- Helping businesses reach their potential and vision
Idea validation is the process of gathering evidence around ideas through experimentation to make fast, informed and de-risked decisions. This is like the research and development that company use to test before they’re released to the general public. It's a process that starts from an idea and typically ends with a paying customer. The purpose of idea validation is to expose the idea to the practicality of the real world before you build and release the final product or offering.
Why should ideas be validated?
Idea validation can save you time by giving you a good feel as to whether your idea appeals to your potential audience. It can also save you a lot of time and money. New ideas have unpredictable elements and if some of them go wrong, it can destroy your plans at once. Validation reduces the risk, speeds up the delivery of a value-creating service in the market, and minimizes the costs. An idea should be validated before investing a significant amount of time and resources in developing it to avoid building and launching a product or concept no one wants or isn’t willing to pay for.
A standard market-research may not always work, as relevant data for your business may not be available. Reaching out to existing entrepreneurs in the same industry/ segment of interest can help in better understanding of the market.
Steps to Idea Validation in the Real World
There are obviously different ways to validate an idea. The best way to do so depends on the nature of that particular idea. If there isn't much uncertainty, validation might not be necessary. However, when it comes to new business ideas, products and concepts with more risk, idea validation is highly recommended.
Conducting market research is the first step to determine if you really do have an idea worth pursuing. Begin your research by writing down what you think the problem is that your business idea would be solving. After you get your results, check out the competition and figure out if you are different enough (in a good way) to do battle with them.
Secure intellectual property
Intellectual property (IP) refers to the process by which an individual or company can own the rights to a created product. Examples include patents, copyright, and trademarks. It is vital to the success of your company that you follow the proper protocol to protect your differentiating factor.
Decide on branding
Branding is about more than just choosing a name, it's about deciding on an identity for your idea. You want to choose something you love, but you also want to choose a name that conveys the experience of using your product and the problem that it solves.
Find a mentor
Finding the right mentor can make a huge difference. with the combined expertise of you and your co-founder, a mentor can provide deep industry insight and wisdom to help you navigate some of the challenges that come your way.
Financial investment is very important for a startup as it takes it to a next level. startup need a raise in capital. angel investors or venture capital investors are some of great options to whom founders give equity in their company, in return for money and sometimes advice.
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