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Copy - Class 3 - Concept Overview-V3

Think Startup

Created on October 1, 2024

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Transcript

Examine Chosen Problems

Process of Finding Powerful Ideas

Objective: Learn why is it important to solve the 'RIGHT' problem

Problem Worth Solving: Filter

TEAM DELIVERABLERevise the chosen problem

CONCEPT PRIMER

Process of Finding Powerful Ideas

Validate Solution, Business Model, etc.​

Step 4

Step 1

Step 2

Step 3

Generate Ideas

Be Curious​

Identify Problems

Validate Problems

Find ideas that resonate with your passion and offer delightful solutions to users/customers​

Observe the world around you. Discover your passion.​

Based on personal experience, observations, trends, etc.​

Who is facing the problem? How urgent and important is it to fix?​

Problem Worth Solving: Filter

Is it a relevant problem? (Not one already ‘doing’)​

Ensure the problem is significant and pressing for the customer, meaning it is worth addressing and solving.

The team should have a genuine interest or motivation to solve the problem, driving long-term commitment and creativity.

Is it one your team feels ‘passionate’ about?​

The problem should either cause significant frustration or represent a highly desirable opportunity for your target audience.

Is it highly painful or highly desirable to solve?​

Is it one that matters to many people or companies?​

The problem should affect a large number of individuals or businesses, ensuring broader impact and market potential.

Is has not been solved many times already? ​

Ensure there's real demand by focusing on problems that haven't been widely or effectively solved, offering a unique solution.

The ‘real-world’ problem we want to solve​

Steps to Take

Your Deliverable – Problem Analysis

Prepare to present the problem statement to your classmates

  • Clearly and succintly articulate the problem and why your team has decided to solve it

Venture Activity 1.1: Discover 'Real-Life' Problems Venture Activity 1.2: Identify Industry/Domain

Take peer and faculty feedback

  • Pay attention to the feedback you recieve
  • Think about how you will incorporate the feedback to refine your Problem Statement

Refine the problem statement, and industry details in your venture activity

  • Problem statement based on the feedback received
  • Revise industry/ domain information if needed