10 Secrets ofLean Market Validation

How to Rapidly Validate Your Idea with Real Customers

Jim Semick, Founder @jimsemick

University of California

Santa Barbara

Lean Market Validation Does your idea solve a problem?Can you find potential buyers?

Is there a market?

Does anyone care?

This is Carol.

Real name, true story, fake picture.

She searched for a solution.

She found it and signed up.

What Carol Didn’t Know

The website launched one day prior

It took one hour to build and cost $0.

…Oh, there is no product and the company doesn’t exist (yet).

We Asked Carol

“Why were you looking?”“Why would you use this product?”

“How would it make your job easier?”“What are the minimum features?”

Carol bought the REAL product when we launched.

10 Secrets for Quickly Validating Your Idea

1. Write Down Your Product

Concept …

Who is your customer?What are

their problems?

How do you solve those problems?

Key Features?

Don't waste time agonizing over details.

2. Decide.

Think like a scientist: Most of what you write down is an ASSUMPTION

(and may be wrong)

3.

4. Find the truth by getting out to test your assumptionsFind people who have a problem.

5. Start with your network

& your mentors’ networks

*or stalk people at Starbucks

6. Interview them.

7. Ask “Why?”

Ask LOTS of open-ended questions

8. Find the “Value Proposition”

Time savedMoney savedMoney madePain relieved

9. Liking your idea is not the same as buying your product.

Challenge them (politely).

#10

Jump off the cliff and have fun!

Validation sounds hard – but building a real product is harder.

Validate before you build.

@JimSemick

ProductPlan.com/blog

Thank you!

You Can Do It!