7 Tips for Idea Generation for Start-ups

7 Tips on Idea Generation Bernard Leong 1

Tip 1: Ideas are cheap and don’t get too hung over by them. 2

Tip 2: An idea may not be an invention & An invention may not be a good business. 3

Tip 3: Break the whole process with a time limit and be disciplined about time. 4

Tip 4: Generate as many ideas as possible and forget about constraints ﬁrst. 5

Tip 5: Select the best 3 ideas from the list and get the best one by elimination & debate. 6

Tip 6: With the best idea, start imposing constraints by asking the following questions: 7

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

Tip 7: Once you have worked that out, test the idea by creating the prototype and take it to market. 9

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

Lastly ... the aim of a business is to generate revenues and deliver customer value. Execution is key. 11

References • SGEntrepreneurs: http://www.sgentrepreneurs.com • SPRING: http://www.spring.gov.sg 12

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7 Tips for Idea Generation for Start-ups

by Bernard Leong on Mar 29, 2010

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7 Tips for Idea Generation for Start-ups — Presentation Transcript