Initial Idea Stage

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 or service Idea is needed If you solve this problem – can a product idea be generated from the need? Is it compelling?

Is the Idea at least 30% better, faster or cheaper than current solutions?

Can you ID a customer that needs this idea?

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:

  • Personal experience
  • Potential users/Consumer Reports
  • Subject Matter Experts
  • Community
  • Academic research
Disciplined Entrepreneurship Toolbox

LSWI Consulting

Determine whether you are willing to take the Idea to the next step It is all right if the Idea does not pan out!

  • Better to find out before money is invested

Can you accept the opportunity cost (i.e. upfront loss of time/pay)? Does the window of opportunity make sense?