If you are a close follower of new technologies, startups, and success stories, if you read dozens of news every day, you must have asked yourself this question in different ways. “How do they come up with these ideas?” or, “I thought so too, but I just couldn't do it!” We followed the stories with such reproaches.
There is a fact that cannot be ignored; 90% of startups fail within 5 years of their emergence. According to another statistic, more than 70% of the products produced by corporations fail before they reach their target customers. Developing products or services that the market does not need is the first of the 20 reasons for failure, published by CB Insights. Even this statistic alone is enough to show us how low the importance of the idea is at the point that leads to a successful product or service.
Finding ideas is not an art, but it is an art to discover the customer's problems, develop solutions that fit them, and build a sustainable, scalable business model on it. You are very lucky to have a very important figure to help you while doing this. This group, which experiences the problems you assume most intensely among your target audience, becomes your assistant and then your customer with the experience stories they convey on the way to reach the most accurate business model.
Of course, the root problems and needs of the target audience you have focused on may branch out and lead you to the confusion of which one should I solve first. The data you collect from field interviews on your journey to discover your target customer group is in your pocket as your most important input. One of the simplest methods you can use to prioritize these problems might be impact-frequency analysis. You can prioritize these problems by evaluating the probability or frequency of occurrence of the problem you have discovered and the size of the effect it produces when it occurs.
You've prioritized them and need some perspective on how you can solve them or look for the scalable model that will take them to larger markets. At this point, by triggering your brain with different problems, solutions, or trends, you can generate ideas to reach a highly effective business model that is compatible with the problem you have discovered. The Global Risk Report published by the World Economic Forum, trend reports published by Trend Watching, business model news published in Tech Crunch can become inspiring sources for your business model that offers unique values.
In short, if we compare ideas to plugs, even if you have made the most perfect plug, your device will not work if it is not compatible with the wall socket, just like unsustainable business models.
Our goal with Inodash is to help you develop validated products and services. To try the inodash, you can be included in the waitlist on our website or you can contact us via email@example.com. 🚀