Concept Development Template Concept Development is the starting

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. 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. Use the template below to create your own Concept Development Template. Want more tools and templates? Visit https: //upboard. io/

Concept Development Template Enter concept name here Target Market / Describe the target market or customer (who is experiencing the problem? ) Customer Time Frame Short-, Mid- or Long-Term Launch date: MM/YYYY Problem to be Solved Enter brief description of the customer, consumer or business problem solved by the product (what is the main problem? ) Opportunity Assessment Business Impact BIG Idea Description Enter 1 -2 sentence description of the product (what is the solution to the problem? ) Does this meet a big customer or market need? Does this help us achieve our vision and strategy? (1=low ; 10=high) 10 Barriers to Implementation Value Proposition Describe what makes this different/unique from other options (what are the key benefits about this solution? ) Is the technology available and the market ready? Do we have the capabilities and ability to deliver? (1=low ; 10=high) 10 Size of Opportunity Risks / Gaps Describe the risks or gaps to be addressed in order to execute on the idea (what are the main challenges to deliver the solution? ) Want more tools and templates? Visit https: //upboard. io/ What is the revenue potential or value? How big of an opportunity is this? ? (1=low ; 10=high) 10

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