How to Research Your Idea?
Updated: Jan 6
Recommended Read: How to come up with Ideas?
How to Research on Your Idea?
[Sources: Andy Areitio, Maitrik Kataria]
Use the below framework to research your idea:
Who: Target Users for your idea
What: Problem/Pain Point that your idea would solve (preferably 1 large pain point)
Why: Your unique value proposition i.e. why would users buy your product as against competitors?
Where: Will you distribute your product to reach the targeted users?
How: Will you generate revenues, the cash flow, and achieve profitability?
Which: Stakeholders (vendors, distribution partners) to partner with for the supply chain?
When: will you be able to scale up/achieve growth for your venture?
Another important aspect is to also determine whether your product is a “nice to have” or a “must have.”
A loosely define terms for both is:
Nice to have: Good to have one, but may not be a necessity/need.
Must have: When your product saves a significant amount of pain/time, money etc., or make customers lives a lot better.
A "must have" product far succeeds than a "nice to have" ones.
You can also use the Lean Canvas to streamline your idea. Download an example.
Ideation for the First-time B2B SaaS Founders by Siddharth Shah, Malpani Ventures.