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

Author

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  • Bezhovski Zlatko

    (Goce Delcev University, Shtip, North Macedonia)

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.

Suggested Citation

  • Bezhovski Zlatko, 2024. "“Business Concept Proofing 3.0” - A New Model for Validating and Testing Product Ideas in the Digital Environment," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 3, pages 75-89.
    • Handle: RePEc:ddj:fseeai:y:2024:i:3:p:75-89
    DOI: https://doi.org/10.35219/eai15840409432
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    References listed on IDEAS

    as
    1. Cooper, Robert G., 1990. "Stage-gate systems: A new tool for managing new products," Business Horizons, Elsevier, vol. 33(3), pages 44-54.
    2. Zlatko BEZHOVSKI & Tamara JOVANOV APASIEVA & Riste TEMJANOVSKI, 2024. "Online Methods for Validating and Testing Entrepreneurial Ideas: A New Product Development Perspective," Management Research and Practice, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 16(1), pages 26-45, March.
    3. Hyunyoung Choi & Hal Varian, 2012. "Predicting the Present with Google Trends," The Economic Record, The Economic Society of Australia, vol. 88(s1), pages 2-9, June.
    4. Ozer, Muammer, 2009. "The roles of product lead-users and product experts in new product evaluation," Research Policy, Elsevier, vol. 38(8), pages 1340-1349, October.
    5. Stefan Thomke & David E. Bell, 2001. "Sequential Testing in Product Development," Management Science, INFORMS, vol. 47(2), pages 308-323, February.
    6. Gruner, Kjell E. & Homburg, Christian, 2000. "Does Customer Interaction Enhance New Product Success?," Journal of Business Research, Elsevier, vol. 49(1), pages 1-14, July.
    7. Karan Girotra & Christian Terwiesch & Karl T. Ulrich, 2010. "Idea Generation and the Quality of the Best Idea," Management Science, INFORMS, vol. 56(4), pages 591-605, April.
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