A workshop on Problem-Solution fit and Product-Market fit was organised by Manav Rachna Innovation and Incubation Centre led by Ms. Ina Singh on 27th February, 2023 for students who had presented their ideas in the idea pitching sessions held in November and December.
Ms. Singh interacted with students on how the development of their ideas was progressing. She then proceeded to tell them about how a product could be anything tangible or intangible with serious intentional efforts after continuous iterations to obtain something marketable and profitable.
She also emphasized on how proper designing which is inclusive of form, function and human elements can provide utility, peculiarity, distinguishing feature, safety as well as USP to a product. She took the students through the steps of engineering a product through design which included ideation/ sketches, design proposal, feasibility analysis, prototypes, feedback and final roadmap.
She explained how a design proposal should meet the requirements of the problem while at the same time being appealing as well as practical. It should be feasible and also fit in the approximate budget. She then introduced the concept of market fit where innovators and entrepreneurs need to understand the need of the market and develop a product that fits the value for end user.
She also said that customer feedback is very important for continued innovation and lastly the timing of the product must be right to create the greatest impact. The session concluded with several examples from industry who utilised the above points to create products that fit market demand and thus made a name for themselves and some who suffered because they could not provide for market aspirations.
The students for glad for the opportunity of the business perspective of ideation and prototyping and were enlightened about using business strategies for the development of their own entrepreneurial endeavors.