1. Concept Development Template
Concept Development is the starting point for a business idea. It includes the type of service or product, the target customer demographic, and describes what is unique about it that will give this idea a competitive advantage. The process of Concept Development results in a portfolio of business concepts that can be prioritized and then used to develop a business plan.
Paste text here as text to keep formatting in tact…. Concept Development is often a component of the fuzzy front end of the innovation process. It is the “getting started” period of new product development where a team or startup formulates a concept of the product to be developed and decides whether or not to invest resources in the further development of the idea. Concept Development starts with the brainstorming of new opportunities and continues with the formation of an idea and narrowing down a more precise concept. The Concept Development phase is usually where requirements are identified involving time, money, and the product’s nature, thereby setting the direction for the entire project and final end product
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2. Concept Development Template
Concept Name
Enter concept name here
Problem to be Solved
Enter brief description of the customer, consumer or business problem solved by the product
Product Description
Enter 1-2 sentence description of the product
Target Market / Customer
Describe the target market or customer
Value Proposition
Describe what makes this unique and different from other options
Time Frame
Short-Term
Short-, Mid- or Long-Term
Launch Date
Date of expected launch into market
Opportunity Assessment
Business Impact
Does this meet a big customer or market need? Does this help us achieve our vision and strategy? (1=low ; 10=high) 8
Barriers to Implementation
Is the technology available and the market ready? Do we have the capabilities and ability to deliver? (1=low ; 10=high) 6
Size of Opportunity
What is the revenue potential or value? How big of an opportunity is this?? (1=low ; 10=high) 10
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