Starting Up – A Structured Way from Idea to Product

Numerous discussions over the last five years, with early stage startups founders and corporate innovation executives have driven the need to define and document a structured approach to deliver a solution to an existing customer problem either in an eight week acceleration programme or a three day ideation workshop or hackathon.

Even though a one-size-fits-all-approach does not hold in any circumstance and you need to design and execute company specific based on the existing competencies (or lack of), there are some fundamentals presented in a-step-by-step approach below, which always need be there.

  • Taking it from the top you need to clearly define a problem and how this involves or affects the end-users. For the problem you have identified, does it contain a possible solution (product / or service).
  • The next step would involve defining a specific User Group the problem is important enough to want to solve it for them (aka willingness to pay for product / service). With the group defined you need to interview at least 10 users from the User Group in order to discover the relevant key insights to focus on.
  • A third step would be to run several ideation rounds to identify and outline the most promising concept solutions for the problem. For each concept solution the critical assumptions from the user’s perspective need to be documented and incorporated in a low cost prototype to test with users from your defined User Group.
  • The fourth step would be to have the solution validated, through end-user testing, and defining the solution for your business model and its relevant value proposition. After mapping the business model assumptions, you need to clearly understand the ROI you’ll achieve with your product as a Company.
  • Last but not least, further solution testing with more end users will refine your business model assumptions and identify key solution features for your product/ service roadmap, and assist you in getting a buy-in from key stakeholders (aka potential suppliers, customers and investors).

Five simple and logical steps that will help you make your idea into a reality. Want to learn more on how-to-do, drop us an email and we will be happy to share our knowledge and insights with you!

 

For Hippocampus.io,

Christos Lytras – Managing Partner

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