Product Idea and

Building a Team

References: Prof. Kenneth Sandy, Prof. Naeem Zafar,

Prof. Ken Singer, Erasmus
Product Idea

We love the idea of being our own boss or of owning a

business one day, but we are not sure where to begin?

The first step can be the hardest for most of us, especially that
new product does not come a natural way. At this early stage,
we should not let ourselves down with the limitations of time
or money – this will come later in the development stage.
Have fun exploring limitless possibilities and see where an
open mind can take you.
Product Idea
Finding the right product idea can be difficult and frustrating.
There are a number of ways to generate a product idea
ranging from:

• reviewing published sources (magazines, newspapers)

• idea generation techniques (i.e. brainstorming, chatting)
• hobbies
• interests
• skills
• travels
• work experience
• many others

Product ideas can occur at any time, so it is important to be on

the lookout for opportunities!
Idea Development Process
1 Idea 2
Generation
Screening
6
Launch
Developing 3

Testing Research
5 4
 Idea Development Process
1 Ideas generation
Finding the right product idea.

2 Screening ideas
Deciding which ideas to pursue and which to discard. Consider
which idea(s):
• Best meets the needs of customers
• Generates the highest profit
• Best fits with the goals of the business
• Is technically feasible
• level of competition in the market place
Idea Development Process
Many ideas

Unmet need (pain/problem)

Market size

Differentiated Positioning

Scalable Business Model

Why us & why now

Good ideas
Filters to Identify Good Ideas
Idea Development Process
Rules of brainstorming
• Set directions and time limits
• Involve everyone
• Encourage cross-fertilisation
• Don’t overlook the obvious
• Suspend judgment
• Don’t fear repetition
• Don’t stop to discuss
• Record every idea
• Quantity not quality
 Idea Development Process
3 Developing an idea

This depends on the product or service:

• Developing a prototype
• Creating the product design
• Creating the product
• Developing the packaging
• Deciding on a name for the product or service
• Obtaining a patent, design right or a trademark
 Idea Development Process
4 Research

Collecting information about a market place to

determine whether or not there is a demand for a
product or service

5 Testing an idea

Through focus groups, by giving free samples, by

attending fairs and markets etc.
 Idea Development Process
6 Launching an idea

This is usually supported by an appropriate

marketing activities
Problem
Are we solving a real problem?

Three types of real problems:

1. An unmet need without a current solution
─ Solving these type of problem might be considered
innovative.
2. A significant pain point with a current solutions
─ Solving these type of problem might be considered disruptive.
3. A desire or want
─ Early adopters may love the product, but has no assurance to
translate into a success in the mainstream audience.
Value Proposition
• Value Propositions articulate the benefits you
promise to deliver to a specific target customer, for
the problem you aim to solve.

• Value propositions are the reasons why people buy

and the features and functions make the value
proposition possible.
Value Proposition
Which is a value proposition?
• “Saves you 30 minutes every day”
• “Helps you stop smoking so you can live longer”
• “Make sure you never miss your favorite TV show”
• “Helps you look 10 years younger”
• “Let’s people know you’re stylish and trendy”
• “Let’s you enjoy retirement early”
• “You’ll never be stuck without your digital documents”
• “You’ll always be able to get a ride home”

All of the Above!

Product Proposal
a. Find a target customer and identify its unmet
needs or problem (Problem)
b. What is your solution to the problem? (Solution)
c. What are the benefits you promise to deliver to
the target customer? (Value proposition)
d. Create a 1-3 minutes proposal pitch

Sample format you might use…

We solve [meaningful problem] by providing [solution or value

proposition], to help [target customer] accomplish [value proposition or
target’s goal]. We’re interesting because [unique differentiator].
 Product Proposal
Energy Industry
a. Problem: Homeowners’ Inefficient use of electricity
b. Solution: Develop a device to efficiently manage the
use of electricity
c. Value proposition: Reduce homeowners’
consumption of electricity by 10%
d. Proposal Pitch:

We help solve the inefficient use of electricity by providing a device that can
efficiently manage the use of electricity to help home owners achieve a
reduction on cost of electricity by 10%. We’re interesting because we use
Internet of Things (IoT) and Machine Learning to connect and analyze
consumption of electricity.
Product Proposal
The Problem (Statement)
─ Fresh, organic produce is often quite costly. While users desire a healthier
lifestyle, going shopping and spending extra money to sustain a GMO free
diet is a challenge. There is a need for more affordable, more readily
accessible organic produce.

