How do you make a business case for investing in a breakthrough product idea before building it?

The answer really depends on the size and scope of the idea. Making a case for a big idea is a mix of storytelling and hard facts. Here's my approach

1. Start with the Story: Describe the problem your breakthrough idea tackles. Paint a vivid picture of why it's a big deal—make it relatable, when possible tell it in the voice of a real customer. This step is key and often skipped, but it's the heart of your case. As you get further in the process, visualize this story with design mocks, trust me, this is time well spent

2. Size the problem: Use interviews, data, and market research to show how big the problem is. Highlight those pain points and how the idea uniquely addresses these needs

3. Value Proposition: Clearly outline the value the product will bring. How will it differentiate from existing solutions? How will it align with the company's strategic objectives? What unique benefits will it offer to customers? Quantify the benefit—more money, happy customers, or a bigger slice of the market..

4. Executive Summary: Summarize the entire business case in a concise and compelling manner on one page. I cannot tell you how many times people skip this necessary step, don't be that person.

After pulling the initial business case together, the work is still not done. As follow ups, you may ned financial projections, risk assessment, a prototype, a resource ask, project plan and more. Be prepared to put in the work.

Some key components of a business case are:

• Problem statement: could include end customer/user issues, technological issues or market data.

• Size of the problem: why is it important to solve it and solve it now?

• Competitive analysis: what are other products building or doing well?

• Solutions: one or more ideas to solve the problems

• Company goals and strategy: how does this fit with company goals and help grow them? What is the long term impact of this solution?

• Design ideas: are there design suggestions that can be included?

• Technical feasibility: is it possible to build the solution? What are the options? What are the timelines and tradeoffs?

• Resource analysis: do we have the required resourcing to make this happen? What other costs need to be considered (Marketing, Advertising, etc)

• Metrics and impact: what are the key metrics we hope to move?

• Identify potential risks involved in the project, including technical, market, financial, and operational risks.

• Roadmap: what is the proposed plan?

• Executive and stakeholder buy-in: how do we plan to get exec support and funding needed for the project?

Overall, a business case involves many aspects that require diligent preparation.