Outline & Iterate Assumptions until they stop changing
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 |
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| 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
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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:
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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? |
Assumptions Template
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| 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 |
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| 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? |
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| 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)
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| Refine your Value Proposition | Update your initial Value Proposition summary using the information you have learned | Value Proposition Template |