There are a variety of tools readily available on the Internet that aspiring entrepreneurs can use in developing new business ideas. Here are a couple of ideas:
Want to find some cool technology gathering dust on a shelf at a university somewhere? Try out the iBridge site developed by the Kauffman Foundation.
University researchers, industry representatives, and entrepreneurs can use the iBridge website to search for innovations that, until now, have been lost and untapped behind university walls. With more than 700 research projects listed, the iBridge website is fast becoming a place for researchers and technology transfer officers to post research from their universities, as well as the place to go to find research occurring at other institutions. The website is designed to ease the transaction burden on university technology transfer offices, and encourage more open and efficient access to innovations of interest to entrepreneurs and industry representatives alike.
Have an idea for an Internet business, but finding it hard to know what your potential customer is thinking about? Try using one of the tools set up to optimize keyword searches. I heard about this creative use of a free tool on this morning's Wall Street Journal radio show. These tools are set up to help in Internet marketing by showing what key words are being used most often. (Here and here are a couple of examples).
Assume I was setting up an Internet golf equipment store. By typing in keywords like "putter" or "golf balls", I can find out what brands are getting the most searches on the Internet. Or assume I am thinking about selling laptop cases on the Internet. I see that in the month of December 1724 searched for laptop cases with the word "pink" in their search, while only 77 included the word purple. That gives me a clue on what color to carry in my inventory.
These tools can help me see the potential size of the market, what brands and related products are most popular in searches, and even what colors and features I should carry. It is a great tool to first get a feel for how much Internet traffic is possible and to learn more specifically what these potential customers are thinking about.
These tools are set up for web search optimization, but they can also be used to get the pulse of the market. For simple searches like this, most of these sites are free to use. While active web marketers are very familiar with these tools, they can be very helpful for any entrepreneur wanting to get more data about their potential market. If I can figure out how to use them with my limited technical skills and general fear of technology, anyone can!
Jeffrey Cornwall is the Director of Belmont University.
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