Establishing core value & impact

©Product Accelerators International Inc. 2012-14

- Establishing the Core Value &

Impact of your idea or product –

(course PV1)

By Simon Brightman, Co-Founder & CEOAcceleratorU

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Upon completion of this course, you will be able to:

• Conduct a successful core value & impact assessment of your own idea or product

This will result in a clear understanding and articulation of what problem you are solving and why your product should in fact exist

• Successfully rally yourself and other close stakeholders around the resulting impact you will have with your product

This will result in strengthened support for the initiative and journey your are on

Learning Objectives


• Why this step is critical

• Articulating the Problem

• Understanding the Barriers

• Defining the Value & Impact across horizons

• Applying this to your own idea or product

• Next Steps

Agenda


• Most people start with the functional aspects of their ideas or products

• This is natural, but unfortunately wrong

• Causes a false sense of progress as things are “being built”

• People end up spending money too fast and on wrong things, over complicating matters, taking longer to make progress and usually miss the true mark

Why this step is critical


• Starting with a solid Value & Impact analysis and articulation removes the noise and allows to refocus on the true essence and align all pieces around this

• Saves time, money and reduces risk. You will actually move faster

• Establishes your raison d'etre, your reason for pursuing this path. You will come back to it as you proceed and it will keep you aligned and true

• It is truly foundational to properly validating your idea or product

• Previous work on core values can be used, but go through this as noted. Do not skip it



Let’s get going!



• While it may seem obvious, too many people skip over this, assuming that what is in their head…is enough

• This forms the basis for your further extensive work

• Do not rush this and jump too fast. Follow the outlined process

• You will feel frustrated and excited throughout, which is good

Articulating the Problem


Step 1:

• Define the problem from an individual person’s perspective, then broaden outwards from there

• We are actually going to draw it (don’t worry, no advanced graphical skills are needed)

• Start by defining who the person is. Spell out their main attributes (e.g. age, gender, other key attributes we know)



An Example

For metropolitan dwelling parents and guardians that drop-off and pickup kids, there is a daily “emotional ride” to avoid delays given the highly variable traffic patterns in their city.

This causes unnecessary stress that should be avoided simply by knowing how long travel will really take and planning accordingly


Step 2:

• Explain using very simple language what the problem facing this person is. Then draw this



• Additions to the example to be inserted, showing who the person is and now what the problem is



Step 3: A few key questions to honestly ask, and answer:

• Is this a real problem?

• Is it a compelling problem?

• Is it pervasive/affecting a large population?



• Try this out for your own idea

• Use the example as a live reference

• We recommend you do this after running through the entire course a first time

Exercise 1


This part is where we ask:

• How is this problem being addressed today, if at all?

• What is preventing people from having a solution today?

Barriers to a Solution


PRODUCT ACCELERATORSStart Smart. Change the World

• We will add them to our drawing to form a clearer picture

• This will help highlight the current market status

• When done well, it will yield the start of your key differentiation point/s to be used later on




• Additions to the example to be inserted, showing what the barriers are

• Multiple data points needed to grab everything relevant




• Add these barriers to your own idea



Exercise 2



• In this part we establish the Impact & Value to clients

• We will use the results of the previous work

• We articulate the Impact & Value across three horizons –Short, Medium & Long Terms

• We will seek to quantify the impact. This does not have to be scientific, but we should be able to measure it

Establishing Impact



• This is essential to designing and creating a truly compelling solution, and not just a quick fix that may sound great but could disappear overnight

• Most people focus on only one (usually short or long terms)

• Its not easy but a great and sustainable solution (and eventual product) will have multiple impacts over time

Establishing Impact



Some guidelines:

• The timeframes are not scientific but should be used as directional guidelines

• Short Term (within the next 30-90 days):

• People are focused on their own/immediate needs and issues. That’s just the way it is. No sense fighting nature.

• So, in the short term, we seek to understand how it affects the individual and their immediate environment.

Establishing Impact



• In the Medium Term (3 months to a year+), how does it affect my community and broader environment?

• In the longer term (over several years) how does it affect society, the systems at play, the environment, government etc?

• Have we articulated the impacts such that they can be measured?

Establishing Impact



• Insert Exercise/example table to illustrate

Establishing Impact

• Download this template

IMPACT HORIZON

STAKEHOLDERS SHORT MEDIUM LONG TERM



A few questions to ask:

• Is the impact compelling across each horizon?

• Can you indeed measure the impact?

• Is the value that people would see as an outcome truly compelling?

• You will validate this with people, but what is your honest assessment? Do not be afraid to go back and refine it. Its cheap, easy and better to do this now!!!

Establishing Impact



• Now articulate this for your own idea



Exercise 3



• Grab a pen and paper (or open up a document online)

• Download the templates from the course page

• Go back to the beginning of this course

• Run through things step by step and do the exercises

• Do not rush this

• Expect it to take 1 - 2 ½ hours when done methodically

• When you are done (or initially done), let it sit overnight

Applying this to your Idea or Product



• Done the Core Value & Impact assessment?

• The next course builds on this, and guides you how to establish key capabilities for your product

Next steps from here


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Establishing core value & impact