Once you have an idea and define your UVP, it’s time to validate your idea to ensure there is market demand for your product.
Fill Out the second column in this table ↘️
Use the sum of the numbers you filled out in column 2 on this table.
<aside> ➡️ 5 or less
Sounds like you are passionate about this and not taking much risk. While strong validation is helpful it is not a necessity for your circumstances.
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<aside> ➡️ 5 - 9
There is moderate risk to your lifestyle if this project fails. Before pursuing this idea, we would recommend speaking to at least 50 prospective customers (B2C) or 20 prospective customers (B2B).
</aside>
<aside> ➡️ 10 or more
You are taking significant risk in taking on this idea. Before making any drastic decisions such as putting down a large deposit on an app build or quitting your job, we would recommend doing significant validation research first. This should use a range of validation methodologies which include collecting both quantitative and qualitative data.
</aside>
For more advice on this, contact a team member at Mayfly Ventures here.