Updated: Feb 9, 2021
Most, if not all, entrepreneurs find it challenging to come up with ideas to either launch a new business or innovate an existing one.
This is especially challenging for newcomers to entrepreneurship. When starting at ground zero, there is so much to learn and do but so little time. The plateful of tasks could overwhelm even the most passionate ones.
I would say that finding good ideas would be the most challenging. What's worst is finding a good idea but not knowing how to build it.
Now imagine if all you have to do is open your phone and get a list of potential ideas for your business or startups. Think about what this could mean for you.
But how you say? Well, I have a crazy idea that may just work.
The idea is simple.
The idea is to develop a web and mobile application that sends you a list of expired patents. You could set up parameters to track only the patents that you like and of interests to you.
Hundreds of valuable patents get expired on a regular basis. There is evidence to suggest that hardly anyone uses patents to innovate anymore. This means there a good chance that patents will not get renewed or maintained and will expire.
What can you do with an expired patent?
Well, you could buy it.
You could use it to add innovation to your existing product or service.
You could use it as the basis for your new startup.
You could use it to inspire new ideas.
Or you could add a twist to make it unique.
This is what I liked to call "standing on the shoulder of giants". Since a lot of work has gone into this making these patents.
These patents may provide you with the technical details that you may not be aware of. At least, it will give you a general idea of what to research.
The best part is that these ideas have gone through careful and thoughtful consideration to warrant paying money to get it patented.
You see, a little bit of creativity can give you great leverage.