- Once an idea is formulated, an initial base concept will be drafted to find solutions for the problem statement and to evaluate the fundamental principle, benefits and feasibility
- Along with the technical concept of the product idea, a potential market needs to be identified. It can be an existing or entirely new market.
- The product owner need to define measurable key attributes for developing the product. This attributes are used as development goals and help to compare different concept solutions as well as for benchmarking competitive products.
- Since market data for new products in early phases are vague or uncertain, the team will establish the products business potential based on defined market scenarios. Where the market scenarios anticipate certain market, legal or social trends or anticipate certain technology developments
- A further outcome of the idea generation is a deep dive on risks and opportunities for the different product ideas as well as the definition of a first product roadmap. All this information will support the decision process to continue or stop the product idea.
