Have you wondered what might turn a science project into a real product? Do you wonder what key factors turn a rough idea into the basis for a business? Do you wonder how your idea might be evaluated by investors? Do you want to learn how senior managers in large corporations pick their next new product development projects?
In this From Ideas to Products track, you will learn four hands-on tools used to evaluate the business potential of raw ideas at their earliest concept stages. These same tools help shape and improve ideas by finding where critical information is missing, identifying the weakest aspects of an idea, prioritizing where market and technical validation is most needed, highlighting the largest risks of an idea, and planning the best commercialization pathway forward.
Attendees will leave the program with these tools:
- Innovation Creed: Reasons to Innovate and Types of Entrepreneurs
- Idea Filter: Critical factors to assess, their relative importance, and how to measure a “good” idea.
- Idea Diagnostics Matrix: Common problems that ideas face, and what to do about them.
- Renditions Table: Considering and prioritizing the hundreds of possible product and market iterations.
During Part One, attendees will learn the tools in a classroom setting with lectures and working exercises. During Part Two, attendees of this Track will actually apply their new skills to evaluate the other ideas and projects at IPW! Our “Product Development” cohort will act as consultants to any other teams wishing to consider turning their “project” into a “product or business idea”! the Product Development cohort will also provide a final presentation which shares their evaluation methods with the total group and ranks all the projects on their relative “business potential” score.
Future job titles and careers that might use such tools:
- Classic business entrepreneur
- Vice President, Business Development
- Manager, New Product Development
- Marketing Product Manager
- Venture Capital Fund Manager
- Business Investment Angel