Tbh, I'm not sure what the big deal was. To me, without any prior "formal" (read: academic) entrepreneurship knowledge, it all felt extremely obvious. It's the basic process that pretty much everyone uses to solve some unknown problem
Find a need -> define the need further -> brainstorm solutions -> pick a favorite, start building and prototyping -> test - iterate -> present final prototype - GOTO start if needed.
I guess it's decent learning for people that are stuck on creating solutions for unknown problems (i.e "solution waiting for a problem to solve")