Often when people come up with the next big idea they think they need to immediately go out and find a developer and start building. “It is a race to market and we need to get this out” I am often told when clients first meet with us. Although it is true that you want to get to market fast, what is the point in releasing a product if nobody wants it. You need to learn about your market first.
Are you solving somebody’s problem or your own? There is a valid reason to solve your own problem but more often than not that problem is shared with exactly nobody. It is important to get out there and ask for feedback on your idea, tell people what you want to build and find your target market. When you come up with a cool idea in the shower, it probably needs some scrubbing first.
There is no sense in throwing away $50,000 when you can spend way less building exactly what your customers what. This is all about building that minimum viable product (MVP). We recently talked about this on the Innovation Alley podcast.
Thinking Big, Building Small
Geofy by Michael Farris is the best example of this right now on Innovation Alley. Michael has been working in Startup Winnipeg Site B for a month now and we have just started talking about writing code. Michael has spent a lot of time thinking about the important stuff.
- Market size
- His customer
- Differentiating features
- What is event technically possible today
I have worked on projects that didn’t even consider this stuff before beginning and after sinking almost $100,000 into the project they turn around and think “Oh Shit”.
We’ll burn that bridge when we get to it … – Michael
When it comes time to scale your business, you will be happy that you took the time to plan and validate before building a pile of crap that you need to sort through. Proper planning is key to building a successful business.
Learn more about Michael and Geofy!