7 rules for productizing startup ideas

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Presentation given as background for a mentor session for Founderinstitute in Brussels on 01/11/2010.
This was teh public part, for the "secret" part you'll have to watch the video on the website of the www.founderinstitute.be

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  • Check an amazing course on Idea Generation and Presentation at https://www.udemy.com/idea-generation-and-selection-methods/
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7 rules for productizing startup ideas

  1. 7 tips for productizing startup ideas Koen Delvaux @kodel – www.del-mot.be 01/11/2010
  2. Idea versus product Productizing is turning an idea into something that can be sold
  3. Properties of a product It exists Made for a market Has a design Sells for a price It works Known by a name Serves a purpose
  4. User testing: Get out there Don’t do user surveys behind a desk. Confront users with your product in the context where they will use it.
  5. Pricepoint: Make the sale Don’t ask: Would you buy a product X for Y? Ask: I have X and can sell it only today for Y. Do you want it? You don’t need the product to sell it. (and determine price elasticity)
  6. Underdo the competition (credit: 37signals) Try to focus on 1 feature that others missed out on More fun!
  7. Spread ALL your ideas Your idea sucks. Tell it to other people until it becomes good. Afraid they will steal your idea? The owner of an idea is: • The one who makes the most noise • The one who executes upon it Person to person, not online
  8. Iterate: Fast & small First product shipped: 3 months after start Incremental releases: every 3 weeks Don’t plan, but DO Agile methods: • Often only blabla • Customer= teammember See: http://refactr.com Don’t follow the plan Follow the user
  9. Partner like crazy Define your market Find your competitors. Then see how you could partner with them. Your go to market model will define the boundaries of your product. Pick a spot in the value chain Don’t try to be the whole chain (tip: emerging market = blue ocean)
  10. Business models can wait 1 CSF for startups: find product-market fit • Your value proposition will keep changing until you find product-market fit • Your business model will be dictated by your final value proposition Risk: « we can’t change that, since our business model depends on it » (free is not a bad place to start)
  11. Final notes Productizing is easy when you build a product for yourselves. Teams that create products out of their own need are more successful. They can trust on their intuition and work with passion. A startup CEO’s job is product manager. Engineering and sales should “get” the product, both at the same level of understanding.

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