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?
Revolutionary ideas are far more likely to be successful than evolutionary ones
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:
|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!