Ideation

Question 1

how to generate and evaluate ideas for a new venture

Answer 1

• generate – start with your means

- bird in hand - going with what you already have rather than chasing what you don’t

Question 2

mean- based approach

Answer 2

means = idea generation

• who am i
• what do i know
• who do i know

Question 3

who am i?

Answer 3

Traits you possess, values, skills/ capabilities, interests

Question 4

what do i know?

Answer 4

Education, experience (jobs/ projects) → professional competencies and expertise

Question 5

who do i?

Answer 5

Social networks → can help you generate ideas

Question 6

ideation

Answer 6

evaluating ideas
- A valuable idea is a solution to a problem

• Problem solution fit
• Need to be solving a problem
• Not only about uniqueness – but also has to be desired by consumers

Question 7

deign thinking

Answer 7

Understanding from a human perspective

Empathize with potential customers – deep level of understanding

Question 8

desirabilty

Answer 8

start

- If it is not a solution for customers then it is not worth it

Question 9

feasabilty

Answer 9

is it possible

Question 10

viability

Answer 10

• Can you profit off it – is it financially feasible/ possible
• Are the customers going to desire the product enough to spend
• Can you incur a loss → financial performance, cannot be operating at a loss for a long period of time

Question 11

integrative approach

Answer 11

all functional areas need to align to come up with a valuable idea

Question 12

evaluate the ideas

Answer 12

• customers currently trying to solve this problem
• migraine headache problem
• high effort
• high impact
• are customers unsatisfied with the current solution
• is the solution something that relives pain and creates solutions
• is the industry easy to enter
• how do i evaluate my ideas

Question 13

are customers currently trying to solve this problem

Answer 13

If there is no solution is it really worth pursuing?, do people really care enough to actively solve it

Want a migraine headache problem – bothering customer base enough to purchase something from competitors/ their own hacks to try and avoid it. If they are not doing anything about it then it is most likely not a big problem (5-minute rule)

Question 14

migrane headache problem

Answer 14

• evaluate the current situation

- A good indication if they are spending a lot of time and effort to try and come up with a good solution

Question 15

high effort

Answer 15

• tweak the idea to have a higher imapct on consumer
• people putting a lot of effort into finding a solution
• Ex- masks and glasses – higher impact than fogging goggles
• Something that changes a small annoyance in life or a big one
• Scuba diving vs pillow – the pillow is more important

Question 16

high impact

Answer 16

• want high impact
• What is the market size, how many people have this problem
• Focus on a market that is growing in size – do not want to look at a shrinking market
• Rare diseases pharmaceuticals do not want to spend all that money to only affect a niche group of people

Question 17

are customers unsatisfied with the current solution

Answer 17

• Pain point – does it still exist
• Is it relieved from the existing solutions/ competitors that still exist
• Is the marginal difference between 97% - 100% enough for them to switch

Question 18

is the solution something that relives the pain and creates solutions

Answer 18

• Has to be something that the customer actually values
• Needs to be different and add value, not just being different to be different
• Have to be able to understand the customers and what they are trying to get done, their pain points and their outcomes

Question 19

is the industry easy to enter

Answer 19

Can I reach the customer

can I overcome barriers to entry

can I protect my solution from competitors

Question 20

how do i evaluate my ideas

Answer 20

• What current trends that have some interest to me and I have some knowledge in – can yield opportunities for this solution
• Desirable and viable ideas are forward-looking and innovative – be where the puck is going not where it is now
• Where current trends are heading – current tech to make products more innovative – sustainability and machine learning