Mestrado Integrado em Engenharia e Gestão Industrial

Idea Generation and Refining

DIGITAL BUSINESS ECOSYSTEMS

2015-16

António GriloAneesh Zutshi

Idea Creation

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Why to start a STARTUP?

Common Reasons• It’s Glamorous

• I’ll be a Boss

• Flexibility

• I’ll make More Money & have

More Impact!

Ugly True! Stress/Depression!

Huge Responsibility

Everyone is My Boss

I’m a Role Model

I’m Always Working!

Expect 0%-10%

Great Ideas

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Great startup ideas are usually

easy to describe and perceive!

Excitement and Passion

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Match your excitement

with what the world needs

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Its better to build something that a small number of users love,

than something that a large number of users like.

- Sam Altman

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THE LEAN START UP APPROACH

Idea Generation Stages

• Idea

– 10% inspiration, 90% Perspiration

– Passion behind the Idea, Team commitment

• Demo

- More relevant than just idea

- Sketches on paper, rough concept

• Alpha Stage

– Rough working concept, interactive wireframing

• Beta Stage

– Prototype launched for testing 8

Hypothesis Check

• Customer Pain

• Proposed Solution

• Alternatives Existing

• Distribution/pricing hypothesis

– How to reach? Eg. App Store, Website

• Budget

– Cost of launching first version

• Target Market

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Idea Validation

• Brainstorm Internally

– Not more than 5 features

• Don’t ask Family and Friends

• Choose your interviewees

– 10 minutes of their time for in depth feedback

• Conduct Informal Interview

– Present 4-5 versions of your idea

• Review and Decide

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Points to think of after Idea Generation

• Target Customer

– Clearly define target. Eg Social game for 16 year old girls.

• Target Market

– For purely digital products think internationally

• Trends

– Following trends can make seeking investment easier.

– Eg. Funding for Energy, Cleantech, Social Innovation Projects

• Competition

– In depth review on your competition

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Product Hypothesis

• Benefits

• Features

• Delivery Schedule

• Intellectual Property

• Dependency Analysis

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Risk Analysis

• Internal

– People Leaving

– Running out of Money

• External

– Law Suite

– Competitor Emerging

• Detailed Management Plan

– Detail what to do in case of Internal or External Risks

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Minimum Viable Product Testing

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