But how can you evaluate your idea to understand whether it’s good enough to launch as a business? In order to help aspiring start-up founders, we have developed a 15-step thought process to help profile, quantify and evaluate start-up ideas. This is done prior to a full business plan, and illustrates some of the practical requirements needed to convert an idea into a business venture. There are fifteen steps to the process. While they appear linear, many of them are heavily iterative and you may often find yourself repeating steps or re-challenging assumptions the further you move into the process.

These are: 1. What Sets You on Fire?

2. Product Market Fit

3. Competitors

4. Defining & Defending your Product

5. Profiling your Ideal Customer

6. Market Size & Location

7. Market Access & Permission to Market

8. Testing your Product

9. Gaining your First Customer

10. Building your Team

11. Building your Capabilities

12. Finance & Costing

13. Pricing & Contracting

14. Getting Backed

15. The Give It All Up Test

Want to know more?

Join Philip Ammerman at C4E Series of Lectures on Innovation & Entrepreneurship - Spring 2021 to explore this process with him!