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7 Tips for Idea Generation for Start-ups

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7 Tips for Idea Generation for Start-ups

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The talk focus on how start-ups can quickly work out whether their ideas are feasible and we offer 7 tips to do that. This presentation is given during the SPRING Young Entrepreneurs Event and Idea Generation Workshop in Asian Civilizations Museum on 29 March 2010.

The talk focus on how start-ups can quickly work out whether their ideas are feasible and we offer 7 tips to do that. This presentation is given during the SPRING Young Entrepreneurs Event and Idea Generation Workshop in Asian Civilizations Museum on 29 March 2010.

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7 Tips for Idea Generation for Start-ups

  1. 1. 7 Tips on Idea Generation Bernard Leong 1
  2. 2. Tip 1: Ideas are cheap and don’t get too hung over by them. 2
  3. 3. Tip 2: An idea may not be an invention & An invention may not be a good business. 3
  4. 4. Tip 3: Break the whole process with a time limit and be disciplined about time. 4
  5. 5. Tip 4: Generate as many ideas as possible and forget about constraints first. 5
  6. 6. Tip 5: Select the best 3 ideas from the list and get the best one by elimination & debate. 6
  7. 7. Tip 6: With the best idea, start imposing constraints by asking the following questions: 7
  8. 8. 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
  9. 9. Tip 7: Once you have worked that out, test the idea by creating the prototype and take it to market. 9
  10. 10. 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
  11. 11. Lastly ... the aim of a business is to generate revenues and deliver customer value. Execution is key. 11
  12. 12. References • SGEntrepreneurs: http://www.sgentrepreneurs.com • SPRING: http://www.spring.gov.sg 12

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