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Validating your early stage idea

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Brief talk on finding and validating ideas, and how to think about the stages of personal investment you make to take your project to each new level.

Published in: Business
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Validating your early stage idea

  1. 1. 1 YOU BUILD SOMETHING PEOPLE WANT 2 YOU FIND A WAY TO REACH THESE PEOPLE 3 YOU CAN KEEP SOME OF THE MONEY
  2. 2. The most important task at first is to build something people want. If you don't do that, it won't matter how clever your business model is. - Paul Graham
  3. 3. I *must* Have it! Not even if you pay me DANGER ZONE PAY WITH MONEY PAY WITH TIME PAY WITH REPUTATION If you pay me… If it’s free…
  4. 4. FLIRT DATE IN-RELATIONSHIP ENGAGED MARRIED
  5. 5. QUALITATIVELY 1. Face-to-face with potential customers. 2. Surveys 3. Investors, Partners, Domain Experts DEMAND SIZE 1. Email Open / Click Rate 2. Facebook or Google Ads 3. Regional marketing CONVERSION 1. How many visit? 2. How many scroll / click? 3. How many enter their email to be notified?
  6. 6. How would you feel if you could no longer use this product? a) Very disappointed b) Somewhat disappointed c) Not disappointed d) N/A
  7. 7. • CONFIRMATION BIAS IS THE ENEMY • RATIONALIZE AWAY PROBLEMS LIKE: • “WE DIDN’T DO A GOOD JOB EXPLAINING” • “IT WASN’T THE RIGHT TIME OF THE YEAR” • “IT DIDN’T WORK BECAUSE THE NAME/LOGO/UI” • INVEST MORE THAN YOU SHOULD • AVOID COMMITING TO A PATH TO KEEP THE “OPTIONS OPEN” • BELIEVE THIS IS YOUR LAST GOOD/BIG IDEA
  8. 8. • “MAKE MORE MONEY” > “SAVE MONEY” • GIVE THE PERSON (USER/BUYER) A SUPERPOWER THEY DIDN’T HAVE BEFORE • DON’T UNDERESTIMATE THE SEVEN CAPITAL SINS • 100 PASSIONATE USERS > 1,000 SO-SO USERS • YOUR PRODUCT HAS TO BE YOUR BEST MARKETING TOOL • STRATEGY BEATS EXECUTION. PRODUCT BEATS STRATEGY. CULTURE BEATS ALL. • ACT FAST. NO, FASTER!

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