Think Tank Business Idea
When considering how to start a think tank, you must begin by finding scholars or consultants with specific expertise in an area of knowledge – usually social, economic, political or military.
The think tank (also known as a policy institute) is a corporation or group that develops strategic planning.
Most managers are so involved in day-to-day operations that they don’t have time for future business planning, so use a think tank to help them out.
Think tank founders must develop strong public relations abilities, as the publication of papers, newsletters and books is important for the tank’s reputation. Many think tanks have strong radio and television connections, and exploit these to get their names and findings well-known.
Your Area Of Focus
Figure out the area you wish to specialize in. There are many to choose from, and some tanks even opt to cover a number of different concerns. You should also decide on the scope of the research you wish to cover will it be local, national, or even international?
Most think tanks portray themselves independent and nonpartisan whilst promoting specific ideological views. Focus on "filling an ideological need" for your clients to get the most business possible.
The Importance Of Networking
Networking is essential to a profitable think tank, as it will keep your ideas fresh and energetic. You must also keep up to date on current events, and use your contacts to help with this. Constantly be looking to extend your networking connections.
Some think tanks are actually marketing firms. Most of these firms rely on universities for talent and are involved in brainstorming strategic plans for many different clients.
Many former government bureaucrats have careers overlapping think tank employment, and use their governmental contacts to aid think tank policy development.
How To Start A Think Tank Planning And Succeeding
An entrepreneur must decide if his think tank will be non-profit and tax-exempt, receive funding from governments or special interest groups or whether the think tank will bill clients outright.
Market yourself at government functions, write newsletters and attend conventions. You may also want to start a website that analyzes and covers important public policy issues.
Choosing a good location close to clients, can be an important step for any think tank, but the most important thing for you to do will be to establish a strong reputation. Word-of-mouth advertising can bring in a lot of business. Other advertising is usually tied to famous people who agree with a tank’s ideology.
If you can demonstrate a consistent ability to offer business advice and business improvement services, knowing how to start a think tank that quickly becomes in high-demand will be no problem at all.