Why is this Important? You need to list your key assumptions in such a manner they can be tested and validated by experts, customers, influencers, and users. Validating what you “know” vs what you “think you know”, prevents you from spending resources on a bad idea and giving you an opportunity to refine/modify the idea before going to the next step.
|Key Actions||Things to Consider||Tool Kit|
|Outline the features and benefits of the proposed product||Put it in a form that can be easily shown to people from whom you want feedback (Wireframes, mock ups, etc)|
|Confirm whether or not there is a real need and if product/service satisfies the need||Talk to multiple users and customers to determine if the need is real – 20 min interviews||LSWI Consulting|
|Draft initial Value Proposition
||This is a critical step
There are a lot of stakeholders in any market and not all of them will benefit from your product; who do you have to convince to buy your product and how?
|Value Proposition Template|
|List assumptions in the following areas:
||Your assumptions should be used to determine if the solution is economically viable & technical feasible
What distinguishes your product from the competition?
Do you have reliable market data?
|Develop questionnaire(s) for testing assumptions and present to users, experts, influencers, and customers||Find a mentor to help you connect to key interviewees
Are your assumptions viable with experts?
Actively avoid leading or biased questions
|Continue research and testing assumptions and modifying where necessary and iterate on your assumptions until they are final||Have you talked to at least 20 potential users?
Is the idea/product & potential company still viable?
|Determine if the product should be taken forward as a company, licensed out, re-scoped, or scrapped||Is the Idea/Product more appropriate as a licensing opportunity to an existing company?||Tech Transfer Office (If applicable)
|Refine your Value Proposition||Update your initial Value Proposition summary using the information you have learned||Value Proposition Template|