How to validate your startup idea: validational strategies
It's time to get back to your solution and look at it in more details. By now, you should have a clear overview of what you are doing, how you are doing it, why you are doing it and for whom. You should also have a first validation of your Business Model and the need for your solution. You can now take the next step and start validating your product & market to achieve a Product-Market Fit. This sections will cover the following topics:
What kind of different validational strategies exist (i.e. website, prototype, MVP, and more!)
What exactly they mean and involve
What the differences are between them
What kind of tools you can use to build them
Why they are important
Tips on how to create them
What are the different Validational Strategies?
As mentioned before, there are two types of strategies: market-oriented and product-oriented strategies. Additionally, we can distinguish these strategies by functionality. For example:
A prototype is a non-functional visual representation of your product
An MVP (Minimum Viable Product) is a functioning product but only with the minimum required functions.
Many confuse prototype and MVP but to keep definitions clear, contrary to an MVP that can actually be used by the customers, a prototype is only a representation, without functionalities at this point. Depending on the complexity of your solution, you might be able to directly develop an MVP, or something functioning.
Below, Framework: Validational Strategies provides an overview of different tools you can use for validation. Let's get into more details about these different strategies. Keep in mind that these strategies are non-