Startup Idea Validation
Before you invest your Time and Money and take the risk of becoming an Entrepreneur, it is necessary to validate your Idea. Idea Validation is a very important step every Entrepreneur or StartUp should take. As per different Survey’s 90% or above StartUps’ fail due to an un-validated idea.
If you start Building your Product without validating your Idea, you may end up wasting time and money in building a product that nobody wants or it could have been built better if you did some iterations on your Product Idea.
Idea Validation sounds an obvious step one should take, however most of the time people skip this step due to various reasons, the basic being – you feel confident of the product as you built it and have a dream to fulfill. This confidence leads to
- You think you have the best solution and users will pay for it.
- You are excited and anxious about your idea and begin developing whilst rushing through or overlooking the research phase entirely.
- You don’t know how to validate an Idea.
We are here to help you take right perspective before you start developing a Product, as you are either risking your stable career or are going to invest money into your new venture.
The main goal of an Idea Validation Study is to ensure that a Product is acceptable by the Desired Consumer Group (with specific Demographics).
1. Why Ideas Fail ?
Most of the failures arise from one of the following basic `flaws’ in the Product:
- Missing or inconsistent or wrong Product Specifications.
- Wrong Selection of Consumer (target) user groups including but not limited to Demographics.
- Idea Validated by sheer Self-Assessment or by Friends & Relatives.
- Product developed considering Personal Requirements rather than keeping Consumers in-focus.
The aim of the Market Study is to detect such `flaws’ in the Product Specifications or Selected Consumer Demographics. The validation procedure results in a validation report. This validation report summarizes the findings, both positive and negative with respect to the specifications.
For the client this is an (independent) Recommendation on the Validation of their Idea.
2. Idea Validation Process
The Idea Validation of a Product with Consumer interaction (usage) cannot be performed on Automatic model and therefore it requires Manual Study and thus requires considerable efforts in terms of manpower. The Study will be carried out by a group of selected validators- usually with skills and native language knowledge of the respondents under the supervision of a Manager. The Manager and Validator team follows a well thought process and synchronized steps.
- A set of Respondents are selected for Validation Study based in Demographics for Consumer user group.
- A Team of Validators, take a survey of the respondents based on the study criteria.
- The respondents are asked a fixed set of questions as per the questionnaire approved by the client.
- The answers are than analysed as per pre-set criteria for validation.
- A Quality Check is performed on the results (by taking random sample checks)
- A report is prepared and internally approved for client submission.
3. Selection of Validation Data
In most cases the selection process not only involves random sequences but also a number of other constraints. For instance: equal distribution between sexes, their location (locality in case of Single City Survey), Age group variations giving equal importance to the entire range on discussed Demographics. There are several ways to implement such constraints on a random selection. The brute force approach is to run the random sequencer repeatedly until the resulting sample meets the required constraints.
While doing Idea Validation, we follow these steps as a 3rd party with a critical view:
- We understand your Idea or Product
- We understand the Problem Statement and Solution planned.
- We identify the Demographic Group and minimum criteria that can validate your Idea.
- We plan an Exploration Campaign and do iterations of the Product against target group.
- We execute and Analyse the Exploration Campaign.
- We discuss the results and explain them with a Market Research Reports.
Contact US today for IDEA VALIDATION Services