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. Paste text here as text to keep formatting in tact…. 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 Want more tools and templates? Visit https://upboard.io/

Concept Development Template Concept Name Enter concept name here Problem to be Solved Enter brief description of the customer, consumer or business problem solved by the product Product Description Enter 1-2 sentence description of the product Target Market / Customer Describe the target market or customer Value Proposition Describe what makes this unique and different from other options Time Frame Short-Term Short-, Mid- or Long-Term Launch Date Date of expected launch into market Opportunity Assessment Business Impact Does this meet a big customer or market need? Does this help us achieve our vision and strategy? (1=low ; 10=high) 8 Barriers to Implementation Is the technology available and the market ready? Do we have the capabilities and ability to deliver? (1=low ; 10=high) 6 Size of Opportunity What is the revenue potential or value? How big of an opportunity is this?? (1=low ; 10=high) 10 Want more tools and templates? Visit https://upboard.io/