Turning ideas into profitable ventures is a challenging process. While it’s easy to generate ideas, turning them into something tangible and profitable is not as straightforward. A study by economists Pian Shu and Claudia Steinwender found that even when scientists are given time and resources, they often struggle to commercialise their ideas.

The study examined the impact of a nine-month sabbatical on 165 elite scientists. The sabbatical provided them with a break from teaching and administrative duties, allowing them to focus solely on their research. However, despite the additional time and resources, the scientists did not produce more patents than their peers who did not take a sabbatical.

One reason for this could be the “valley of death” – a term used to describe the gap between a new scientific idea and a new product on the market. This gap is often filled by venture capitalists and entrepreneurs who are willing to take on the risk of commercialising the idea.

Moreover, the process of turning an idea into a product requires a different set of skills than those needed for generating the idea. This includes the ability to build a team, raise funds, and navigate the regulatory landscape. Therefore, while scientists are brilliant at creating new ideas, they may lack the skills needed to turn those ideas into a profitable product.

In conclusion, while ideas are plentiful, turning them into profitable ventures is a complex process that requires a specific set of skills and resources.

Go to source article: http://timharford.com/2015/07/its-tough-turning-ideas-into-gold/