Validating Your Startup Idea

Created 9 years ago

I have consulted to numerous Entrepreneurs and startups who have come to me with a kernel of an idea. The process of validating your idea however is all about taking that initial thought and testing the market to see what potential it has. I like to summarise the process as HIIT. First, hypothesis - what is your idea. Second, interview - Work out a strategy to understand your user base. Third, Iterate - Based on the feedback from the interview process iterate on the idea to ensure it more closely matches what the market actually wants, not just want you think they want. And finally, test - Plenty of people will say your idea is great. But they never follow through and pay for your product/service. The testing phase is all about ensuring people actually have a propensity to pay for your solution. I.e. the pain you overcome is great enough for them to pay for your solution.