Do you have a tech startup idea that has been circulating in your brain for a while?
Do you have problems explaining this to people? Or when you discuss it with others, they do not understand what you are talking about. You may feel like you have an idea, but it’s not so much yet.
If you need help verifying your business idea, you have come to the right place.
I have been in the tech industry for over two decades and have five successful startups under my belt. I’m sure you can catch up on how conversations are when I’m at dinner.
Someone will always tell me that they have a great idea to share with me. For the next hour, I had to entertain the idea and tell them how great it was (even if it wasn’t memorable). We talk (they talk mostly), have a few drinks, and we become a 50/50 partner in the idea. For me, dinner parties like this can sometimes drag on.
But it still begs the question of how do you develop and validate your business idea?
This is an old-fashioned question solved in very different ways of thinking. Countless speakers shared their views on the matter. Stanford has the NABC method (Need, Approach, Benefit, Competition).
In this guide, I’m going to give you six tips to validate your business idea in a way that is exclusively provided for tech businesses and will raise money for your startup.
These best practices are based on my first experience. It worked for me, and it works for my clients who have been successful in this space.
Tip #1: Explain the Problem and Opportunity
Tip #2: Competitive Advantage Analysis
Tip #3: Is Your Idea Dependable?
Tip #4: Go to Market Strategy
Tip #5: Financial Forecast and Security
Tip #6: Does Your Business Scale?
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