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You have all these ideas and

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at this point, you should be wondering,
which idea should I choose?

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Well, to answer that question,
you have a lot to think about.

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Here are some of the considerations
you should keep in mind.

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First, is your idea a painkiller or
vitamin?

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Pain killers address an obvious and
functional need for users,

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while vitamins address user's emotional
needs and are really nice to have.

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Now, both types, but

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especially painkillers,
can lead to successful companies.

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For vitamin type ideas,

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you'll need to figure out how to
get your users to be sticky, so

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that way they continue to come back and
use your product over time.

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The second thing you should look for
is how easy it is to monetize the idea.

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Now you don't need to
monetize an idea on day one.

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But understanding how to make
money out of the service or

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product is essential to
building an enduring business.

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Next is the idea simple?

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Can you explain your idea
in just a couple sentences?

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For example, bagborroworsteal.com
is like Netflix, but

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instead of renting movies, you can rent,
buy, or sell designer items.

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Law enforcement and judges might say
the simplest explanation is usually

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the right, or truthful, one and this
should also be true of your product.

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Users should be able to
describe the product and

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its benefits to other
potential users easily.

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And here's where we get to
the heart of the matter.

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Is your idea personally relevant?

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For example, you might be a diabetic and
want to develop affordable and

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convenient blood sugar monitors for
other diabetics.

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Now, don't underestimate this one.

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This is of great importance,
as it relates to how likely you are to

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persevere in the face of challenge,
uncertainty, or worse, looming failure.

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You'll be more likely to see an idea
come to life if you care about the idea

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in the first place.

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Now another consideration for
an idea is whether or

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not you can follow through on it.

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Think about your ability
to organize a small team or

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a large team to execute on that idea.

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Can you get from a to b?

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Next you should wonder if you have
a large enough size of the market.

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You want a really big slice of the pie.

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The market just refers to your
number of potential customers.

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You should be able to calculate a lower
estimate as well as an upper estimate

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for your market size.

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If you're unfamiliar with market sizing,
refer to the Instructor Notes.

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There's a resource link there.

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And finally, does your idea
have a legitimate secret sauce?

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Does your idea leverage technology or
patents in a unique way?

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Or do you have talent and capital
that no one else would ever have?

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For Google, the secret sauce
was the page rank algorithm.

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The secret sauce has grown over
the years to include many features

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that bring millions of page
results in fractions of a second.

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Now that you have some considerations
for what makes a great product idea,

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I'd like you to evaluate the idea for
the SuperDuper Shopping App.

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You can find a survey that's
linked in the Instructor Notes.

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Once you've taken the survey,

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you can check this box to
continue when you're done.