“Business Concept Proofing 3.0” - A New Model for Validating and Testing Product Ideas in the Digital Environment

Bezhovski Zlatko
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Bezhovski Zlatko: Goce Delcev University, Shtip, North Macedonia

Economics and Applied Informatics, 2024, issue 3, 75-89

Abstract: This paper introduces a new action-oriented Model for Validating and Testing Product Ideas tailored for the needs of the digital entrepreneurs. The “Business Concept Proofing 3.0” model synthesizes elements from established frameworks such as the Stage-Gate model, Lean Startup methodology, and Design Thinking while integrating digital tools and resources such as Google Trends, Large Language Models, Social media analyses, Launch platforms, etc., to facilitate continuous market validation. Emphasizing resource efficiency and adaptability, the model provides a structured yet flexible approach that guides entrepreneurs from idea validation to product launch. Through illustrated case scenarios, the model demonstrates its applicability in real-world settings, offering a pragmatic tool for navigating the complexities of online product development. This paper contributes to the growing body of literature on digital entrepreneurship by presenting a model that bridges the gap between existing models and the dynamic needs of the digital age.

Keywords: Digital entrepreneurship; New product development; Product validation; Lean startup; Concept development; Innovation (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ddj:fseeai:y:2024:i:3:p:75-89

DOI: 10.35219/eai15840409432

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