Why, and How to Validate Your Idea First?
Updated: Jan 6
Why to Validate Your Idea First?
Validation of an idea is to ensure that your idea actually solves a problem/pain, and has real demand.
The rudimentary risk at this stage is developing an MVP/full-blown product that users never really wanted in the first place.
Make something (that) people (truly) want - Paul Graham, Y Combinator
The No. 1 reason for startups' failure is that of no market need for the product - CB Insights
Google too has its list of product failures i.e. Orkut, Google+, Hangouts, Google Glass, etc.
Podcast: Why validate your startup idea?
Imagine spending tons of your money and time launching a product, only to realize that what you built is not needed by the customers, and/or they won’t even pay for it.
Slideshow: How much does a startup failure really cost?
Validating an idea serves as a reality check for founders so they do not end up wasting tons of time, money, and resources only to build something no one needs or will pay for.
How to Validate Your Idea?
Quick tips by Lenny's Newsletter:
Build a prototype, and test your early ideas on the real customers.
Listen to their responses, and anything short of “I want this!” is a “No thanks.”
Don’t build a full-blown product until you’re feeling real demand from the market.
Figure out, which market segment can you sell to most easily, and start from there.
Then develop a product that unlocks revenue for your customers.