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Ideation Process

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Demetris C. Hadjisofocli. This presentation demonstrates in a simple way how to use the Ideation process to identify product and service opportunities to enter the marketplace.

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Ideation Process

  1. 1. Ideation Demetris C. Hadjisofocli Executive Director Entrepreneurship Frontier Network, Ltd.
  2. 2. 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
  3. 3. 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
  4. 4. You get an Idea for a Product; Now what? • Validation • 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 competition?
  5. 5. Brainstorming • Get a small but diverse group • Set Time limits • Let them loose • Collect all data/ideas • Funnel approach • Evaluate and make decisions
  6. 6. Funnel • What is the problem that we are solving? • Who are the end users? Refined! • Resource availability • Barriers • Opportunities • What are the business objectives
  7. 7. Visualization • Use any means to understand how the solution looks • Physically • Production flows • Distribution models • Monetization • Partner Network • End Users
  8. 8. What If Scenarios • Run the product and the business model through various iterations • Crash test it • Bounce it back through experts, end users, suppliers on your network
  9. 9. Example • 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.
  10. 10. Thanks Questions

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