How to Turn Sci-Fi Technologies Into Real Business Ideas

Science fiction is a popular genre, which means most people grew up watching or reading about fantastic technological developments of the far-off future. In “The Jetsons,” viewers saw personal aircraft and watches with amazing capabilities; in “Star Trek” characters enjoyed natural-sounding conversations with their computers and could create anything using their replicators. When they first appeared on screen, these gadgets and gizmos seemed nearly impossible – so it might come as a shock to realize that we already have most of them today.

Indeed, tablet computers, 3-D printing, hoverboards, and so much more of our essential modern tech was first dreamed up in science fiction, and the inspiration has just begun. Yet, it isn’t always easy to take a futuristic piece of tech and transform it into a profitable business. Entrepreneurs must be careful in how they build their sci-fi tech businesses – or else their ideas might go the way of laser discs and the Betamax. Here is a tried-and-true method for ensuring that more sci-fi tech becomes popular in the real world.

Find a Concept

Futuristic, sci-fi tech is hot and getting hotter. In a few years, virtual reality machines, driverless cars, personal jetpacks, and so much more once-fictional tech will hit the market, and the masses are only clamoring for more. Many technologies linger in R&D, and others are barely plausible, but entrepreneurs can scour science fiction or tech laboratories for concepts on which to build their businesses.

Know the Market

Because the tech industry is growing unbelievably fast, entrepreneurs must work to understand the market surrounding their future product. Performing market research is a necessary step for any hopeful business owner, but those hoping to dazzle consumers with novel and exciting tech must be especially diligent about rooting out potential competitors and rival products. Additionally, entrepreneurs should understand what their sci-fi tech is worth and what consumers are most interested in buying.

Build a Strong Team

Small businesses, especially those in tech, should expect explosive growth, which means they should have sales teams to meet their future demand, not the meager needs of today. What’s more, tech firms need teams of engineers able to design and improve their futuristic products.

All employees should be experienced, trustworthy, and enthusiastic – which depends as much on their leadership as their personal dispositions. Thus, entrepreneurs might spend some time learning the skills necessary for effective leadership, perhaps earning an MBA online before looking to start their own business. MBA programs will also help entrepreneurs build extensive networks and contacts, which will make hiring strong teams easier.

Develop the Product

Some experts estimate that time spent building and refining a tech product accounts for about 30 percent of a tech company’s work over its lifetime. As soon as worthy engineers are assembled, they should begin developing the product that will find its way into consumers’ hands. The sooner the product exists in truth, the sooner the business can shift its focus to sales, marketing, and support.

Know the Audience

During market research, tech firms have the opportunity to learn about their potential audiences. However, once the product exists and clients begin to appear, some firms start customizing their product to suit individual customers. Especially with widely appealing sci-fi tech, entrepreneurs should avoid compromising their vision to please sole buyers. Instead, development and marketing decisions should attract entire audiences to the product. Though it may make for slower growth initially, it will allow for broader adoption eventually.

Make a Move

Most entrepreneurs, not just those in tech, often delay the launching of their businesses due to an addiction to information. If they could just learn more about their markets, or more about customer needs, or more about the product’s capabilities, they believe they might guarantee success. However, there is a thin line between knowing enough and wasting time; after initial research is complete, entrepreneurs would do better to just get started and see their fictional tech become reality.

Fail Quickly

Every new business encounters obstacles and experiences hiccups. However, when trying to build a business on a brand-new type of tech, entrepreneurs don’t have time to dwell on their failures. Business leaders should spend just enough time to recognize what went wrong, why, and how to change their business strategy to prevent future mishaps. Then, sci-fi tech will mean big business.