2. Learn about the “holes” or “pain points” in that area of interest—->valuable problem(s).
3. Ideate/hypothesize multiple solutions to those problems and socialize with knowledgeable people—> potentially valuable solution(s)
4. Pick the best solution(s) and build initial conceptual prototype(s) based on a limited set of essential requirements—-> bench or conceptual prototype
5. Test and then demonstrate the conceptual prototype(s) to a broader group and measure feedback. Ask open-ended questions to hone requirements. —-> initial set of requirements
6. Build improved prototype(s) and iterate until solid. —->
functional prototype
7. Do an initial market analysis based on feedback and customer definition. Also do an initial financial analysis and cost roll-up to figure out what it will cost to go to production and what price the market will bear. If the price for the product can be at least 2x the cost, you are on the right track.
8. “Sell” the demonstrable, functional, pre-production prototype(s) to a few customers who are willing to beta test. Price is not the issue at this point, so treat these beta testers like gold. Be responsive. Debug, fix, repeat…
9. Start pre-marketing to stimulate interest and get contact info. This is done using social media, forums like HN or Reddit, and blogs with a credible early website. You might also consider a crowdfunding campaign to help fund production if you get enough interest/contacts (500+ is a good number).
10. Design and build the initial product that will work at scale (thousands of units) and update the financial projections.
11. Design the launch marketing campaign if you haven’t already done so.
1. Work or play in a specific area for 5+ years.
2. Learn about the “holes” or “pain points” in that area of interest—->valuable problem(s).
3. Ideate/hypothesize multiple solutions to those problems and socialize with knowledgeable people—> potentially valuable solution(s)
4. Pick the best solution(s) and build initial conceptual prototype(s) based on a limited set of essential requirements—-> bench or conceptual prototype
5. Test and then demonstrate the conceptual prototype(s) to a broader group and measure feedback. Ask open-ended questions to hone requirements. —-> initial set of requirements
6. Build improved prototype(s) and iterate until solid. —-> functional prototype
7. Do an initial market analysis based on feedback and customer definition. Also do an initial financial analysis and cost roll-up to figure out what it will cost to go to production and what price the market will bear. If the price for the product can be at least 2x the cost, you are on the right track.
8. “Sell” the demonstrable, functional, pre-production prototype(s) to a few customers who are willing to beta test. Price is not the issue at this point, so treat these beta testers like gold. Be responsive. Debug, fix, repeat…
9. Start pre-marketing to stimulate interest and get contact info. This is done using social media, forums like HN or Reddit, and blogs with a credible early website. You might also consider a crowdfunding campaign to help fund production if you get enough interest/contacts (500+ is a good number).
10. Design and build the initial product that will work at scale (thousands of units) and update the financial projections.
11. Design the launch marketing campaign if you haven’t already done so.
12. And so on…