I always really liked Jeremy’s posts on entrepreneurial brainstorming sessions (I think he got all the way to 15!). I’m thinking of making this a weekly topic and already have ca. 5 ideas lined up, which I’d like to discuss.

But before I start it off, I’d like to briefly discuss the elements that should be contained within such posts. For me, entrepreneurial ideas evolve in 4+ stages (the + referring to the technology side, which also has its own phases of development). Following graph illustrates how I see it:

Not all ideas start with “pain” probably, but for obvious reasons (if you feel it, someone else may too), I think it’s beneficial. The idea is the pitch which I think should be a core-element to entrepreneurial brainstorming sessions. The business-model is the “how to make money” part, which should also optimally be contained within. Business development is the executive part, which is already beyond the scope of these post, though any market data is relevant.

Prototype development is both the most interesting and, for me, the most abstract element in entrepreneurial projects. I think there are variables which affect the timing of prototype development, namely technology risk vs. market risk, and technology cost, which is also a factor influencing technology risk. Technologies which are cheap to develop, e.g. the web, are better to develop earlier, also because the market risk is higher (many other entrepreneurs could be working on the same idea). Expensive technologies, with a significant technology risk also, e.g. biotech or medical tech, require more business development at an early stage, to find funding, etc., though they are also often developed within universities, where there is more freedom to take such risks. OK, I digress.

Entrepreneurial brainstorming sessions, I propose, contain the pain, pitch, and possibly business model as well. Since my ideas range from small ones, like barbers on trains, to complex ones, like e-learning or legal sandboxes (more on that later), I’m not sure how well each can be executed.

Most of all, I’d like the chance to engage in an interesting discussion with both positive and negative feedback, and I hope you do too. That’s it from me, for today! Next post sometime this week, next entrepreneurial brainstorming session next week!

Vincent

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