When it comes to evaluating the strength of an idea for an online project, I am all about innovation. Copycat products make me yawn, and make me think that you haven’t researched your market very well. (For instance: I have had people pitch me ideas for instant chat programs on ecommerce sites as an add on customer service. When I pointed out that those exist, I got a “They do?” as a reply. Or, the time I got pitched a hand held device that could allow a salesperson to communicate with his company’s intranet. Uh, like a smart cellphone?)

This is when I, and more importantly the investors, love to hear the “Yes, but…”.

It’s “The but” that shows how innovative people are, and how aware they are of the target market. And it’s “The but” that makes prospective investors change their look of disinterest to sudden excitement as they understand the potential of what it is that you are selling.

For example, take our recent local start up, Personera.com. They create customised calendars based on data in your Facebook profile (like your friends’ birthdays, for instance).
Me: “Oh, you mean like the calendar Facebook app?”
Them: “Yes, but….these calendars are actually printed in hard copy”
Me: “Oh…..wow”

Ideas are a dime a dozen, and probably pretty much anything that you come up with exists in some form, somewhere online. However, if you add your own clever “Yes, but…” you might just be laughing all the way to the bank.

(An important aside here is that I do think that it is perfectly OK to bring concepts that already exist and customise them for the local market. There are so many online products that I would like to have a strong presence in South Africa, but that will only have one if they are developed by a local team. Unfortunately, I don’t think The Crowdfund will be funding many of those, though, because this time round we want to focus on global appeal. But the good news is that we are working on a different model that would promote these kind of startups in the country.)