Phase 1: Ideation and Validation

• Clarify Idea:

  • Cultivate an entrepreneurial mindset by identifying challenges as opportunities.

  • Use tools like an Opportunity Notebook to document and refine daily observations into actionable business ideas.

  • Frame problems into challenge statements (e.g., "How might I create an efficient solution for X?").

  • Consider cross-industry insights and hidden customer needs for innovation.

• Analyze Market:

  • Conduct Primary Research (e.g., surveys, interviews) and Secondary Research (e.g., industry reports).

  • Apply frameworks like PESTLE (Political, Economic, Social, Technological, Legal, Environmental) and Porter’s Five Forces to assess external factors and market competitiveness.

  • Build a Customer Profile to identify target demographics and unmet needs.

• Run Validation:

  • Engage in the Customer Discovery Process to validate assumptions about market demand and customer behavior.

  • Use methods like MVPs (Minimum Viable Products), prototypes, or pilot programs to test and iterate based on feedback.

You can find additional insights on our Ideation and Validation Phase here!

Go to Phase 2!