Build, measure and learn.
That’s a good idea, but just how good?
The origins of business ideas are many and varied, and we’re excited to hear about yours! You’re probably talking to us because your idea has some kind of digital element to it.
While we’re really good at bringing digital products to life, we’ve learnt through experience that there are many ways to validate a business idea, and not all of them involve building software.
The purpose of Validate is to use smart, lean ways to find the special sauce in your idea. Once we help you find a solution and appropriate business model, you can focus on software and scale. But for now the focus isn’t software, it’s validating an idea.
BENEFITS OF VALIDATE
We work with you to clarify the business model for your idea, uncover the riskiest assumptions that underlie this model, and articulate the experiments or tests we need to run to turn those assumptions into understandings.
Your business depends on this one thing, and getting the answer to it in the fastest, cheapest way is what Validate is all about.
HOW DOES IT WORK?
We start off by putting together a ‘Lean Canvas’ for your business as a way of thinking through things like:
- The problem you’re solving
- The ways you’re solving it
- Whom you’re solving it for
- How you’re going to find your customers
- Costs and revenue streams
Writing this down enables us to get to the underlying assumptions that we need to test, and to identify the riskiest parts of the plan for your business.
We then move into a process of working with you to design and build experiments that test these assumptions while keeping costs as low as possible. We’ll then implement the test to collect data and analyse what comes back so we can learn from it.
This is often called a build-measure-learn cycle, where what we learn informs the next experiment we build and then measure.
SO WHAT DO I GET AT THE END?
You’ll get clarity around whether your idea could be a sustainable business, as well as focused steps for what to do next.
Typically this means you will come out with one of three outcomes:
1. Although you had a great idea, it is going to be too difficult to turn it into a sustainable business. You might decide to turn your attention to another one of your ideas.
2. Your idea looks like it could be a business, but not a digital one. When this happens, we wish you well and can point you in the direction of people that can help.
3. Your idea has legs as a digital business, you have a start-up in the making, and you’re ready to start building a digital product.
If we get to the point of verifying you have a digital business in the making, you’ll have a good starting point for what it will look like. Together, we’ll have built a shared understanding of your idea, your business model and solution, something that is invaluable if you continue to work with us in building your product as part of our Create service.