Week 1

INCUBATENYC WEEK 1: HOMEWORK

1. PROBLEM STATEMENT FEEDBACK

FOCUS
Develop a problem statement for your idea and get feedback from (10+) potential customers

APPLICATION
We will review your problem statement and customer feedback during the Week 2 Class

ASSIGNMENT EXPLANATION
Talk to at least 10 potential customers about your problem statement. Report back on your customer conversations and findings:

1. Customer profile (Example: Who does the problem effect, organizations, groups, etc) 2. Your customer problem / pain (Example: What is the pain you are trying to solve) 3. How are your customers solving the problem (Example: What is the current solution(s) they are using) 4. The market size (Example: How many people have a similar problem, or how much are people spending to solve their problem)

CONTENT INCUBATE PROBLEM TEMPLATE

Source: IncubateNYC Assignment Link: PowerPoint
Length: 1 page

2. COMPETITIVE ANALYSIS
FOCUS
Identify (2-3) competitors that are providing solutions for the problem you are solving

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APPLICATION
We will review your competitor analysis during the Week 2 Class

ASSIGNMENT EXPLANATION
Identify (2-3) competitors in your space and describe their solution for the problem you have identified. Also identify what they do well and how your solution will be different.

CONTENT INCUBATE COMEPTITIVE ANALYSIS TEMPLATE

Source: IncubateNYC Assignment Link: PowerPoint
Length: 1 page

3. IMPORTANCE OF PROBLEM DEVELOPMENT

FOCUS
Highlight the importance of developing a strong problem statement prior to building a product

APPLICATION
Provide additional content for why you should spend more time on understanding the problem

ASSIGNMENT EXPLANATION
David Shen is the west coast director for Launch Capital, an early stage startup investment fund. He has written extensively on early stage entrepreneurs, seed investments and design. In the blog post he talks about how early stage entrepreneurs often pitch their idea and jump quickly to the solution without properly framing the problem. "I have not bought into the problem statement yet, but the entrepreneur assumes I have. And it very much seems like he wants to sell me on the beauty of the execution alone, which I may agree looks really elegant and well done. However, creating a startup is not just about building the product, it's about why we're doing it in the first place.

CONTENT TALK ABOUT THE PROBLEM, NOT JUST THE SOLUTION

Source: Dshen.com Assignment Link: http://bit.ly/cTG3T2
Length: 2 pages

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4. PROBLEM STATEMENT CASE STUDY

FOCUS
The importance of refining the problem statement before product development

APPLICATION
Provide real life example of a company refining their problem statement and arriving at a better product

ASSIGNMENT EXPLANATION
In Harvard Business Schools Owner/President Management Program, students were engaged in a series of workshops to move from idea to product concept. The case study below highlights one of the students experience in the program and how refining the problem statement helped identify new products that could better solve the pain of the end customer.

CONTENT HBS MANAGING INNOVATION COURSE

Source: Harvard Business School Assignment Link: http://blog.hbs.edu/hbsinov8/?p=2208
Length: 1 page

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