Monetize - Explained
What is Monetizing a Value Proposition?
Written by J. Mance Gordon
Updated at April 21st, 2024
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What Does it Mean to Monetize an Idea?
Monetization is about making an asset or a product eligible as legal tender. Generally, it involves the conversion of a non-revenue creating product into cash or cash-generating.
Monetizing an idea is commonly used in entrepreneurship. The entrepreneur develops a novel idea of value proposition. The entrepreneur then assembles and mobilizes the resources necessary to generate value from the idea. This generally means exchanging a good, service, or information for value.
How an entrepreneur monetizes a business idea generally revolves around the business model. The business model concerns how the idea or value proposition is used to create value for the entrepreneur (or her business).