Validating Your Startup Ideas

Sathish Vaidyanathant: @sathivaid | in: sathishvaidyanathan

Image credits : pixabay, google images

As of 2020, there will be a huge requirement of skilled workforce all over the world

India has less than 3% skilled work-force and should answer this call for skilled labour, by the formation of the new skill expansion initiatives that can leverage it’s 1.2b population.

A sample problem and the opportunity it presents

Your idea is not isolated !

FEW OTHER KNOWNS

Problem

THE SYMPTOMS

THE MANIFESTATIONS AND SIDE EFFECTS

THE MANY ASPECTS OF

THE SOLUTION

CUSTOMERS

COMPETITORS

A rich ecosystem surrounds it.

Consider all aspects of the ecosystem while validating your idea

MANY OTHER UNKNOWNSTHE IDEAS THAT LEAD TO

THE SOLUTIONS

PROBLEM ZONE

IDEATION ZONE

SOLUTION ZONE

IMPLEMENTATION ZONE

THE IDEATION ECOSYSTEM

Diverge

DIVERGE CONVERGE

Consider ALL problems &

opportunities

Consider ALL solutions

Pick THE CORE

problems

Identify THE CHOSEN solutions

to Converge

The Problem Zone

Start With The “Why?”

Know if you are solving for a

symptom or the actual problem

“Ask FIVE Iterative Whys “

Know if you are solving for a

symptom or the actual problem

“Ask FIVE Iterative Whys “

Problem: One of the monuments in Washington D.C. is deteriorating

Why #1 – Why is the monument deteriorating? Harsh chemicals are frequently used to clean the monument.

Why #2 – Why are harsh chemicals needed?To clean off the large number of bird droppings on the monument.

Why #3 – Why are there a large number of bird droppings?A large population of spiders on monument are a food to birds

Why #4 – Why is there a large population of spiders?Swarms of insects on which the spiders feed, are drawn to the monument at dusk.

Why #5 – Why are insects drawn to the monument at dusk?The lighting of the monument in the evening attracts the local insects.

Solution: Change how the monument is illuminated in the evening to prevent attraction of swarming insects.

Understand how the problem manifests itself

THE PEN AND PAPER STEPPen Down

The problem you are trying to solve

The ways the problem manifests itself

The root cause(s) of the problem

The Solution Zone

NEEDS WANTS DEMANDS

Know what your solution solves for

BASIC NEEDS TO LIVE LIFE

NEEDS + DESIRE

WANTS + AFFORDABILITY

So that you can better identify who you are solving it for, and how they can access your solution

Identify all aspects of your solution

So that you can think of an experience, not just benefits

What assumptions are you making ?

THE PEN AND PAPER STEPPen Down

The positioning of your solution All individual elements of your

solutionAll assumptions you have made

The Ideation Zone

Respect the market. Test multiple ideas.

Have the courage to REJECT ideas that don’t work

Market’s Uncertainty > Entrepreneur's Smartness

The Best Idea ≠ The Best Idea for YOU

Do you have the resources to pursue the idea and building a solution ?

Are there other ideas that could solve the same problem ?

Idea → Idea → Idea → Idea → WINNING IDEA

Idea Breeds Ideas

When you share your ideas and seek feedback, they will breed, grow and

evolve into winning ideas

Idea + Idea + Idea + Idea = SOLUTION

Believe in “Innovation by Combination”

Pick and choose several relevant ideas to build one grand solution

It’s a GREAT Idea ≠ I’ll pay for your product

Just because you have a great idea, does not mean that someone will pay

for it.

Idea should bring value

Value > Features ; Value ≠ Price

Focus on the value you will create, not the features you will build.

Your feature sets do not determine either the value or the price.

THE PEN AND PAPER STEPPen Down

All ideas, their merits and demerits

Which ideas can work together?How does the idea make the

problem and solution meet?

The Implementation Zone

KYC – Know Your Customers

Who are my customers ? How many types of customers will I have to

serve? What value will my solution provide each

customer type? Can I quantify the value? What channels can I pursue to deliver the

solution ? How will my idea bring me my 1st, 10th and

100th customer ?

Good way to convince yourself that you have a market

Will help you assess market size for your idea

Visualize WHY they will use the product Write down names of 5 people who WILL

use your product

Build Customer Personas

Listen : Voice of the Customer is powerful TALK to potential customers Know their motivations and values Empathize with their problem/ situation Find out how they are solving the problem

today Ask open ended questions Listen to their feedback - even critical

ones Know that customers can give you ideas -

Look for that “AHA” moment Assess if they will pay and how much ?

Equip yourself with rapid validation techniques

Paper Prototypes of your screenshots Landing pages of your websites Models Combined with a good story to tell

about your product Talk about competitor products

Other Knowns and Unknowns

What are the critical dependencies What channel will I deliver my solution ? –

Web/ Mobile/ Offline etc. What risks do I foresee in my idea ? What other opportunities can I pursue with

this idea ?

When you know that you have the right idea, go and make it happen !