Concept Development is the starting point for a new business idea where the type of product or service, target customer, and unique value proposition are defined. It results in a portfolio of concepts that can be prioritized and developed into business plans. Concept Development is part of the fuzzy front end of innovation where an idea is formed and resources are allocated. The template provided guides the documentation of the concept name, target market, problem solved, product solution, value proposition, risks, and opportunity assessment.

1. Concept
Development
Template
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Innovation Best Practices

2. Concept Development is the starting point for a business idea. It includes the type of service or product, the target
customer demographic, and describes what is unique about it that will give this idea a competitive advantage. The process
of Concept Development results in a portfolio of business concepts that can be prioritized and then used to develop a
business plan.
Concept Development is often a component of the fuzzy front end of the innovation process. It is the “getting started”
period of new product development where a team or startup formulates a concept of the product to be developed and
decides whether or not to invest resources in the further development of the idea. Concept Development starts with the
brainstorming of new opportunities and continues with the formation of an idea and narrowing down a more precise
concept. The Concept Development phase is usually where requirements are identified involving time, money, and the
product’s nature, thereby setting the direction for the entire project and final end product.
Use the template below to create your own Concept Development Template.
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Concept Development Template

3. Want more tools and templates? Visit https://upboard.io/
Concept Development Template
Enter concept name here
Target Market /
Customer
Describe the target market or customer
(who is experiencing the problem?)
Problem to be
Solved
Enter brief description of the customer, consumer or business problem solved by the product
(what is the main problem?)
BIG Idea
Description
Enter 1-2 sentence description of the product
(what is the solution to the problem?)
Value
Proposition
Describe what makes this different/unique from other options
(what are the key benefits about this solution?)
Risks / Gaps
Describe the risks or gaps to be addressed in order to execute on the idea
(what are the main challenges to deliver the solution?)
Time Frame
Short-, Mid- or Long-Term
Launch date: MM/YYYY
Opportunity Assessment
Business Impact
Does this meet a big customer or
market need? Does this help us
achieve our vision and strategy?
(1=low ; 10=high)
10
Barriers to Implementation
Is the technology available and the
market ready? Do we have the
capabilities and ability to deliver?
(1=low ; 10=high)
10
Size of Opportunity
What is the revenue potential or
value? How big of an opportunity is
this?? (1=low ; 10=high)
10

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