Idea to Concept

Find answers to the following questions

• Problem – Is your problem true/worth solving?

• Solution – Is your product going to solve the problem?

• Features – How do the core features of your product work?

• Business model – Is your business model viable and scalable?

• Price – Is there enough demand for the price you’ve set? How does your pricing model work in practice?

• Develop a hypothesis based on that goal. A useful hypothesis is a testable statement, which often includes a prediction.

• Start from the most critical assumption. The one that's the most likely to fail, and would also have the direst consequences. What would have to be true for the idea to be feasible?

• Find the fastest and cheapest way to test your assumption in practice. An experiment is a test or a set of tests that measure the effects of a hypothesis and reveal whether or not you should proceed with your idea.

• Don’t ask Family and Friends! They are biased and in most cases not one of your potential customers

• Confirm your assumption to be either valid or invalid. If your idea has potential, and the most critical assumption is correct start refining your idea.

• Although validation isn’t always a guarantee of success, as it’s the execution that matters, having validated the most critical assumptions and using the data you’ve gathered in the validation process will help when you start developing and implementing your idea.