The Big Idea Canvas
So you have this great idea to start a new product line, to make a new branch in the company or to start a brand new business. Well, does it have potential? That’s where the Big Idea Canvas comes in.
The Big Idea Canvas is a very useful tool to analyze any new or planned changes in your business model. It will take you through five main areas to discover your idea’s potential:
- Pain of the Customer – Who is your customer, what is their pain and how bad do they need your remedy?
- Potential of the Market – Is this a big enough problem to put real effort into?
- Prescription for the Pain – Now, what’s the idea? (This is the fun part!)
- Positioning in the Market – Who (if anyone) is out there trying to address this pain already, how are you different or where do you fit in?
- Path to the Exit – Do you plan to run this forever? If not, who can you sell to, get acquired by, partner with?
After considering these five key areas, you’re much better positioned to see what the real value is. It may reveal some big holes in the product or your thinking, but hopefully it reconfirms the serious viability of your venture.
This template can be downloaded and printed here or you can be accessed for an easy to use, automated web version by visiting http://bic.technium.com/ to generate your Big Idea Canvas. Check it out!
Once you feel like your idea is ready to pursue, the next step is the Business Model Canvas. Watch out for our upcoming post on the subject!