So, you’ve got this idea for a new product, an app, a technology, a service, something you think is pretty cool. You have dreams of working for yourself, setting your own hours, making the big bucks, or being the next Entrepreneur of the Year. But is this the idea that will get you there? Time to take a good look at it.
Any idea can be evaluated in seven aspects: 1) painkiller or vitamin, 2) monetization, 3) simplicity, 4) relevance, 5) resources, 6) market size, and 7) “secret sauce.” For each aspect, grade your idea on a scale from 1 to 5, with a score of 5 ranking highest. Let’s go through the seven steps to evaluating your product idea and put it to the test.
Beth Galambos 