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How to generate new product ideas
Babatunde Kujore article

New product ideas are important to the growth of any business. In this article, we will look at six ways of generating such ideas.

Idea generation is the first step in the New Product Development (NPD) process. During this stage, numerous ideas are generated, but not all of them will be viable or implementable. Also, these ideas will come in many forms and under different circumstances. It is left to you, as the business owner, to select the best ideas and implement them. After the ideas have been generated, each must be assessed and analysed to prove it's viability.


6. Trade Shows

This doesn't cost much, depending on the type of trade show. It is important to select the right trade show. This will give you access to right people, right connections and you will gain new ideas, just by looking around. If you are allowed, you could take photographs of products that interest you and are relevant to your business.

Back in the university, we held regular trade fairs. I never bought things during these trade fairs, but I would always move around to look at what people displayed. During my third year, I and some of my classmates, opened our own trade fair joint. We called it 'The Calabar Kitchen' where we cooked and sold locally made dishes from Cross Rivers state in Nigeria. It was my first and best entrepreneurship venture and we made profit from it. In retrospect, one major factor that contributed to the success of our venture was the knowledge and ideas I had gathered from scouting in previous trade fairs.

It worked for me and I am certain it will work for you too.


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Furthermore at the summit you will learn about the latest technologies, trends and business models and interact with the ecosystem to embrace innovation.

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