Ideation Demetris C. HadjisofocliExecutive DirectorEntrepreneurship Frontier Network, Ltd.

What is Ideation?

A fancy word that describes the process of identifying product or service ideas, and turning those ideas into minimum viable

products or services

How do people get ideas?• Just come to them• Solution to a problem• Make up the problem and find a solution• Customer feedback• Straight up Innovation

You get an Idea for a Product;Now what?

• Validation• Why would someone pay money to buy it?• Is there enough market?• Are there similar products out there?• Can we have a business model that beats the competition?

Brainstorming

• Get a small but diverse group• Set Time limits• Let them loose• Collect all data/ideas• Funnel approach• Evaluate and make decisions

Funnel

• What is the problem that we are solving?• Who are the end users? Refined!• Resource availability• Barriers• Opportunities• What are the business objectives

Visualization• Use any means to understand how the solution looks

• Physically • Production flows• Distribution models• Monetization• Partner Network• End Users

What If Scenarios

• Run the product and the business model through various iterations

• Crash test it• Bounce it back through experts, end users, suppliers on your network

Example• Choose an Industry: Tourism, Auto, Retail• Where do Tourists usually go: Beach, Restaurants, Clubs, Sightseeing • Choose an Activity: Beach• What do they do when they are at the beach: Sports, Sunbathing, Swimming,

Eating, Water, Refreshments, Creams• What do they need for sunbathing: Umbrella, Sunblock, Sun tan Oils, Towel, Sun Bed • How much do they pay: 7.50 Euro• How Many Days they stay on average: 7 days• Total Cost: 52.50 Euro• What service can we offer to replace that cost: Sunbed and Umbrella delivery every

day at a cost of 26 per week• Get everyone involved in the process; Focus groups, end users, field test, Umbrella

suppliers, labor etc.

Thanks Questions