Original ideas

An original idea is a product, service or idea that has not existed before. Nobody else is selling it, so at first the business has the market to itself — exciting, but also risky because demand is unproven.

Why an original idea can pay off

Because the offer is new, it can give the business a unique selling point (USP) — a feature no rival can match. A USP creates competitive advantage: customers who want something different are drawn to the business, and because there is nothing quite like it on the market, it may be able to charge a premium price and earn higher profit per sale.

Why it can go wrong

Being first is rarely cheap or quick. A business may need to fund research, build prototypes and test the product before launch, and this can take months or years with no income coming in. It is also risky: there is no sales history to judge demand, so the business cannot be sure customers actually want the product or will pay what it costs to make.

Original compared with adapted ideas

Priya designs a bike lock that sends a message to your phone if the bike is moved. Testing the gadget and its app costs her a lot of money and takes over a year, and she cannot be certain cyclists will pay a high price instead of buying a plain lock. If it works, though, no rival can offer the same thing at first.

Both routes aim to meet customer needs and make sales; the real difference is how new the offer is, and how much money, time and uncertainty the business takes on to get there.