Turning an idea into a profitable finished product

Turning an idea into aprofitable finished product Hani Gamal

Establish Success Clear Vision Establish ElementsReinforces Influences Your Idea h Est a blis ts a Ele blish Est en me m nts Ele Emphasis on AFFECTS The will toteamwork/cooperation create the future

Forming Ideas #1 Gather & Core IdeaResearch Refine to Scenario info. Define DefineFeasibility Requireme SWOT nts

Research, Gather & Refine Information● Understand the concept, clear and define the research goals● List proper keywords● Manipulate search phrase with your keywords to get the best results● Scale your research bit by bit, this will help you refine your information

Core Idea to Scenario “Prototyping”● Prototype is not a proof of concept it is a minimal shape of your product/service but it is not a product or service● Know that your prototype is better than thousands of words and presentations● Clear your core functionality whether product or service● Make a “Scenario” out of your core functionality● Create “cases” of the problem ● If right then all “cases” will lead to your solution ● otherwise you need to find an alternative solution or workaround – if that happens dont panic it is a good sign that you can see the flaws of your upcoming product/service

Alternative Solutions & Workarounds● Both depends on your creativity● Finding alternatives almost about bending your first solution a little bit● Research skills is a key point here● Workarounds almost done because of a threat of some limitation of technology

Feasibility● Idea Scope ● Well stated problem is half solved● Current Analysis ● Used to define and understand the current method of implementation● Requirements ● How requirements are defined depends on the object of the projects attention● The approach ● The recommended solution or course of action to satisfy the requirements● Evaluation ● Examines the cost effectiveness of the approach selected

Choosing the right technologies● It does what you need!● Wisely fit your resources, money and human● Never choose something because its “free” or it has some “offer”● Choose the less customization but customizable, more configuration and make sure you can customize at least without a 3rd party involvement● Scalability and long-term life cycle● Wide known technology over the new ones, well documented is a must and large community is an asset

Define SWOT● Strengths● Weaknesses● Opportunities● Threat

Elements of SWOT● Strengths: characteristics of the business, or project team that give it an advantage over others● Weaknesses (or Limitations): are characteristics that place the team at a disadvantage relative to others● Opportunities: external chances to improve performance (e.g. make greater profits) in the environment● Threats: external elements in the environment that could cause trouble for the business or project

Know Your Plan● Everybody likes plans that presents lots of information in as few words as possible.● 15 to 20 slides will be more than enough including the following: ● Business Purpose: one sentence only ● Problem & Solution: use cases ● Why now? ● Marketplace & Market Size: larger is better ● Competition: list your advantages ● Product/Service: define your development road-map ● Model: how youll get revenue, pricing, pipeline ● Team: DNA of your company ● Financial

Start-up Success Elements● Clarity of purpose, companys mission statement● Large market & rich customers● Focus on a product or a service● How important/valuable is your product/service to your customer● Team is the companys DNA, this should be formed in the first 90 days, “A” class founders attract an “A” class team● Agility will usually help beat-out large companies● Spend only on priorities and maximize profitability● I see that the main success for a start-up is to be an enduring company

Achieve Success ElementsBrainstorming Teamwork Time Management

Define The Best ToolsFulfill your ambitions with Open Source

Recommended Tools #1● Brainstorming, Mind Mapping & Research ● Desktop – Xmind http://xmind.net – Freemind http://freemind.sourceforge.net – ViewYourMind http://sourceforge.net/projects/vym/ – Visual Understanding Environment http://vue.tufts.edu/ – Compendium http://compendium.open.ac.uk/institute/index.htm – Blumind http://blumind.org ● Web based – Mindmeister (Paid) http://mindmeister.com – Bubbl.us http://bubbl.us – Mind42 http://mind42.com – Wisemapping http://wisemapping.com – Dabbleboard http://dabbleboard.com

Recommended Tools #2● Teamwork & Project/Time management ● Web based – Google Docs, Google Apps :) – Open Atrium http://openatrium.com – ProjectPier http://projectpier.org – Project2manage http://project2manage.com – Basecamp (Paid) http://basecamp.com – Campfire (Paid) http://campfire.com ● Communications – Spicebird http://spicebird.com – Skype :)

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Turning an idea into a profitable finished product

by Hani Gamal on Jul 07, 2012

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