The term discovery is from the 1550s (Hakluyt), "fact of discovering what was previously unknown;" see discover + -y (1). Earlier in this sense was discovering (mid-14c.). Meaning "that which is discovered" is from 1630s.

The discovery process is the first step to decide on a new concept. The place to start is to decide on a new market, exisiting product, new product, or existing product. The next step is a deep dive survey to discover deep market insights. Discover market demand and then follow up with phone interviews. Think about the 5Ys questioning framework.

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An unknown process, discovering a known fact, conceptual