7 Tips for Idea Generation for Start-ups

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The talk focus on how start-ups can quickly work out whether their ideas are feasible and we offer 7 tips to do that. This presentation is given during the SPRING Young Entrepreneurs Event and Idea Generation Workshop in Asian Civilizations Museum on 29 March 2010.

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7 Tips for Idea Generation for Start-ups

  1. 1. 7 Tips on Idea Generation Bernard Leong 1
  2. 2. Tip 1: Ideas are cheap and don’t get too hung over by them. 2
  3. 3. Tip 2: An idea may not be an invention & An invention may not be a good business. 3
  4. 4. Tip 3: Break the whole process with a time limit and be disciplined about time. 4
  5. 5. Tip 4: Generate as many ideas as possible and forget about constraints first. 5
  6. 6. Tip 5: Select the best 3 ideas from the list and get the best one by elimination & debate. 6
  7. 7. Tip 6: With the best idea, start imposing constraints by asking the following questions: 7
  8. 8. 5 Simple Questions: • What is the product/service/idea involving the industry? • Who are the paying and non-paying customers? • How do you market the product? • How do you charge for the product? • When do you know that the product fails? 8
  9. 9. Tip 7: Once you have worked that out, test the idea by creating the prototype and take it to market. 9
  10. 10. You will fail if ... • you keep harping on whether you get the grants. • you don’t even think about creating a prototype to test the market. • you don’t listen to feedback when you let the market respond to you. • you should quit and start again if the idea really have no market traction. 10
  11. 11. Lastly ... the aim of a business is to generate revenues and deliver customer value. Execution is key. 11
  12. 12. References • SGEntrepreneurs: http://www.sgentrepreneurs.com • SPRING: http://www.spring.gov.sg 12

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