Turning Problems Into Money: How?
Low hanging fruits & Monetising ProblemsBy Bala Pillai, SydneyWhat is the criteria?Given that the harder a problem, the greater the reward, the lesser thecompetition, the more uncertain resourcing for it is ANDThe easier a problem, the lesser the reward, the greater the competition andthe more certain resourcing isLow hanging fruits would lie in the sweetspot between "too hard a problem" and "too easy a problem". Not too hard such that the resourcing is so uncertain.Not too easy such that the rewards make it so unworthwhile.By resourcing I mean human resourcing. Why? Because astute humans organise all other resources, money included.Monetising ProblemsHow do you monetise problems?First of all realise that default problems are opportunities. And defaultopportunities are monetisable.And be prepared to imagine that some of the most surprising problems are monetisable. For example, how do you monetise the problem of unhappiness? Answer: Bottle happiness -- that is basically what Coca-Cola has done. It has bottled glee.How do you monetise value? Attach a currency value to it. And osmosis the value.How do you monetise views? Create exchanges. That's what stock exchanges and foreign exchange dealers do. You sell your view on where a stock or currency's price is headed.Can we monetise our views on which script-director-actor combination will do well and which we think won't? You bet -- create an exchange for the buying and selling of these views.What blurs whether money can be made from doing this?1. Absence of imagination and habitual perception that the solution will be executed weakly.
