Demetris C. Hadjisofocli
Entrepreneurship Frontier Network, Ltd.
What is Ideation?
A fancy word that describes the process of identifying
product or service ideas, and turning those ideas into
minimum viable products or services
How do people get ideas?
• Just come to them
• Solution to a problem
• Make up the problem and find a solution
• Customer feedback
• Straight up Innovation
You get an Idea for a Product;
• Why would someone pay money to buy it?
• Is there enough market?
• Are there similar products out there?
• Can we have a business model that beats the
• Get a small but diverse group
• Set Time limits
• Let them loose
• Collect all data/ideas
• Funnel approach
• Evaluate and make decisions
• What is the problem that we are solving?
• Who are the end users? Refined!
• Resource availability
• What are the business objectives
• Use any means to understand how the solution looks
• Production flows
• Distribution models
• Partner Network
• End Users
What If Scenarios
• Run the product and the business model through various
• Crash test it
• Bounce it back through experts, end users, suppliers on
• Choose an Industry: Tourism, Auto, Retail
• Where do Tourists usually go: Beach, Restaurants, Clubs, Sightseeing
• Choose an Activity: Beach
• What do they do when they are at the beach: Sports, Sunbathing, Swimming,
Eating, Water, Refreshments, Creams
• What do they need for sunbathing: Umbrella, Sunblock, Sun tan Oils, Towel, Sun Bed
• How much do they pay: 7.50 Euro
• How Many Days they stay on average: 7 days
• Total Cost: 52.50 Euro
• What service can we offer to replace that cost: Sunbed and Umbrella delivery every day
at a cost of 26 per week
• Get everyone involved in the process; Focus groups, end users, field test, Umbrella
suppliers, labor etc.