How I Validate My Startup Ideas

How I Validate My Startup Ideas

Want to know why building a tech startup is TWICE as hard as opening a restaurant?

It’s because both the product AND the market are unknown.

They need to be figured out…

… for a sushi restaurant, you just need to know if people in your city eat sushi – which most do.

So the risk is only in building a great restaurant experience… the market & “product” are proven.

With tech, it comes down iterating and testing both of these assumptions:

1. Will the product actually do what I think it will (technology / science / etc).
2. Will anyone want it?

The cool part is both of these can be figured out fairly quickly if you do it right.

One word of caution:

It does NOT require an MVP (Minimum Viable Product).

Actually, I have a huge problem with the term MVP because it has the word “product” in it.

I have a much different (and far more cost+time efficient) approach that I cover in today’s video:

It really comes down to a few simple frameworks that I’ve created to help you validate your ideas… and generate the confidence (and initial funding) you need to go all in.

Here they are:

1. Idea: Problem, Pain, Passion
2. Validated Research
3. Clickable Prototype
4. Pre-Sales

I’ve used this approach to build ALL my companies and it doesn’t matter if it’s for a consumer application, or a solution for big Fortune 500 companies – it can be done.

So before you pour your savings (and the next 6 months) into building an “MVP”…

… take 5 mins right now to watch today’s video and make sure you’re setting yourself up for success right out of the gates.

Have an incredible day!

Always deliver more value than expected. by Larry Page.003

 

Do fewer things. - by Ev Williams.004 It’s not about ideas. It’s about making ideas happen. - by Scott Belsky.002

 

 

 

 

  • Sunwooz

    What are your thoughts on the process that The Foundation uses to generate and validate product ideas?

    • http://twitter.com/danmartell Dan Martell

      @sunwooz:disqus I’m not familiar with their process but know the team well and consider them super smart.

      DM

  • Colby Nikesh Sharma

    Hi Dan,

    Big fan for a while now. Loved the video. Im a young entrepreneur starting out. One of the feedbacks that I have received is that while you might first-hand experience the problem and can see the forest through the trees, you still do not know all the pain point and thats why arent getting anywhere. Any tips on how to navigate feedback like this?

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