October Timeline Article—Ideation
Author: Ria Panda
Welcome back, entrepreneurs!
We hope the ideation process is going well for you. With one month into the competition, you should be examining local problems around you. Look for inspiration in everything around you, your daily habits, and small problems that you face. Is there a better, more efficient or convenient way to fulfill a process? If you’re more ambitious, you can look at more global problems. If you are struggling to come up with an idea, visit our Youtube channel to see last year’s winners, or an article here. However, do not forget that you are looking into an unexplored market, whether it be in an existing industry combined with something else to give it a unique take, or a completely new idea.
Once you have come up with 1-2 ideas, you can discuss with your team (if applicable), family, and friends to perform customer reviews. Confer with your possible target market whether your proposed product is one that they would invest in. Conducting market research will give you an idea about whether this is true Blue Ocean idea, and whether you will be able to pitch this in a few months. One way to choose between multiple ideas for your final choice is to make a pro/con list. Explicitly listing possible flaws and feasibility issues allows for visualization of the product’s success. Focus on blue ocean concepts by analyzing the rubric.
Lastly, this is when you should make the decision on whether you want to work with 2-4 people, or by yourself. Regardless, we encourage talking to others about your ideas to receive constructive criticism for intricacies that you might not see at first. Make sure to register your team here. After registering, make sure to set up deadlines for yourself.
Your October checklist should be:
Register; decide on teams
Communicate with others
Use your resources!
Once again, take advantage of the plethora of resources on our website, Blue Ocean Strategy website, and the Smartly Blue Ocean course. Discuss with your teammates (or by yourself) and look to your daily life for business idea inspirations. Keep asking questions!
Work hard and have fun! See you next month.
Blue Ocean Executive Committee