Value Proposition
─ Delivers a healthy, sustainable lifestyle for the busy, urban dweller
─ Exchanges the inconvenience of grocery shopping for a more onvenient
indoor vertical farming solution
─ Offers lower prices than grocery stores by removing the middleman and by
building farming directly into an apartment complex
─ Knowing what is placed into the produce through localized farming
Product Proposal
Sample Pitch

Babylon provides access to hyper-local produce,

alleviating travel time spent buying produce from the
grocery store and offering an affordable, sustainable food
source. Our community-shared, vertical garden allows
the urban dweller to grow and harvest their own
produce without breaking up their daily routine or
hurting their wallet. With Babylon’s fully automated
hydroponic system, shopping for produce becomes as
easy as picking up the mail.
Building a Team

Tour the France

Building a Team
• What Do You Look For in Team?
• Passion
• Hunger
• Alignment of vision
• Technical competence
• Leadership ability (earn other’s respect)
• Prior experience matters less

How do you test for these qualities?

Building a Team
Hiring Philosophies

People are absolutely your most important asset

• Hire people who have major strength?
• Hire people who lack major weakness?

People with major strengths tend to have major

weaknesses as well
Three Ways to Look at a Team
• By Business Function
• By Roles
• By Dynamic

https://www.slideshare.net/InnovationAcademy/2014-the-art-of-team-formationken-singer
Business Function
• Business manager
• Designer (user/creative)
• Engineer
• Sales/Marketing
• Business planning/Data analyst
Roles to Play
• Idea guy
• Communicator
• The problem finder
• The problem solver
• Executor (ninja)
• Puppy shooter
• Balloon popper
Team Dynamic
• Accelerator
• Clutch
• Brake
Traits of a Successful Team
• Brutally honest
• Efficient communication
• Ability to listen to everyone
• Creativity in all parts of the business
• Risk taking – view failure as a step towards success
• Prioritization and rational decision making
• Execution and attention detail
• Team diversity – division of work / diversity of skill
Team Members Your Startup
Needs to Be Successful
1. The Dreamer
• Before anyone believes in your idea, you need to believe in it
first. Every successful startup needs someone that will
continue to believe in the idea regardless of how many
people say it will fail. Someone who can bring drive,
inspiration, and excitement in everyday at work.
2. The Visionary
• For your startup to succeed you need someone who can
pinpoint problems and articulate their solutions. Every
company encounters roadblocks, but to keep your dream
intact you need someone with a way with words, someone
who can ground your mission in a path to success.

https://www.inc.com/lolly-daskal/the-6-team-members-you-need-to-make-your-
brilliant-start-up-successful.html
Team Members Your Startup
Needs to Be Successful
3. The Doer
• Once your team has the passion, it has to be built. That is
where the doer comes into play. This is the person who can
make ideas real. They have the expertise and diligence to see
a project through from foundation to completion.
4. The Innovator
• A world-class talent transforms the team from an average
startup to one destined to turn heads and make an impact.
They have a keen intuition and the skill to match--a strong
talent can innovate and execute, with good tastes and a mind
for originality.
Team Members Your Startup
Needs to Be Successful
5. The Taskmaker
• Alongside the doer comes the taskmaster, who is an expert at
organizing and delegating, always willing and able to dispatch
tasks efficiently and effectively. They are able to build and
structure a culture of success, hard work, and progress that
every company needs.
6. The Connector
• All startups require the team to foster a network of crucial
contacts and connections, and to be able to build
relationships with customers, investors, and advisors. This
role used to be called a businessman, but for startups it is The
Connector.
Building a Team Begins with YOU!
Building a Team

Cyclist

Saddle

Frame Handlebar

Wheel
Spokes
Hubs
Rim
Tire
Pedal valve
Chain
Rear Wheel Front Wheel

What will make the bicycle run efficiently?