IDEAS home Printed from https://ideas.repec.org/a/ddj/fseeai/y2024i3p75-89.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://eia.feaa.ugal.ro/images/eia/2024_3/Bezhovski_Zlatko.pdf
    Download Restriction: no
    File URL: https://libkey.io/https://doi.org/10.35219/eai15840409432?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. 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.
    2. Cooper, Robert G., 1990. "Stage-gate systems: A new tool for managing new products," Business Horizons, Elsevier, vol. 33(3), pages 44-54.
    3. 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.
    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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Schweisfurth, Tim G., 2017. "Comparing internal and external lead users as sources of innovation," Research Policy, Elsevier, vol. 46(1), pages 238-248.
    2. Sophie Hooge & Milena Klasing Chen & Dominique Laousse, 2019. "Managing the emergence of concepts in fuzzy front end: a framework of strategic performance and emerging process of innovation briefs," Post-Print hal-02167857, HAL.
    3. L. G. Pee, 2016. "Customer co-creation in B2C e-commerce: does it lead to better new products?," Electronic Commerce Research, Springer, vol. 16(2), pages 217-243, June.
    4. Sophie Hooge & Milena Klasing Chen & Dominique Laousse, 2018. "Dynamics of innovative concepts in exploratory projects: managing consistency between originality, collaboration and strategy," Post-Print hal-01900545, HAL.
    5. Laura J. Kornish & Jeremy Hutchison‐Krupat, 2017. "Research on Idea Generation and Selection: Implications for Management of Technology," Production and Operations Management, Production and Operations Management Society, vol. 26(4), pages 633-651, April.
    6. Chris C. Gernreich, 2018. "What Employees Really Want: Demands For Individual Idea Development," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 22(08), pages 1-28, December.
    7. Du, Jingshu & Leten, Bart & Vanhaverbeke, Wim, 2014. "Managing open innovation projects with science-based and market-based partners," Research Policy, Elsevier, vol. 43(5), pages 828-840.
    8. Monika C. Schuhmacher & Sabine Kuester & Anna-Lena Hanker, 2018. "Investigating Antecedents And Stage-Specific Effects Of Customer Integration Intensity On New Product Success," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 22(04), pages 1-36, May.
    9. Schemmann, Brita & Herrmann, Andrea M. & Chappin, Maryse M.H. & Heimeriks, Gaston J., 2016. "Crowdsourcing ideas: Involving ordinary users in the ideation phase of new product development," Research Policy, Elsevier, vol. 45(6), pages 1145-1154.
    10. Mahr, Dominik & Lievens, Annouk, 2012. "Virtual lead user communities: Drivers of knowledge creation for innovation," Research Policy, Elsevier, vol. 41(1), pages 167-177.
    11. Bellis, Paola & Verganti, Roberto & Paolo Zasa, Federico, 2025. "Who drives the creation of a novel vision? The role of individual insights and the ability of “letting go”," Journal of Business Research, Elsevier, vol. 186(C).
    12. Snihur, Yuliya & Lamine, Wadid & Wright, Mike, 2021. "Educating engineers to develop new business models: Exploiting entrepreneurial opportunities in technology-based firms," Technological Forecasting and Social Change, Elsevier, vol. 164(C).
    13. Susan Athey & Michael Luca, 2019. "Economists (and Economics) in Tech Companies," Journal of Economic Perspectives, American Economic Association, vol. 33(1), pages 209-230, Winter.
    14. Saiz, Albert & Salazar-Miranda, Arianna, 2023. "Understanding Urban Economies, Land Use, and Social Dynamics in the City: Big Data and Measurement," IZA Discussion Papers 16501, Institute of Labor Economics (IZA).
    15. Maciej Beręsewicz & Herman Cherniaiev & Andrzej Mantaj & Robert Pater, 2024. "Text analysis of job offers for mismatch of educational characteristics to labour market demands," Quality & Quantity: International Journal of Methodology, Springer, vol. 58(2), pages 1799-1825, April.
    16. POPESCU Mioara, 2015. "Construction Of Economic Indicators Using Internet Searches," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 6(1), pages 25-31.
    17. Wang Kai, 2019. "Towards a Taxonomy of Idea Generation Techniques," Foundations of Management, Sciendo, vol. 11(1), pages 65-80, January.
    18. Zhongchen Song & Tom Coupé, 2023. "Predicting Chinese consumption series with Baidu," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 21(3), pages 429-463, July.
    19. Francesco Capozza & Ingar Haaland & Christopher Roth & Johannes Wohlfart, 2021. "Studying Information Acquisition in the Field: A Practical Guide and Review," CEBI working paper series 21-15, University of Copenhagen. Department of Economics. The Center for Economic Behavior and Inequality (CEBI).
    20. Tommaso Colussi & Ingo E. Isphording & Nico Pestel, 2021. "Minority Salience and Political Extremism," American Economic Journal: Applied Economics, American Economic Association, vol. 13(3), pages 237-271, July.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ddj:fseeai:y:2024:i:3:p:75-89. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Gianina Mihai (email available below). General contact details of provider: https://edirc.repec.org/data/fegalro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.