Decide the breadth of your think tank. The first step in creating a think tank is figuring out what you want it to do. Choose whether the think tank will, for example, focus on future business strategies or whether it will research socio-economic factors in brand recognition and loyalty. Whatever you choose, narrow the focus so that you can hire qualified thinkers.

Set the parameters of the think tank. Similar to step one, you must also decide how long you want the think tank to operate: days, months, years or longer. In addition, figure out what type of thinkers you want in the think tank; narrow down whether you want a volunteer task force, hired thinkers or a combination of both.

Determine how the think tank will be funded. Funding is critical to any business venture, and the same holds true for think tanks. Decide whether the think tank will be nonprofit, receive government funding (to which you would have to determine how and when to apply for the funding), or be privately funded.

Interview and hire the thinkers. Once you have established the "big picture" (in steps 1 through 3), it is time to hire the thinkers. Focus on scholars and experts who are well-established and well-respected in their fields and are likely to further the focus of your think tank.

Network to keep the think tank fresh and current. Lastly, you need to set up a solid networking system. Use advertising and word-of-mouth publicity. This will keep your think tank fresh and abreast to current events and future trends.