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A chat about finding and validating opportunities for products

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James Torio
James Torio

A chat about finding and validating opportunities for products for a session at #IDEAchat, part of Global Entrepreneurship Week.

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Innovation in product development: A chat about finding and validating opportunities for products Prepared by: James Torio Oct 22, 2013
A couple of ways to generate ideas for products
Customer Driven
Technology Driven
Observe the customers journey for opportunities to innovate https://uxmag.com/articles/experience-maps-identify-inefficiencies-and-opportunities
"Take a human desire, preferably one that has been around for a really long time . . . identify that desire and use modern technology to take out steps. EV WILLIAMS, COFOUNDER OF BLOGGER, TWITTER, AND MEDIUM.
Thoughts?
A couple of ways to test your ideas
Opportunity Assessments Do I have a problem worth solving? Who are we solving the problem for? (target market) What problem are we solving? (top 3 problems) What alternatives are out there (competitive landscape) What is our value proposition? (why are you different and worth paying attention to?) What factors are critical to success? (solution requirements) How will we measure success? (business metrics) How big is the opportunity? (market size) Why now? (market window) How will we launch this product? (go to market strategy) Why are we best suited to pursue this? (our differentiator) What are the revenue streams? () What is the cost structure? () 9
Thoughts?
Hypotheses Driven Test Pivot Hypotheses Test Build Measure Pivot 11
Learn as quickly as possible, As often as possible, For as cheaply as possible 1 2
Speed = More iterations = More learning 1 3
Test without building a product 1 4
Minimal viable product : for people to want to use it 1 5
Thoughts?
Thank you

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A chat about finding and validating opportunities for products

  • 1. Innovation in product development: A chat about finding and validating opportunities for products Prepared by: James Torio Oct 22, 2013
  • 2. A couple of ways to generate ideas for products
  • 5. Observe the customers journey for opportunities to innovate https://uxmag.com/articles/experience-maps-identify-inefficiencies-and-opportunities
  • 6. "Take a human desire, preferably one that has been around for a really long time . . . identify that desire and use modern technology to take out steps. EV WILLIAMS, COFOUNDER OF BLOGGER, TWITTER, AND MEDIUM.
  • 8. A couple of ways to test your ideas
  • 9. Opportunity Assessments Do I have a problem worth solving? Who are we solving the problem for? (target market) What problem are we solving? (top 3 problems) What alternatives are out there (competitive landscape) What is our value proposition? (why are you different and worth paying attention to?) What factors are critical to success? (solution requirements) How will we measure success? (business metrics) How big is the opportunity? (market size) Why now? (market window) How will we launch this product? (go to market strategy) Why are we best suited to pursue this? (our differentiator) What are the revenue streams? () What is the cost structure? () 9
  • 12. Learn as quickly as possible, As often as possible, For as cheaply as possible 1 2
  • 13. Speed = More iterations = More learning 1 3
  • 14. Test without building a product 1 4
  • 15. Minimal viable product : for people to want to use it 1 5