they are unexpected moments of inspiration that help keep the napkin companies in business.

The big challenge of generating great ideas is freeing yourself from the conventional, mundane thoughts that occupy most of your brain time. Here are seven tips to help you open your mind and stimulate your great idea generator.

1. Engage in Observation Sessions

Great ideas won't happen in a vacuum. You need some way of getting your brain to think in new and creative ways. Commit time to specific sessions where you stimulate your brain into thinking differently. Being a New Yorker, my favorite method is people watching. A simple walk through Manhattan can introduce me to exciting activity and behavior that makes me think anew. Any crowded urban area, mall or zoo can do the same.

2. Socialize Outside Your Normal Circles

Hanging around with the same friends and colleagues can get you in a thinking rut. Take advantage of all those LinkedIn connections and start some exciting conversations.  New people don't know all your thought patterns and old stories, so you'll have to revisit your existing inner monologues. The refreshing perspectives will help to surface new thinking and possibly a lightning bolt or two.

3. Read More Books

Books are wonderful for creating new thoughts and stimulating great ideas. For a long time, I didn't read much. When I added business books to my routine, it helped me learn more and expand my way of thinking. But several years ago, I started again reading fiction and histories. These stories really got me out of my daily headspace and activated my idea generator. Even if you can't make the time for a novel, go hunt down a bookstore and spend an hour browsing. You'll find plenty of thought stimulation.

4. Randomly Surf the Web

Google is great when you know what you are looking for, but the best way to generate new ideas is with unexpected learning. Take an hour each week and go on a web journey. Start with the I'm Feeling Lucky button and just take it from there. Try to pick the stranger and more obscure references as you surf and stretch your brain a bit.

5. Keep a Regular Journal

A journal is great for recording thoughts, feelings and the history of your life. It also is a great way to structure and develop ideation habits.  If you don't keep a journal, start today. If you already do, simply add the practice of finishing every entry with: Here is my new idea for the day ...

6. Meditate

It's hard to come up with great ideas when your mind is crowded with everyday thoughts and concerns. You need quiet space. Meditation will help you clear your mind of daily business and stress. Then you can quietly focus on your future -- or solving world issues. Commit to two hour-long sessions every week and soon you'll find new ideas flowing.

7. Use Structured Exercises

Structure breeds creativity. Simple exercises can get your brain working in a focused manner to yield great ideas. My favorite comes from author and Baylor University professor Dr. Blaine McCormick. With a partner, take ten minutes (timed) to come up with 42 ideas on a specific topic or problem. You may only think of 30 or 35 but no matter. You'll find that there are at least two or three gems in the list.

All of these methods require a commitment of time and energy, but that's the key to great ideas. You need to give your brain the time and space to work for you. If you try each of these methods, you are bound to come up with a great idea or two. Make sure you record them and set a plan of accountability. The execution is up to you.

How to Come Up With a Breakthrough Idea. By: Geoffrey James

Feeling stuck? Here's a tried-and-true method to jump-start the creative process. 

You're stuck. Really stuck.

Scenario 1: You've encountered a problem at work, but all your usual tactics can't solve it. You sense you need a more creative approach, but your imagination isn't delivering the goods. What now?

Scenario 2: You feel as if your business is stuck, and its products are somehow missing the mark. You sense that you've got to do something to improve your business, but you're not sure what that something might be. What next?

In these two situations (and many others), you need a breakthrough idea--an idea that "breaks through" the mental barriers that are keeping you from achieving the next level of success.
Contrary to popular belief, breakthrough ideas don't always come out of the blue like a sudden stroke of lightning. In my experience, it's possible to create breakthroughs pretty much whenever you want. Here's how:

1. Believe that a breakthrough is always possible.

Oddly, this basic idea is often the most difficult part for people to get their minds around. Which is a bit odd, given that the human brain--including yours--is by far the most complex and creative single object in the known universe.

The mere fact that you're seeking a breakthrough means that your brain is capable of creating one.  Your "sense" that something is wrong or that something can be handled more creatively is a certain sign your brain is ready to deliver the goods.

There will always be constraints under which an idea must fit. Even so, there are always creative ideas and new approaches that transcend those constraints.

2. Release the "what" and the "how."

The "what" is the goal you're seeking, such as a creative solution to a problem or a great idea for a new product. The "how" consists of ways that you've sought to achieve those goals in the past.

The reason you need a breakthrough is that your "how" isn't getting you to your "what."

Therefore, the more you think about that "what" and the "how," the more you'll knock your head against the barrier that's preventing you from getting there.

Therefore, even though you desperately want that "what," you've got to let it go and stop dwelling on it. At the same time, you must shrug off the "how" as something that's in the past and no longer significant. Only then are you free to...

3. Vividly imagine the "why."

The "why" is the desire that's driving you to achieve the "what" and attempt the "how."

For example, you don't really want a solution to a problem. What you actually want is the feeling of relief and satisfaction when the problem is solved.  That's your "why."

Similarly, you don't really want to have a new product idea. What you actually want is probably the certain knowledge that you're improving other people's lives and the feeling of achievement that comes from changing the world.

Here's what to do: Set aside three minutes of alone time, twice a day, for three days. Close your eyes and imagine yourself experiencing the emotional state that you'll feel when you're on the other side, after having a breakthrough.

Imagine what you're seeing. Imagine what you're hearing. Imagine how your body feels. Make it as real as possible, because this exercise inspires your brain to generate the breakthrough.

