For Profit Organisations

Good Idea Check-list (GIC)

 

• Deep problem understanding: Have talked to at least 10 people/orgs who face the said problem

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• Customer Identification: Clear identification of who the customer is. 

  • Is the user and buyer the same? If not, identify each.

  • B2C: Have clear demographics of customer/user; 

  • B2B: Type/size/Vertical of company; Which level/position within company is user/buyer

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• Lifetime value of Product/Service: Does it generate enough value for customers to buy and pay sufficiently. (LTV>CAC)

  • Is it painkiller (addresses critical pain point) or vitamin (just an add on) 

  • How much will the customer be ready to pay?

  • Repeat Use: 

• Solution provides substantial value, compelling repeat use 

• The problem is recurrent and solution will be used periodically

• Have you talked to 10 customers to validate solution and paying capacity

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• GTM and Customer Acquisition Cost (CAC): Is there a standard sales approach to this kind of product/service. What is it?

  • What is CAC: Understanding of comparables/industry benchmarks

  • Understanding of customer acquisition channels for B2B and B2C

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• Competition Analysis:

  • Identify direct and indirect competitors offering similar solution to the same problem

    • Understand the positioning used by competitors in the market

    • How big are these competitors, what is their market share?

    • What is the pricing model used by the competitors

  • Identify the gaps or unserved segments you can target or a niche segment you can excel

  • Identify if your technology or business model offers competitive edge over the competitors

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• Market Size: What is size and growth potential of the target market

  • Is market size enough for sustainability and scalability

  • Is the target market growing? At what CAGR? 

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• Product Idea Clarity: Clickable MVP Demo tested with 5 potential users

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• Team Idea fit: Team has skills, expertise and passion to execute the idea

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