Upload
startupcoachind
View
139
Download
2
Embed Size (px)
Citation preview
Start up Idea or concept
Why is the idea or concept so critical for any start up
1.Should address a existing pain point2.Make consumer aware of the existing
pain point3.Show him the simplest way of doing it
there by creating a need4.Create a convenient market place or
technological solution to reduce consumer efforts
KEY REQUIREMENTS OF AN IDEA OR CONCEPT
Idea addressing a existing pain point …..
The idea will meet the competitors
early on
The idea of the product or service need should
be a differentiator
The idea should compel the consumer to be
able to identify himself with the product or
service.
MAKE HIM AWARE OF THE PAIN POINT AND CREATE A NEED FOR YOUR
PRODUCT OR SERVICE.
Create a product or service which will show him a better way to do it.
In absence of any solution consumer will believe that there is no better way to
do it.
SHOW HIM THE SIMPLEST WAY OF DOING IT AND THERE BY CREATING A
NEED
Ideate a product which would be
simple yet effective to use or avail it.
It should be easily available and
available for mass consumers.
Create a product or service which is
scalable.
CREATE A CONVENIENT MARKET PLACE OR TECHNOLOGY TO REDUCE HIS EFFORTS.
It should reduce his efforts and time and simple to source or
avail.
It should cut across
geographies to give him
flexibility of buying or
availing from his place.
It should give him access to compare,
experiment, try and decide.
PROOF OF CONCEPT. POC is the first
step to showcase the
product to outside world and should be
close to reality.
POC is the first step in the VC
world and should be able to evoke the best possible interest from the
VC world.
POC should make the
prospective investor to sit up and try to see the big
picture around it.
Conclusion : What ever the idea may be ,if it addresses the
customers needs, pain points early on with a logical Proof of Concept can be a great winner !
Copyright : startupcoachindia.com Email :[email protected]
Look forward for the next presentation on ‘Start up and Human Resource’