Published on Aug 28, 2015

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We are in an age of great money-making business opportunities – we just don’t know where to look for them according to SeaChange International CEO Jay Samit.

Jay says when trying to find your billion dollar idea, you need to look to where value is created and captured instead of the overall environment for business.  Success in entrepreneurship can be found by looking at problems as opportunities – full of value waiting to be unlocked!

An example Jay uses are the savvy entrepreneurs taking advantage of gaps is in the technology sector.  There’s endless opportunity for innovation and it doesn’t have to exist solely around software or app development.  Millions of apps costing billions of dollars to develop are released each year, but only around three percent achieve the market penetration of Angry Birds or Spotify.  So where else is there money to be made?

Jay says a great success story of the mobile explosion can be found in those businesses catering to the relatively low-risk accessory market.  While app developers find themselves lost in a saturated market, “the accessory guys made a fortune selling $10 cases that cost cents to make.”

Do you have a Billion Dollar Idea? Help is at hand!

In the Hunter Region, Hunter Angels is an investor group investing capital for equity in emerging and growing Hunter-based businesses. For more information or to assess your business idea against their criteria, visit the Hunter Angels website.

The Entrepreneurs’ Programme is the Australian Government’s flagship initiative for business competitiveness and productivity.  Business advisory, supply chain facilitation, growth acceleration support and business growth grants are available.

Innovate NSW connects technology SMEs and businesses in key sectors of the economy to develop globally competitive business-to-business (B2B) solutions that address compelling needs. The program focuses on rapid development of business driven solutions that use enabling technologies.  Assistance includes grants, tech vouchers and support to approved projects.

Visit Slingshot for information about dramatically innovating your business for the future by generating new products or services.

Need some inspiration?

Watch Jay Samit speak about strategies for billion dollar success in the era of endless innovation and how businesses can thrive in times of turmoil:

 

Source: news.com.au