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How To Evaluate A Product Idea

Ideas are a powerful thing.

Watch your thoughts, for they become words. Watch your words, for they become actions.
– Margaret Thatcher.
Ideas are the seeds of creation. In the world of business, these thoughts and concepts turn into products that create and deliver value. At devToM we help great ideas become great products!

However, the typical ‘Idea -> Market’ journey has several stages and phases with several pitfalls. Only when done right it leads to game-changing products that users love. It is about the right kind of execution. It needs a process, a framework, and guidance. The first step in this process is to evaluate your idea thoroughly, so you end up investing your time, energy and money on the right approach.

Several tools may help you to evaluate a new product idea. One most commonly used is a classic Business Model Canvas. With its nine building blocks this is a strategic tool. It is intended to gather and capture insights about the customers, the market, the channels, the core value proposition and how the company will make money.

Business Model Canvas is strategic management and lean startup template for developing new or documenting existing business models. It is a visual chart with elements describing a firm’s or product’s value proposition, infrastructure, customers, and finances.[Wikipedia definition]

A business model canvas is not designed explicitly for idea evaluation or even validation, but we will show you how to apply its key concepts here for the purpose. A business model canvas helps you ask the critical questions to evaluate your product, market and value aspects.

Fig-1: Key questions to ask in a standard business model canvas

There are several other examples of a sound business model. What is important to note here is the crucial elements, start asking the right key questions for your unique product idea and think about how you will gather the answers for each. The Lean Canvas that we will cover in a moment will show you how to simplify and apply this in the context of lean start-up for your idea.

What is a startup?

startup or start up is a company initiated by individual founders or entrepreneurs to search for a repeatable and scalable business model (Wikipedia definition).

A startup is not a company that is 1, 3, 5 or even seven years old, it is an institution designed to bring a new product or a service to the market, and it is in a ‘start-up mode’ till it has discovered a business model that is both repeatable and scalable. A biotech company, for instance, can remain a startup for seven years or so, till they get the product to market. But, imagine figuring out after all these years there is no demand for the product, or the business model does not work. Lean Startup is an approach and methodology to tackle this problem. At devToM we have developed AI Insights that are delivered to help answer all the critical questions at the earliest stage and every stage so you can self-evaluate your ideas and turn them into great products for your market.

Your idea, or what you think is a great idea is not a great one till you have evaluated the three key elements and covered all the nine building blocks for a feasible, viable and valuable business model. Ask: Is there a market? Is my product any better? Is this sustainable?

Get answers to evaluate your product ideas in only a few clicks!

Welcome to devToM. Evaluating your idea and turning it into a concept is the first part of devToM, a product development platform, powered by AI that guides each phase of a product to market journey for new or existing product concepts.

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