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Module 1.2: Problem Identification_Assemble real world problems
- 1. DEVELOP ENTREPRENEURIAL LEADERS. WITH IGNITEX. Module 1: ProblemIdentification Lesson 2: ASSEMBLE ‘REAL-WORLD’ PROBLEMS
- 2. LEARNING OBJECTIVES By theend of this lesson, you will: Select a problem to be solved within your chosen industry/ domain 01 02 03 Learn why and how problem identification is the start of all innovation Understand techniqu es for being observant about problems in daily life
- 3. PROBLEM VS IDEA What should youwork on? Problem or Idea? CORE CONCEPTS IN THIS MODULE How should you Identify the Right Problem to solve? PROBLEM IDENTIFICATION TECHNIQUES How should you craft a Problem Statement? PROBLEM STATEMENT
- 4. STARTUP IDEAS • Problemidentification is the first step in the problem-solving process. • It serves as the foundation for all subsequent decisions and actions. To uncover new opportunities, learn to: • Challenge assumptions • Ask critical questions about why things are the way they are
- 5. Are there examplesof startups that did not get the problem right and built solutions that people didn't care about? “95% of all new products fail” (including those launched by large corporations like Google, Coca Cola) Clay Christensen, HBS YES!
- 6. Juicero aimed torevolutionize juicing with its Wi-Fi-connected, high-tech juicer and proprietary juice packs. The device pressed juice packs to deliver fresh juice. However, the problem it aimed to solve—simplifying the juicing process—was perceived as trivial by many, especially given the high cost of the machine ($400). Reason for Failure: The revelation that the juice packs could be squeezed by hand without the need for the expensive machine led to widespread mockery and highlighted that the problem Juicero solved was not significant enough to warrant its cost. The company shut down in 2017, less than two years after launching its product.
- 7. Hike Messenger waslaunched as a homegrown messaging app that aimed to compete with global giants like WhatsApp by offering additional features tailored to the Indian market, such as localized stickers, news, cricket score updates, and wallet services. Reason for Failure: The problem Hike aimed to solve— creating a messaging app with additional features tailored to Indian users—was not perceived as a pressing issue by enough users, leading to its eventual shut down in 2021.
- 8. Be Curious Observe theworld around you. Discover your passion. Identify Problems Based on personal experience, observations, trends, etc. Validate Problems Who is facing the problem? How urgent and important is it to fix? Generate Ideas Find ideas that resonate with your passion and offer delightful solutions to users/customers Validate Solution, Business Model, etc. THE PROCESS OF FINDING POWERFUL IDEAS
- 9. IS THE PROBLEMWELL-STATED? We will offer stock- market training to college students 1 College students need to start saving and investing 2 New-age investment apps are bringing younger investors into the market 3 Despite their high interest, many college students lack the knowledge and discipline to invest well in stock markets 4
- 10. REAL WORLD PROBLEM Howdo we identify a problem we want to solve?
- 11. • Each domainhas several spaces, explore them and choose one that you are keen to dive deeper into • Explore Growth Drivers- What is driving growth in this area? • Uncover Challenges- What are the pain points of this area? • Investment Trends- How much is this area growing? What are the investments being made? Deep-dive into the industry of your choice your team
- 12. PROBLEM IDENTIFICATION Using your noteson growth outlook and challenges identify: • Gaps and pain points in the industry • Who are the people suffering from this pain/ gap? • Make a list of the problems/pain points/ unresolved needs • Choose the problem you, as a team want to address. • Create a simple, concise problem statement Is there a way to choose the right, ‘real-world’ Problem?
- 13. PROBLEMS WORTH SOLVING-SIMPLE FILTER Is it a relevant problem? (Not one already ‘dying’) 2 3 4 1 5 Is it one your team feels ‘passionate’ about? Is it one that matters to many people or companies? Is it highly painful or highly desirable to solve? Is it that has not been solved may time already? (Has real demand) The ‘real-world’ problem we want to solve
- 14. Understand that identifyinga ‘real-world’ problem is the right place to start Understood how to identify challenge/gaps and unresolved needs in the industry of our choice Learned how to apply the simple filter to identify Problems worth solving Learned to develop a simple and concise problem statement Overall Learning Objectives met today Idea Fliter Problem Statement Idea Vs Problem Problem Identification
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