Evaluation

I started my evaluation by doing a simple NVF analysis on each of my top 10 ideas. Then I selected my top 3 by roughly estimating which analyses held the most ‘area’, or potential.

I did not find a prototyping process to be helpful in my survey so I simply wrote up a few key questions and set up in a lounge that I have access to. I interviewed 17 people about their willingness to buy my prospective products.

My survey results were very interesting. I gained plenty of insight as to the design of my product, as well as very good pricing information.

This data shows some pretty clear cutoffs in terms of acceptable pricing to a majority of consumers. For example, I learned that one of my ideas, premium reusable envelopes, would not fare well due to their singular appeal to very small segments of the population. The other two ideas seemed to have more traditional curves of value proposition.

Patent Search:

Stickable Electronic Elements:

Pen Pal App:

I was unable to discover any patents related to this but the sheer amount of competitors in this field restricts market movement.

Reuseable Envelope:

Feasibility Concerns:

Reusable Envelopes: as a premium product market penetration will be a challenge. A great deal of business expense will have to be put towards marketing.

Pen Pal App: It will be difficult to distinguish our product from the many other solutions without a comprehensive solution with physical products, close cooperation with a courier or postal service, and massive initial investment.

Stickable Elements: The nature of this product leads to R&D expenses being very great, and getting the price of the product low enough to not be cost-prohibitive may be the most important consideration.