7 tips for idea generation for start-ups
DESCRIPTION
The talk focus on how start-ups can quickly work out whether their ideas are feasible and we offer 7 tips to do that. This presentation is given during the SPRING Young Entrepreneurs Event and Idea Generation Workshop in Asian Civilizations Museum on 29 March 2010.TRANSCRIPT
7 Tips on Idea Generation
Bernard Leong
1
Tip 1:Ideas are cheap and don’t get too hung over by them.
2
Tip 2:An idea may not be an invention &
An invention may not be a good business.
3
Tip 3:Break the whole process with a time limit
and be disciplined about time.
4
Tip 4:Generate as many ideas as possible and forget about constraints first.
5
Tip 5:Select the best 3 ideas from the list and
get the best one by elimination & debate.
6
Tip 6:With the best idea, start imposing constraints by asking the
following questions:
7
5 Simple Questions:
• What is the product/service/idea involving the industry?
• Who are the paying and non-paying customers?
• How do you market the product?
• How do you charge for the product?
• When do you know that the product fails?
8
Tip 7:Once you have worked that out, test the idea by creating
the prototype and take it to market.
9
You will fail if ...
• you keep harping on whether you get the grants.
• you don’t even think about creating a prototype to test the market.
• you don’t listen to feedback when you let the market respond to you.
• you should quit and start again if the idea really have no market traction.
10
Lastly ...the aim of a business is to generate revenues and deliver
customer value.Execution is key.
11
References
• SGEntrepreneurs: http://www.sgentrepreneurs.com
• SPRING: http://www.spring.gov.sg
12