Additional value from a business idea

Significant R&D is being done in the field of health and well-being in enterprises, universities and polytechnics. It has proved to be a great challenge to distil this information into innovations and here the Health and Well-being Cluster can help in the development of new innovation platforms through the centres of expertise. In addition to encouraging new innovations, our target is to create new growth enterprises and to improve the competitivity of the existing enterprises in the global market.

A business idea can be a new invention, a novel application area or a new client need, like a concrete product, service or a piece of information. We have to consider that nowadays a partial solution seldom satisfies clients and the creation of a successful product concept and business idea will depend on how well the client's actual needs and desires are recognized. A functional business idea must fulfil the client's needs but it also must be able to stand out from its competitors with some impressive feature (e.g. the use and operating conditions, price, quality, appearance, mode of action or ease-to-use). Often it is this stand-out factor that is the basis of the product creation and heart of the business concept.

The success of a business idea demands an unbroken value chain, a clear business model and a realistic earnings assessment. The definition of the value chain and earning potential helps in focusing of the business's own activity as well as in identification of competitors and partners. With the help of the definition of the value chains and networks, it is easy to determine whether client's needs can be fulfilled in an economical way by exploiting the business idea or is it necessary to change the business idea. If one part of the value chain or network is occupied by a company with a monopoly then it may prove difficult to put on the market a new product or conduct profitable business over a longer period of time.