+3 votes
in Startup Ideas by
I am a first-time startup founder and have an idea. But I listen 80% of startups fail in their first year. What Is Idea Validation? I don't want to be a part of the fail startup list.

1 Answer

0 votes
by Professional (616 points)

Founders have a vision and can follow their vision but as a businessman, you need to create a product. Validating your business idea helps you to check, whether your idea is good for the target market or not. It is a complete framework to check your idea according to your needs. Founders, who didn’t follow the process and never check their potential customers, will fail so fast. 

Define your idea

First, start understanding your product concept by writing the following:

  • Problem statement or problem definition

  • Customers definition, where they work, industry, etc

  • Define the solution, your proposed solution to the problem, and what innovation you are bringing to the table.

Setting the validation goals of your idea is a must during the idea definition. Set goals that are in numbers. I say a lot, “Numbers are important”. A few examples of your validation goals might be the following:

  • Get approval of your idea from X number of customers

  • X Number of successful pitches in companies

  • X number of sales of your product concept

Formulate hypotheses

Make clear definitions for straightforward answers. 

Experiment

Experiment with your idea with POC - Proof of concept product. But it is not necessary, you can define the method as per your project needs.

Validate

Is your idea valid? What are the results of your experiments? 

Remember it is a continuous cycle, not a one-time task. Follow steps again and again even to improve your product or services.

References:

https://spdload.com/blog/idea-validation/

https://www.viima.com/blog/idea-validation

Welcome to Brainy Startups, where you can ask questions about startups. Simple StackOverflow for startups.



...