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Market Validation

One of the most important reasons why new ventures fail is because there is not sufficient demand for the solution, i.e. you have built the wrong thing.

Test your assumptions

To avoid the risk of building something nobody wants, Mogul offers market validation.

Market validation is a structured process of testing assumptions about your new product or service on real-life prospective customers before committing precious resources (like your time, money, and effort) to developing the product.

Mogul’s market validation process is based on Eric Ries’ classic business book The Lean Startup. This methodology is used widely – not just in Silicon Valley, business incubators and startup weekends around the world, but also large corporations, governments, and not-for-profits across all industries.

The benefits

  • Market validation is required whenever you have a new idea that needs to be tested before you commit resources to developing it.
  • Establish a genuine demand for your business idea
  • Assess competitors and the alternative solutions that your customers are already using
  • Make better decisions, more quickly, based on hard empirical data. e.g. abandon the idea, or focus more narrowly on a particular market segment or customer pain point that competitors are not addressing well.

“Too many startups begin with an idea for a product that they think people want. They then spend months, sometimes years, perfecting that product without ever showing the product, even in a very rudimentary form, to the prospective customer. When they fail to reach broad uptake from customers, it is often because they never spoke to prospective customers and determined whether or not the product was interesting. When customers ultimately communicate, through their indifference, that they don’t care about the idea, the startup fails.”
– Eric Ries, The Lean Startup

If you have identified a pressing problem that you might be interested in solving, that’s great!

The first step is to write down a concept for a product or service that might solve this problem, then contact Mogul. We’ll help you conduct a rigorous market validation process to ensure that your venture has the best chance of succeeding.