Why is it important and to whom? o Define your value proposition (use Value Proposition Canvas) o Elaborate on the advantages of your product; identify potential concerns o Search the web and patent databases for similar products; report on similar inventions, using either Googles Patent Search and/or http://google.com/patents or US Patent Office database http://www.uspto.gov. Provide a summary of your search results (table). o Define primary and secondary functions of the product o Discuss your product potential for customization and/or personalization o Elaborate on the desired features that differentiate your product from others (existing products). o What are the key differences between your product and any potential competing products? Who makes them (competition)? 2 Describe the market of your product and the customers (this section reports only preliminary information) o Which countries are you targeting (e.g., one should be from consumer economy, another from either emerging or survival economies)? o Who are your customers in each market? o What need(s) these customers have in the product features that you offer? o Why the customers prefer to buy the product from you and not your competitors? o What is the total market value of products of this type (rough estimate)? o What is the market share that you expect to capture? o What impact would your product/service have (e.g., environmental, happiness, etc.), if successful?
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