Ideas are still cheap, right?

From XConomy Seattle, this article covers 'an inspiring talk by Nick Hanauer of Seattle-based Second Avenue Partners'. It's a good read with lots of useful insights.

Here's his formula for judging whether your idea for a new product is any good. I am not sure whether I like these because they are cleverly worded and snarky or whether there's a big grain of truth in them. Probably a little of both.

• If everyone thinks it’s a great idea, it probably sucks.

• If people understand it, you’re too late.

• If people don’t like it and don’t understand it, it probably still sucks.

A little more from the article:

"So entrepreneurship is a dangerous field, he said. “The difference between being an idiot and being a genius is very, very thin.” And keep in mind, he pointed out, “you can be very successful without being socially disruptive. Great fortunes have been made doing incremental things. Burger King, which came after McDonald’s, was not transformational, despite what they tell you…But they made a great fortune."