Hi everyone,
Some days ago, I introduced myself on this forum via this post.
As I was deeply convinced that "I found THE idea", I promised to give you an overview of the different steps I initiated. To be direct, now that I processed some steps, I'm not so convinced anymore that the idea will take me on the fast lane...
Testing the idea and evaluate if it's really answering to a market pain
1. I submitted the project to a startup studio
A start-up studio is a start-up that selects, among different ideas, the ideas that could possibly generate a monthly revenue of 10k€ to 20k€ within the first 6 months of the launch of the project. Once this first selection succeeded, they invest an amount of money to test the idea and make sure it answers to a pain in the market. If the answer is yes, a legal vehicle is set up, with a small part of equity coming from the studio, the remaining coming from my side.
This criteria for the first selection is clearly subjective as the only thing on which the start-up relies on is a small form you had to fill in. But maybe not so subjective : because they maybe have an experience in the domain you don't even know about it.
First alarm for me : my idea did not succeed the selection. So I will not benefit from their experience, their team of specialists in IT & marketing and their starting capital.
2. After this first "failure", I nevertheless decided to test the market by myself.
I created an online form with some strategic questions, submitted it to a targeted population and see if the market is reactive to this idea.
On the nearly thousand of people touched, I only received an answer ratio of 4%... which is not much and is really not helping me to ensure the sample is enough to have correct conclusions.
The survey is still running at the moment.
Nevermind, I already feel that the first answers do not abound in the right direction...
Maybe THE idea isn't THE idea.
I will let the survey runs for a couple of days and will take a decision on it's future : abandon it altogether or make some changes on basis of interesting elements that the survey will have provided me anyway.
Stay tuned
Some days ago, I introduced myself on this forum via this post.
As I was deeply convinced that "I found THE idea", I promised to give you an overview of the different steps I initiated. To be direct, now that I processed some steps, I'm not so convinced anymore that the idea will take me on the fast lane...
Testing the idea and evaluate if it's really answering to a market pain
1. I submitted the project to a startup studio
A start-up studio is a start-up that selects, among different ideas, the ideas that could possibly generate a monthly revenue of 10k€ to 20k€ within the first 6 months of the launch of the project. Once this first selection succeeded, they invest an amount of money to test the idea and make sure it answers to a pain in the market. If the answer is yes, a legal vehicle is set up, with a small part of equity coming from the studio, the remaining coming from my side.
This criteria for the first selection is clearly subjective as the only thing on which the start-up relies on is a small form you had to fill in. But maybe not so subjective : because they maybe have an experience in the domain you don't even know about it.
First alarm for me : my idea did not succeed the selection. So I will not benefit from their experience, their team of specialists in IT & marketing and their starting capital.
2. After this first "failure", I nevertheless decided to test the market by myself.
I created an online form with some strategic questions, submitted it to a targeted population and see if the market is reactive to this idea.
On the nearly thousand of people touched, I only received an answer ratio of 4%... which is not much and is really not helping me to ensure the sample is enough to have correct conclusions.
The survey is still running at the moment.
Nevermind, I already feel that the first answers do not abound in the right direction...
Maybe THE idea isn't THE idea.
I will let the survey runs for a couple of days and will take a decision on it's future : abandon it altogether or make some changes on basis of interesting elements that the survey will have provided me anyway.
Stay tuned
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