Week 1: Developing A Business

Idea Development & Generation

The process of idea generation is simple in theory but more complicated  in practice when creating a product for a start-up company. It is important to not only let yourself be creative but also be  mindful and practical about the plausibility of the ideas you generate. While a completely novel idea may initially seem like a good business plan in itself, thoughtful analysis may prove otherwise. Proper introspection into what it takes to produce units, and the markets that business is targeting may actually reveal how viable your novel business venture is. This may initially seem limiting however in my experiences of generating a business doing market research will help focus and scope your idea.

One of the important aspects to consider in the analysis of your business plan is differentiation. Ensuring the product or service you are trying to sell is different from competitors’ can affect many parts of your business plan; Who your competitors are, who your target market should be, how your product or service can fill an unoccupied space in its marketplace, and if your idea is patent-able or infringing on copyright. Doing market research like this can help direct the way your business will need to adapt or change as well as identifying its strengths.

Innovation & Business: NuVu Innovation School

Nuvu is an innovate school for middle and high school students in Cambridge, Massachusetts. Their educational model focuses on a multi-disciplinary and collaborative approach to learning. Rather than separate courses with distinct subjects at Nuvu students work closely in studios with two coaches to solve specific or open-ended problems. Where traditional school systems grade work through assignments and tests, Nuvu does not give grades but rather students document all of their design decisions and show their final products in a portfolio of work. By focusing their attention on their students’ needs and working to solve specific problems NuVu is teaching their students how to solve problems from inception to completion. This focus on creative process, and producing a portfolio or work is an extremely innovative approach to learning, and produces very impressive work as showcased by the students studio work on the NuVu blog.