This document discusses various stages of the idea generation and startup creation process, including: 1) Common reasons people start startups and some of the challenges, such as stress and long hours. 2) The stages of idea generation from initial idea to alpha and beta prototypes. It emphasizes starting with a minimum viable product and getting early user feedback. 3) Methods for validating ideas through informal interviews with potential customers to get feedback on different versions of a concept. 4) Additional factors to consider like defining the target customer and market, assessing competition, outlining product hypotheses and risks. The overall process emphasizes testing ideas quickly and iterating based on customer feedback.

1. Mestrado Integrado em Engenharia e Gestão Industrial
Idea Generation and Refining
DIGITAL BUSINESS ECOSYSTEMS
2015-16
António Grilo
Aneesh Zutshi

2. Idea Creation
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3. Why to start a STARTUP?
Common Reasons
• It’s Glamorous
• I’ll be a Boss
• Flexibility
• I’ll make More Money & have
More Impact!
Ugly True!
 Stress/Depression!
 Huge Responsibility
 Everyone is My Boss
 I’m a Role Model
 I’m Always Working!
 Expect 0%-10%

4. Great Ideas
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Great startup ideas are usually
easy to describe and perceive!

5. Excitement and Passion
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Match your excitement
with what the world needs

6. 6
Its better to build something that a small number of users love,
than something that a large number of users like.
- Sam Altman

7. 7
THE LEAN START UP APPROACH

8. Idea Generation Stages
• Idea
– 10% inspiration, 90% Perspiration
– Passion behind the Idea, Team commitment
• Demo
- More relevant than just idea
- Sketches on paper, rough concept
• Alpha Stage
– Rough working concept, interactive wireframing
• Beta Stage
– Prototype launched for testing
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9. Hypothesis Check
• Customer Pain
• Proposed Solution
• Alternatives Existing
• Distribution/pricing hypothesis
– How to reach? Eg. App Store, Website
• Budget
– Cost of launching first version
• Target Market
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10. Idea Validation
• Brainstorm Internally
– Not more than 5 features
• Don’t ask Family and Friends
• Choose your interviewees
– 10 minutes of their time for in depth feedback
• Conduct Informal Interview
– Present 4-5 versions of your idea
• Review and Decide
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11. Points to think of after Idea Generation
• Target Customer
– Clearly define target. Eg Social game for 16 year old girls.
• Target Market
– For purely digital products think internationally
• Trends
– Following trends can make seeking investment easier.
– Eg. Funding for Energy, Cleantech, Social Innovation Projects
• Competition
– In depth review on your competition
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12. Product Hypothesis
• Benefits
• Features
• Delivery Schedule
• Intellectual Property
• Dependency Analysis
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13. Risk Analysis
• Internal
– People Leaving
– Running out of Money
• External
– Law Suite
– Competitor Emerging
• Detailed Management Plan
– Detail what to do in case of Internal or External Risks
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14. Minimum Viable Product Testing
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