4. Embrace the unfamiliar.

Most of us do our best work when we're someplace familiar, using tools we know well.
In this case, however, a major reason you're in a rut (and thus need a breakthrough) is that your brain associates your surroundings with all the stuff you've done and the thoughts you've had in the past.

You must therefore get yourself out of the physical location where you feel comfortable and into someplace that lacks associations. This can be anywhere that you can sit and think without being interrupted.

Similarly, the tools you use at work--your computer or your tablet--also encourage you to follow well-worn lines of thought. Shake things up. Rather than depending upon your tablet, pull out pencil and paper. Or a huge Sharpie and a piece of cardboard.

5. Jot down everything.

Reimagine your "why," then write down everything that pops into your mind about how to get to the "why," even if it's not the "what" that you'd thought you wanted.

This process is similar to brainstorming, except that you're doing it by yourself rather than with a group. However, it's superior to brainstorming in two ways.

First, there are no personalities involved, other than your own. You don't have to worry if you come up with "dumb" ideas because, well, you're the only one who will know that they're dumb.
Second, and more important, your "why" motivation is individual to you, rather than diffused among multiple people with multiple agendas. Because it's personal, it can more easily pull down the barriers to create the breakthrough.

6. Select the best breakthrough.

If you've followed the recipe above, you'll end up with a list of ideas, many of which weren't even in the ballpark of what you originally envisioned. They may have different "whats"--like a new service rather than a new product. They will certainly have different "hows," even if the "what" remains the same.

I can personally vouch for this system, because I've used it, unconsciously at first and consciously over the past few years, to generate creative ideas that have moved my career and my life forward.

One of those breakthroughs was in 2007, when the realization struck me that my future would be in blogging rather than magazine writing. Another, more recent, major breakthrough was coming up with the title for my new book.

I also use this method for minor breakthroughs, like when I can't decide what to write in this blog. In fact, this very post came out of a pen-and-pencil session at the local YMCA while my son was playing basketball.

Anyway, if you follow the method above, I can almost guarantee that you'll come up with something unexpected.

7 Steps for Putting Ideas Into Action BY Ilan Mochari

Here is a seven-step technique for developing ideas you can actually use to solve business problems. 

Brainstorming is only a first step to innovation. What matters more are execution and implementation.

All of the above may seem obvious. Yet many companies struggle with it, say the authors of a new article from MIT Sloan Management Review. While brainstorming sessions "are frequently fun for participants, the output is too often considered impractical just days after the exercise."

A 7-Step Idea Generation Gameplan

As a remedy, the authors--consultants at Innosight, a global strategy and innovation consultancy based in Lexington, Mass.--offer a seven-step gameplan. Its purpose is to help you not only improve your brainstorming, but also to help you put your ideas into action.

1. Define the problem and solution space. The aim here is create boundaries in the idea-generation process. What customer problem are you trying to solve? "Constraining the problem and solution space forces idea generators to delve into an area," note the authors. "The result is typically a much broader range of ideas that are on target and have real potential to move forward toward impact."

For example, Innosight recently attempted to solve a problem involving the distribution of drugs for multidrug-resistant tuberculosis (MDR-TB). Along with their partners, they decided to focus on the drug supply chain. This boundary allowed Innosight to deemphasize other problematic areas (drug development, diagnosis, geopolitics).

2. Break the problem down. Use a visual technique, like diagramming. For Innosight, this meant mapping each part of the MDR-TB drug supply chain. They then were able to literally see all of the barriers to effective distribution. All told, they identified 12 barriers.

3. Make the problem personal. How do you make a business problem personal? By getting down in the trenches and observing the individuals who are affected by the problem (and who would also be affected by your proposed solutions). "The goal is to make it as real as possible to the people who will be generating ideas," they write.

4. Seek the perspectives of outsiders. In other words, don't solve the problem in a vacuum.  In this case, Innosight and its partners sought out public health experts, retail supply chain managers, and technology experts. "Having supply chain experts in each breakout group allowed us to make connections very quickly between specific chokepoints in the MDR-TB system and other supply chains where similar problems have been solved," they note.

5. Diverge before you converge. You want to breed some conflict into your discussions. Otherwise--as we all know--a meeting can quickly devolve into a time waster, where precious minutes are lost on the first ideas to be voiced, rather than what might be the best ideas. The solution? "Start by asking participants to write down as many ideas as they can individually for five to 10 minutes. In our experience, the technique has two benefits. First, it gives introverts--who may be shy about sharing their suggestions in a larger group setting--a chance to maximize their contribution. Second, having lots of ideas on paper before the discussion begins prevents the group from rallying around any specific solution too soon."

6. Create "idea resumes." An idea resume is one-page document listing the following attributes: how customers will learn about it or access it; what resources or processes are needed to make it a reality; and how the solution will achieve economic sustainability. The benefit of idea resumes is that (when they're finished) they allow all involved parties to scan and share ideas, in a way that invites "apples-to-apples" comparisons and "ensures that ideas are evaluated on their merits rather than on how well they are pitched."

7. Create a plan to learn. Your ideas, no matter how pristine they appear on their "resumes," will all contain assumptions that need testing. So the seventh step is to design these tests, and to spell out what you aim to learn from them. "And for businesses hoping to translate ideas into action," note the authors, "this is where the real work begins."

The MIT Sloan Management Review article, which is called "The Discipline of Creativity," has more details on all seven steps.