A Few Tips

Startup Series - All about Idea Validation

A great idea is one that is worth pursing, and results in a real business. Perform extensive research to check the market for competition (you can use Product Hunt). 

Discuss with experts and potential investors too, just don’t reveal the whole business model:) You can also ask potential customers.

Use the learnings from the research to craft a crisp and specific pitch for the product.

Research plans require specific goals in order to be effective. Best done in groups, with each member tackling a specific task. Your research sources should be reliable – use Google extensively. 

Set time limits, so that you don’t go overboard. Once the research is done, evaluate your findings and deliberate, gain, in a group. 

While you do not need a specialised market research firm just yet, seek help from someone who has done it before. 

Expert opinion counts 2x over research findings. Identify the information that you are looking for, and then take time from an expert in the field.

Ask specific questions, given the limited time that you may have with the person.

Don’t ask too many people though – it can be confusing if you get too many conflicting opinions. As always, analyse the answers and compare them with your own research.

Customer discovery is the process of finding the ideal buying persona for your product. You can have multiple personas for different products. 

Use surveys to narrow down the criteria, and free trials go a great way in getting real feedback on your product. When opting for surveys, don’t make the sample size too small!

Analyse the results, often in groups, so as to brainstorm more effectively. 

Want to have an introduction to funding?

 

Click to watch the “All aboutFunding” series!