4 steps to quickly validate your startup idea!

Here are a couple of ways in which you can quickly get to know the market buzz, investor interest and competitive index.


One of the harder things to do when you have an idea is to figure out whether it is going to be worth the time and effort you need to put in to make it get somewhere.


Building something that nobody wants is one of the top reasons why Startups fail.



Excube360

Need to check how good your idea is?excube360 gives you a data driven answer, in the form of an easy to understand set of indices. With clear next steps.


Trying to figure out who you compete against? excube360 gives you a list of global competitors you need to watch out for. And you can research them deeper through a report.


Wondering if you should approach investors now, or wait? excube360 tells you just that.


Here’s an example of what it returned for Gridle for when I entered Productivity, SaaS and Enterprise as tags. You can try out for your industry, key-words and check-in a number of different configurations to get an accurate answer & a direction to move forward with your idea/research.


HackerNews


Hacker news is an amazing way to get feedback. It’s a community of people passionate about disruptive technology. Putting up a question describing your idea over there will yield you great deal of informative & quality feedback.


Here’s the link of the feedback that Drew Houston got for when they were building Dropbox back in 2007.


Landing Page

Build a landing page to explain what your product or service does and then put up a sign up form. Monitor conversion rates and aim for >5%



Steps:

  1. You can use quickmvp to set up a simple landing page that explains your product or service. Cost $0 and takes up about 5 mins

  2. You can use Mailchimp to set up a sign-up/subscriber form for people who visit your landing page. Costs $0 and takes up about 10 mins.

  3. You can use Mailchimp to set up a sign-up/subscriber form for people who visit your landing page. Costs $0 and takes up about 10 mins.

  4. You can use your own social media: Fbpages, Linkedin Groups and Google Groups to drive traffic to your landing page.


Research the funding trends


If you are looking for Funding, great! If you are not, studying funding trends give you a great idea of where the money is flowing. They typically provide with a strong indicator of which areas does the market believe is going to be worth while. You can look at Angelist’s investor report to figure out how your domain is doing in the financial markets.


In Conclusion,


Try and get rid of your confirmation bias. Don’t bull-shit yourself in the mirror.


There’s nothing that beats the old school talking to your potential customers and trying to understand whether they will be willing to pay for your solution or not. It’s tedious, tiring and time-consuming; but is the most effective way to go about ill. All the other ways will only cement the results that you generate through the good old-school conversation over a cup of coffee.


Also, apart from running a Productivity platform, I run a startup weekly which delivers the best that the web has to offer around startups & entrepreneurship; right into your inbox. If you like, do subscribe.



Cheers & wishing you all the luck,

-Y

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©2021 by Yash Shah