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Question
How can business ideas be screened for their viability?A popular approach to organizing an opportunity screen comes from two collegiate idea competitions: Idea To Product (I2P) and Invention To Venture (I2V). A typical I2P analysis consists of a one-page response to seven questionstwo about the product, four about the market, and one about intellectual property protection:
1. What is the product or idea?
2. How is your product or idea better?
3. How would you define the best initial set of customers?
4. Why will they buy it?
5. Describe how you create value for your customers.
6. What is the market and its size?
7. Can you develop IP protection for your idea?
In addition to an I2P analysis, there are still three additional questions entrepreneurs should consider to complete an initial idea screening. They focus on people, resources, and profits:
8. Who are the people behind the idea?
9. What resources are needed to take the idea and sell it to the customer?
10. Can the idea generate sufficient profit?
Answer
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