CEE 115 Technopreneurship

Lecture 2 – Product Idea Development and

Team Formation
Week 1-3 ULOb. Develop a business team with an
initial idea for technopreneurship venture

• Understanding Business
• Idea Development Process
• Innovation and Ideas
• Knowing Technopreneurship
• Needs and Wants
• Product Life Cycle

Big Picture in Focus

…continued

• Product Design and Development

• Target Customer and Market Size
• Minimum Viable Product
• Product Modelling and Prototyping

Big Picture in Focus

Business is defined as …

an organized and purposeful human

activity that creates value and exchanges that
value for something equal or of higher value intended
to continue providing such value over
time as a going concern (Duening, T.N.,
Hisrich, R.D., Lechter, M.A, 2010)

Understanding Business
Business is an organized and purposeful
human activity

because an
individual or a
group combines
and utilizes
resources toward
productive activity

Understanding Business
Business is intended to continue providing
such value over time as a going concern

business is a
continuous
process, and it
follows a business
model where the
market gives
value
Source: https://www.businessmodelsinc.com/exponential-business-model/uber-an-exponential-
business-model/

Understanding Business
 We all love to become a boss of our own
business someday …

Image credit: Shutterstock.com

… but we are not sure where to start

Product Idea Development

Where can we get product idea?

• Idea generation techniques

• Reading materials
• Hobbies
• Interests
• Skills
• A discovery
• Past experience
• Problems around you

Product Idea Development

Product ideas can be taken from a lot of ways and can
occur at anytime so it is important to be on the lookout
for opportunities

Image credit: under30ceo.com

Product Idea Development

How can we develop the
product idea?

Product Idea Development

Idea Development Process

Product Idea Development

Idea Development Process

Generating Screening
Idea Idea

• idea generation • Select the best idea

techniques like based on:
brainstorming • meets the needs of
• write, write, write customers
• don’t overlook the • generates high profit
obvious • technical feasibility
• suspend judgment and competitiveness
Product Idea Development
Idea Development Process

Developing Research
Idea on the Idea

• create product design • perform market

• develop prototype research
• develop software • identify demand of the
• obtain intellectual product or service
property protection • determine competitive
advantage

Product Idea Development

Idea Development Process

Test, test,
Launch
test

• join market fairs • establish marketing

• consider product strategy in the launch or
demo product or service
• consider first time
reviewers

Product Idea Development

Since idea development is a
continuous process, how
can we innovate?

Innovation and Ideas

Four universally agreed-upon categories of
innovation

Breakthrough Products Incremental Products

Platform Products Disruptive Products

Innovation and Ideas

Breakthrough
Products - new
products that may offer
a big difference in
terms of performance,
https://alizul2.blogspot.com/2013/10/10-breakthrough-products-of-2013.html
cost, and technology

Innovation and Ideas

 Incremental
Products - products that
are existing but are
modified to improve
and to provide better
https://www.getvetter.com/posts/33-what-is-incremental-
innovation-is-vetter-incremental-innovation-software benefits

Innovation and Ideas

Platform Products -
products designed to be
modified for several
designs; set the basics of
the products covering a larger
scope than that of the
incremental products.
Source: http://www.openculture.com/2019/07/the-walkman-turns-40.html

Innovation and Ideas

 Disruptive Products - designed and
produce for chaos in the market as
these products start from a low-quality approach,
then improving it as it captures the market

Source: https://www.brandwatch.com/blog/historical-data-create-disruptive-products/

Innovation and Ideas

If I have an innovative product
that utilizes technology, then
what should I do?

Knowing Technopreneurship
Embrace Technopreneurship …

Technopreneurship is utilizing
technology in the process involving but not
limited to, discovering, developing,
launching, and running one’s own
business

Knowing Technopreneurship
World-Class Filipino Technopreneurs

Diosdado “Dado”
Banatao

image source: xu.edu.ph

Joey Gurango

Orlando Vea image source: techshake.asia

image source: finto.com

Knowing Technopreneurship
How will I know the difference
between the needs and the
wants?

Needs and Wants

Identifying needs and wants
things that a person
Need must possess or obtain
in order to survive

the things that you

might have to think you
must possess to be Want
satisfied in life

Needs and Wants

 Prioritization Matrix – Needs vs Wants

Source: https://medium.com/indian-thoughts/wants-vs-needs-understanding-ourselves-better-96a2c35fbc23

Needs and Wants

 https://www.verywellmind.com/what-is-maslows-hierarchy-of-needs-4136760

Needs and Wants

 Taken from: https://marketing-insider.eu/characteristics-of-the-product-life-cycle-stages/

Product Life Cycle

Characteristics of a Product to Gain Profit

Product Quality Development Time

Product Cost Development Cost

Development
Capability

Product Design and Development

 Product development challenges to
consider:
▪ Trade-off
▪ Dynamics
▪ Details
▪ Time pressure
▪ Economics
▪ Creation
▪ Satisfaction of societal and individual need
▪ Team Diversity
▪ Team Spirit

Product Design and Development

Product Design and Development
Target customers are given persona to bring them
to life.

Target Customer and Market Size

 Total Addressable
Market - deals with
how much money we
could make if every
possible customer in
the world uses the
product
Serviceable Available
Market - deals with
how much of that
mentioned market can
have the existing
product serve

Target Customer and Market Size

 Serviceable
Obtainable Market or
Share of Market -
deals with how much
money will be
realistically be
converted from the
market.

Target Customer and Market Size

The Minimum Viable Product (MVP) is the minimum
set of features and functionality of the product that a
business can provide their first loyal customers.

Taken from: https://anoda.mobi/what-is-minimum-viable-product-and-how-to-build-it-right/

Minimum Viable Product

 Take from: https://mlsdev.com/blog/minimum-viable-product-examples

Minimum Viable Product

Common methods and best practices by Rikke
Friis Dam and Yu Siang Teo (2020)

✓ Sketches and Diagrams

✓ Paper Interfaces
✓ Storyboard
✓ Lego Prototypes
✓ Role-playing
✓ Physical Models
✓ Wizard of Oz Prototype
✓ User-driven Prototype

Product Modelling and Prototyping

Product Modelling and Prototyping
References

• Duening, T.N., Hisrich, R.D., Lechter, M.A (2010), “Technology

Entrepreneurship: Creating, Capturing, and Protecting Value,”
USA, Elsevier Inc.
• Julia Kylliäinen (2019), “Types of Innovation – The Ultimate
Guide with Definitions and Examples”, Accessed from:
https://www.viima.com/blog/types-of-innovation
References
Images taken from
• https://ideas.darden.virginia.edu/is-profit-the-purpose-of-
business
• https://insidesmallbusiness.com.au/planning-management/five-
ways-to-boost-employee-engagement-with-video
• https://optinmonster.com/50-blog-post-ideas-that-you-can-
write-about-today/
• https://www.vectorstock.com/royalty-free-vector/man-person-
thinking-icon-vector-10457889
CEE 115 Technopreneurship
Lecture 2 – Product Idea Development and
Team Formation