What is Idea Development?

Apr 8, 2021 | Idea Development, Innovation

Launching a successful new product is undoubtedly challenging. You’re probably aware there are many challenges to bringing a new product to market. But what are the obstacles exactly? And more importantly, how do you overcome them?

Businesspeople love to talk about innovation. It sounds forward-thinking and modern and makes a company or product sound like it’s on the cutting edge of progress. But the hype and overuse of this buzzword have diluted its meaning. Saying a product or service is innovative means nothing. Innovation is just a fancy, overused word for idea development.

What is Idea Development?

Driven by the overuse of the term innovation, we knew it was time to finally make developing ideas into products — digital products like apps or websites and physical products like toys or air fryers — easy, affordable, and safe.

Meet Cobalt, the Idea Development app that makes developing ideas into real products as easy as 1, 2, 3, 4. Our simple, 4-step Idea Development  process means anyone can go from idea to Idea, Inc. in as little as 45 days. 

Here’s how it works:

Step 1: Ideate: In Step 1, Cobalt guides you through how to plan and develop your idea, build a business model, create financial projections, and get expert insights and feedback on your brilliant idea. In Step 1, you can sketch your idea, research the market, find out what’s required to set up your business, and forecast performance.  This allows you to understand every aspect of your idea so nothing comes back to bite you later.  With Cobalt, you won’t miss any important details and your idea gets better and better with our simple, step-by-step guide. 

Step 2: Validate: Business model – check! Financial projection – done! Expert insights – complete! Now it’s time to bring your idea to life with a Digital Prototype. A Digital Prototype is a visualization of your idea. More than just a pretty face, your Digital Prototyping goes beyond design to help you understand engineering, manufacturing, and even marketing of your idea. You will be able to virtually explore a complete product before it’s completed, helping you determine how to make your idea a success. Once you have a Digital Prototype, you need to show it to real customers using Cobalt’s proprietary validation tools, where you can get feedback and insights from real customers.

Step 3: Develop: You have a business plan. You have a digital prototype and you’ve shown it to real customers who will buy your product. Now it’s time to get it made. With Cobalt, you can find and hire manufacturers, developers, engineers and others who will bring your idea to life.

Step 4: Launch: Congratulations – you are ready to launch your idea! In Step 4, you will find and hire website developers, marketers, designers, packaging experts, and everyone else you need to launch your idea. 

 

 

Ideation Drives Innovation 

Every innovation, irrespective of the industry, starts as complex problems that seem nearly impossible to resolve. In other words, the best ideas are real problems that need solutions. These problems can be complex and far-reaching, like resolving the widespread global warming problem, or everyday frustrations, tech-free toy options to keep toddlers from melting down during travel – every parents’ worst nightmare. In every case, innovation begins with a well-developed idea. By definition, idea development is the process of creating, developing, and conveying ideas. 

New ideas — big and small — move through the idea development journey, starting with a lot of unknown factors, and narrowing down as you learn more about the users, their needs, the value proposition, and the business model. It is a valuable roadmap for how to develop your ideas over time.

The things that prevent competitors from entering an industry — barriers to entry —enable established businesses to keep their share of wallet. Many aspiring entrepreneurs incorrectly assume there are overwhelming obstacles that make it difficult or impossible for newcomers to enter a given market. These barriers include, but are not limited to:

  • Technology challenges
  • Strict government regulations
  • Complex patent requirements
  • Large capital requirements
  • Expensive R&D
  • Licensing requirements

Anyone Can Innovate

Unconventional thinkers around the world, like you, have unprecedented access to the knowledge, talents, capital, and consumers they need to create a start-up. With Cobalt, idea Development is completely democratized. 

Do you have a new product or business idea but don’t know where to start? Your idea doesn’t have to be a revolutionary concept. In fact, those “big ideas” typically require a great deal of money to bring to market, and they’re just not feasible for most entrepreneurs.

But what if you could hire on-demand designers and engineers to bring your creative ideas to life successfully in weeks, not years? Turning your ideas into reality has never been easier. Cobalt is an app that helps you develop your idea into a real business, leveraging technology to do the hard parts for you.

We designed the Cobalt platform to seamlessly guide you through all the steps of the idea development process, from ideation and prototyping to branding and manufacturing and beyond.

Within each phase, our software provides you with all the tools and resources to go from idea to Idea, Inc. Your idea is protected from start to finish on the Cobalt platform. Anyone who works on your project does so under NDA; any users on the platform do so via privacy agreements in our terms and conditions. 

At Cobalt, we believe creativity is inside each and every one of us and that solutions to the world’s most challenging problems can come from anyone, anywhere across the globe.  All we have to do is ask. Ultimately, the biggest barrier to entrepreneurial success is never taking that first step. Don’t let fear of failure hold you back. Jump in and see where it takes you. Sign up at app.cobalt.co for a free 30-day trial!