# Can you come up with a formula for calculating the value of an idea?

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##### Necessity

Is the problem still unsolved?

##### Conciseness

Is it concisely described?

#### Bounty for the best solution

Provide a bounty for the best solution

Bounties attract serious brainpower to the challenge.

##### Creative contributions

## Factors that play a role in determining the value of an idea

- Originality; Is it drastically different from similar solutions?
- Necessity; Is it targeting an unsolved problem?
- Audience; How many people would appreciate the underlying problem being solved for them?
- Feasibility; Is the idea feasible?
- Conciseness; Is it described concisely or is the noise to signal ratio too high (difficult to read)?
- What else could play a role?

- Necessity: $10 if it targets an unsolved problem. $5 if the problem is poorly solved with existing solutions. $1 if the problem already has good solutions out there.
- Audience: $100 if it helps a billion people, $1 if it helps one person.
- Conciseness: $5 if it's concisely described, -$5 if it wastes people's time.
- Feasibility: $1 if the idea is feasible, $0 if it's not.
- Originality: $2 if the idea is original, $0 if it's not.

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## new factors to your model

- pleasure from reading the idea: how many people experience what level of positive feelings, reading the idea description N*P, where N and P ={1...10}
- evaluated economical effect
- absence of negative side effects for the users and others
- how well it is elaborated in details,
- obstacles foreseen or not
- obstacles overcome or only foreseen
- how easy it is for understanding
- how fast it is for implementation
- implementation costs per piece
- start-up implementation costs
- if it is nature-friendly
- if it is cruelty free/animals friendly
- if it is otherwise ethical
- if it requires rare resources, which makes supply risky

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## Succes(s) criteria

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- conciseness = simple, concrete
- feasible = concrete, credible
- original = unexpected (in a way). The definition of an invention is a solution that is new and non-obvious.

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## Popular opinions

- The theoretic price a reader would be willing to pay for an idea.
- How many potential problems have been addressed in the original idea description
- Bonus points if it addresses something that is currently trending or popular (timing can also be an important factor in the success of an idea.

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## Formula based on opinion polls + certain necessary parameters

- Were you looking for a solution to the problem that the current idea solves?

- Calculate the number of people interested in using your idea (indicated by "c" in the formula below).
- Calculate the total number of responses you get (indicated by "pop" in the formula below).

- Necessity: The panel of experts rates the idea for its necessity in the current scenario. They give a score out of 1. A score of 1 indicates necessity and a score of zero indicates no necessity or that an alternative better solution exists. The average score is considered (indicated by "np" in the formula).
- Conciseness: The panel of experts rates the idea for conciseness. They give a score out of 10. Extremely concise equals 1; extremely lengthy to the point that very few read it equals 10. The average score of the panel is considered.
- Feasibility: Feasibility is scored in terms of the number of years it will take to realize (bring it to market) the idea. A score of 100 indicates that the idea is realizable within a year. For each extra year the idea takes to realize, the feasibility decreases exponentially.
- Originality: Originality is binary, it can be either "yes" or "no". This is decided by the panel of experts. If the idea is original, it gets a score of one, else a zero.
- Complexity: If the usage of the idea is too complex to understand and perform, few will be able to use it. Others might come up with a better and easy alternative to it. If the idea is least complex, the score is 1; if the idea is maximally complex, the score is 10.

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## Simplifying my formula - excluding opinion polls and expert panel

- Necessity: A score between zero and 1 (using decimal point). A score of 1 indicates that the idea is necessary.
- Conciseness: A score between 1 and 10. Extremely concise equals 1; extremely lengthy to the point that very few read it equals 10. The average score is considered.
- Feasibility: Feasibility is scored in terms of the number of years it will take to realize (bring it to market) the idea. A score of 100 indicates that the idea is immediately realizable.
- Originality: Originality is binary, it can be either "yes" or "no". If the idea is original, it gets a score of one, else a zero.
- Complexity: If the usage of the idea is too complex to understand and perform, few will be able to use it. Others might come up with a better and easy alternative to it. If the idea is least complex, the score is 1; if the idea is maximally complex, the score is 10.

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- We could use a third party standard to define, for example as long as all users of the formula have accepted the definition. Here is like a checkbox agreement thing. I remark the importance of being in accordance with units and definitions.
- We could use an average weighted regulator for each parameter in order to normalize the equation and reduce bias on the formula; Bias in a formula is a characteristic that tends to dominate the result value. Later on the contribution will explain the method to get the average weighted regulator and it uses.

[1]https://writingcenter.gmu.edu/guides/writing-concisely#:~:text=To%20Write%20More%20Concisely%2C%20Follow%20These%20Suggestions%3A&text=Read%20each%20paragraph%20aloud.,unnecessary%20%E2%80%9Cto%20be%E2%80%9D%20verbs

[2]https://writingcenter.unc.edu/tips-and-tools/conciseness-handout/

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[1]https://www.cantorsparadise.com/the-black-scholes-formula-explained-9e05b7865d8a

[2]https://www.mathworks.com/help/symbolic/the-black-scholes-formula-for-call-option-price.html

[3]https://brilliant.org/wiki/black-scholes-merton/

[4]https://www.math.cuhk.edu.hk/~rchan/teaching/math4210/chap08.pdf

[5]George Boole, November 1853; An investigation of the laws of thought, on which are founded the mathematical theories of logic and probabilities. https://www.gutenberg.org/files/15114/15114-pdf.pdf

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## Adding "price" of the idea to my original formula

- Were you looking for a solution to the problem that the current idea solves?
- How much will you pay for it?

- Calculate the number of people interested in using your idea (indicated by "c" in the formula below).
- Calculate the average expected price of the product (indicated by "p" in the formula).
- Calculate the total number of responses you get (indicated by "pop" in the formula below).

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