Everyone knows that most startups fail.
Year after year CB Insights survey publishes a survey that does post-mortem analysis on failed startups.
For many years in a row now – the top reason is:
“No market need.”
Bad product, lack of funds, and pricing are in the top 5 but not the top most.
This is telling.
Many founders get excited about the idea, product, fundraising, promoting themselves and the product, but not enough time learning from the market and customers.
The key thing often missing is validation.
If I learnt anything in the last 20 years working in and with startups it is this.
Founders must VALIDATE:
- the problem
- solution approach
- whether your solution works
- target segment that has the urgent problem
- price point
- GTM strategy