With a staggering 72% of US High School students wanting to start their own business there is no shortage of entrepreneurial spirit. With this also comes no shortage of commercial offering for startups.
A study that reviewed 101 failed startups found that 42% of startups fail due to no market need. It’s clear that good validation is a big problem that needs solving.
There is a very common thread when it comes to working with agencies, app development companies and many other entities offering services for founders.
We’ve identified 5 common issues in the industry for founders looking to validate their idea:
1/ Agencies are incentivised to sell you their product, and their products are not always aligned with your objectives.
2/ There is an abundance of educational material online, but a scarcity of execution.
3/ A lot of validation methodologies offered by companies are biased.
4/ People will tell you that your idea is good, if it means that they can get in a position to make a sale.
5/ Prices are completely out of control and often way too high for founders.
1/ We can give you an opinion on an idea, but will make it very clear that it’s a personal opinion and that you will need to test it on the market.
2/ We acknowledge that do-it-yourself methodologies can be just as effective as our program if the founder has the right skills
3/ We price our services extremely competitively. Instead of asking “How much can we charge” we ask “What is the lowest price point we can offer this at?”
4/ We never guarantee success (and if anyone does, be wary), we can guarantee that you will know better if your idea has merit or not.
5/ Our projects are separated in stages and we never commence work until the idea is minimally qualified by the market.
1/ We only create offerings that we would be happy to pay for and use ourselves.
2/ We always look for improvements and efficiency gains that can improve quality and lower cost.
3/ Always sell an outcome. Our programs are designed to answer questions, not create more of them.
4/ Offer options. Always have a free offering that works. Paid offerings will always be better and more effective, but should not be the only option.
5/ Always use value as the foundation of decision making. Focus on win-win. We ask ourselves “How does this benefit the founders we work with?”
Currently we have launched our first validation program which is very competitively priced and our short term roadmap for the coming months is as following:
1/ Launch of Concierge MVP program for ideas that qualify for this methodology
2/ Launch of a free validation kit and framework that founders with minimal budget can use to validate their idea realistically.
3/ Expand our core validation program into more niches.
Our vision is a world where any founder can have a good crack at making their idea successful.
For any enquiries, general question or if you just want to say hi, email firstname.lastname@example.org
- The Foundium Team