Mature ideas often need to be articulated as product or feature proposals. Instead of lengthy documents and presentations, start with a single-page descriptor that makes the communication easier and increases stakeholder engagement. More templates - including business experiment definition and hackathon setup, here: https://www.theinnovationmode.com/innovation-toolkit

1. The Innovation Mode ● Product Concept Definition
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The Innovation Mode
PRODUCT CONCEPT DEFINITION
Use this form to articulate a Product concept with clarity. Focus on the core logic and how it
serves its customers and creates value for the business. Ideally limit it to one page. Start by
saving a copy of this file - with a proper name - then just fill in the gaps.
Instructions on how to use this form at the end of this document
Discover additional templates: theinnovationmode.com/the-innovation-toolkit
Your Company
Name
A: SET THE CONTEXT
Title
Describe yourconcept in a
single sentence,e.g. ‘An
online service helping
students select university’
A compact, single-sentence description of your product concept
The Situation
The problem,themarket,
the key-players,the
conditions
Set the context – why this product needs to exist
B: USERS & THEIR NEEDS
Roles & Personas
Who is going tobenefitby
this product? Name here
the most importantprofiles
in the context ofyour
product -e.g. students,
professionals, athletes etc.
Persona Profile summary
e.g. Young professional Briefly describe the profile of the persona
e.g. New parent Briefly describe the profile of the persona
e.g.UniversityStudent Briefly describe the profile of the persona
e.g. Programmer Briefly describe the profile of the persona
e.g. business manager Briefly describe the profile of the persona
Epic User Stories
Identify the top 5 features
of your product.Articulate
themas Epic UserStories
e.g. ‘As an athlete I want to
keep track ofmy daily
intake ofxyz ingredients so
that I maintain therequired
balance’
ID Epic Story
1 As a <user> I want to <do something> so that <I get some value>
2 As a <user> I want to <do something> so that <I get some value>
3 As a <user> I want to <do something> so that <I get some value>
4 As a <user> I want to <do something> so that <I get some value>
5 As a <user> I want to <do something> so that <I get some value>

2. The Innovation Mode ● Product Concept Definition
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C: IMPLEMENTATION PATHS
FormFactors
Describe the envisioned
product -how wouldit
look like? List multiple
possible forms.
Briefly describe the potential form factors of the product
Strategy
Summarize thestrategy to
build it,launch it anddrive
growth
Briefly describe the possible form factors of the product
Involved Tech
Describe the obvious
technology involvede.g.
mobile app, Virtualor
Augmented Reality
Describe the apparent technologies involved
D: MONETIZATION AND GROWTH
Monetization
Model
Describe the basic
monetization logic,e.g.
subscription services,
freemiummodel etc.
Describe how the product would create profit
Value Hypotheses
The assumptionsunder
which theproductcreate
value for its users
List the key assumptions
Growth
Hypotheses
The assumptionsinvolved in
adoption andgrowth
scenarios
List the key growth assumptions
E: OPEN QUESTIONS
Critical Questions
All the open items thatmust
be answered during the
definition/ validation ofthe
product.
Append here your open questions regarding the concept

3. The Innovation Mode ● Product Concept Definition
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F: DOCUMENT MANAGEMENT
Business Area The business entity owning this concept
Compiled by The owner of the document On 02 October 2020
HOW TO USE THIS DOCUMENT
Use this form as a guide helping you to define a more mature idea – as product concept. This is more than just a ‘business
idea’, you are expected to describe personas, features as Epic user stories along with elements of strategy, monetization and
growth drivers.
1. Save a copy of this form with a name reflecting the product concept -e.g. my_team_name-product_name-
concept_name-mm-yyyy.docx
2. Fill in the gaps and select the components that best describe your concept.
3. Share the document as candidate product features or a product proposal.
4. Keep it up to date and ensure that you reflect the feedback you capture from stakeholders.
5. Consider linking this document with actual entries in your product backlog
Repeat the same process when there are additional product concepts to capture. Consider implementing this form as part of
an innovation management or product development system - contact us for free advice.
The Innovation Mode ● The InnovationToolkit ● The Product Concept Form
This work is licensed undera Creative Commons Attribution-NoDerivatives 4.0InternationalLicense
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