The Initial Idea Stage is important to identify real needs that can generate a product for commercialization
Why is this Important?: You need people who understand the business and can interact with others to validate your assumptions. This also is the time to come to key understandings between the principal players.
| Key Actions | Things to Consider | Tool Kit |
|---|---|---|
| Define whether or not the product idea is needed | Can you ID a medical need that this product addresses? Is it compelling?
Riskier revolutionary ideas have the potential to create more value than evolutionary ones Continue to come back to this as you advance through the steps – is it still viable? An idea can come from many sources, such as:
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Stanford BIO Design |
| Determine whether you are willing to take the Idea to the next step | It is all right if the Idea does not pan out!
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