Even a brilliantly creative idea is not enough on its own to build a booming startup. The first major challenge many founder fails at is validating their idea.
Startup mentor and Pollenizer cofounder Phil Morle shared his tips on how to actually check if there is market demand for your product with us last week.
“Validating assumptions is important in a startup because it is ALL conjecture at the moment of inception. Nothing is proven. Startups are statistically likely to fail and the reason they fail is because one/all of the 100 initial assumptions are wrong. A validated business model is one that has moved assumptions in the model from hypothesis to fact,” Morle wrote.
Below, Ed Onggo from one-year-old music ticket booking app GiggedIn shares his journey to discover if his idea was as great as he thought it was.
Rose is the current head of growth at Rampersand Ventures. She was formerly a reporter at StartupSmart.
