I have an algorithm for doing OCR (Optical Character Recognition) in a way that no one has ever done before. I've built rudimentary prototype software and I've tested my algorithm against the existing OCR softwares on the market today and the results were all very positive. I want to turn this algorithm into a business venture and I have some seed money that I'm ready to invest, but I don't know where to begin. I've taught myself c++ and Qt but I have no other programming or project management experience.
I'm thinking about developing a software to sell and distribute online. Outsourcing might be an inexpensive way to go about the software development project (I could even keep the method of the algorithm a secret from my programmers) but I don't know which skills I would need to hire?
Any suggestions? Other ways of doing this? Anything else I should know before venturing down this path?
Phew, that's a hard one. Maybe I'll come back with better ideas later. For now, some initial thoughts:
About what to do with the algorithm... Maybe it's just me, but I think it's surprisingly hard to say...
Some thoughts about what you could think about:
I've recently brainstormed up an OCR related technology - here are my notes.
If you're keen to explore further, feel free to contact me.
Alternative business models -
You may have a product superior to the ones currently on the market, but you you have the resources to out-market the competition?
Is there a single competitor of multiple? Can you sell it to established players? Perhaps you can pitch it to several at the same time and not make a secret of it; that way you may get them bid higher against each other.
I may start by analyzing every OCR software in the market, examine each segment's potential and challenges.
By the end of that, pick one particular segment and build a competing product for it.
The result of your research above will determine the direction you take with project management, costs, outsourcing options, marketing and pretty everything your business will be down the line.
You got some great ideas and input so far.
Jasper's idea of building a web app seems like a good way to go.
A web app will extend your market reach and simplify the sign-up/licensing process to use your solution. It will also allow you to test your business model and get feedback from beta users.
If you decide to try this channel out and need to get a prototype built fast to test the idea and show to investors, you might want to take a look at the Agile Platform and the special offers for startups. I work for OutSystems so feel free to DM me if you want to discuss it in more detail.
Hope this helps