The design and development of a software product roadmap is often the main responsibility of your product manager or CTO. The process involved in doing this is fairly straightforward and involves three steps (brainstorming, market research and formulating individual product roadmaps).
Brainstorming is an essential part of your roadmap design since it is a key way of coming up with new ideas. Many staff members should be included in the brainstorming process to seek out new features, product enhancements, changes or technological innovations that be included. If your small business marketing strategy is putting a major focus on using cutting-edge technologies then your brainstorming sessions could focus in these areas.
The CTO will have to bring together all of these ideas and segment them based on markets. The purpose of doing this is so that individual products can be identified for each market. You then need to perform some market research around the price you could possibly charge, size the market, penetration rates and the possible ROI of creating such a product. Straightaway, this will eliminate a large number of product ideas and markets which would not be profitable for you to pursue.
Your software product roadmap should then focus on one individual product which research has found to be having the most potential. Break down the product features into individual components and scope out how much work would be involved in the design and implementation. Your head of product architecture will be able to identify if there are reusable elements of your initial product lines which could be used in developing follow-on products.
When presenting your software product roadmap to venture capital firms you should also be looking at the long-term strategies around your product line. Evaluate how technological trends are going to affect your initial products and also the follow-on products you have identified.