Ideas are easy to have, but good ideas that stand up to the unforgiving scrutiny of reality? That’s harder. Realities such as: is this a problem worth solving? Can we be differentiated enough? Those are just some of the many questions we as a team try to answer.
Starting with a blank sheet of paper – whilst liberating – can be incredibly challenging, so we start by narrowing down our 7 sectors (Education, Media, Finance, Beauty, Travel, A.I. and Retail) into what we call ‘Focus Areas’. These can be anything from trends, regulatory changes, problems from our partners, or simply areas of interest from the team
Once we have an area of focus, we want to get a much deeper understanding of it. Perhaps it’s speaking to subject matter experts about PSD2, or conducting an ethnographic study at an airport. Our partners and the wider Founder’s network gives us a leg up in being able to do this quickly.
From Discover we should have a clear idea of the problem or opportunity we want to tackle. We then begin generating new ideas around it.
We begin asking specifics about how something might work. What form might it take? What’s the value proposition? This is where we begin building prototypes.
Connecting all the dots and making sure this is a product people actually want. Who might be our early adopters? How many of them are there? What challenges might we face?