To Pursue or Not to Pursue
With the tech startup industry booming, it’s easier than ever to pursue a new tech idea and get it off the ground. But how do you know if your idea will turn into a successful business? And how can you tell if it’s really worth pursuing your idea in the first place?
The global tech industry is expected to grow 4% by the end of this year, reaching $3 trillion. And, reports suggest this is more than other European countries, with France said to have been the second highest investing country with £2.4bn ploughed into tech ideas.
It’s clear that there is an incredible amount of potential in tech-based ideas and if you have a viable idea, with the right collaboration and backing, you stand to make a real mark.
But, like any budding innovator, the train of self-doubt can roll into your mind at anytime, making you wonder if you should pursue your tech idea at all. Will it be good enough to turn into a fully-fledged business? And will it even work on a fundamental level?
To help you decipher whether your tech idea is worth pursuing, here are few top tips that will give you the confidence to take things to the next level:
Do a ‘gut check’ on your idea
As today’s consumers make many an instant decision on a product or service, gut feeling and reaction on a developmental level is incredibly important.
Once you’ve developed a few versions or takes on the early incarnations of your tech idea, take them to a forum of trusted colleagues or acquaintances to which you might target your efforts.
Document all gut reactions when presenting each idea and focus on the one that receives the most positive feedback, also drawing from the overall negative feedback.
If the pros outweigh the cons you have something worth working on — you’ll also have insights on how to improve your idea for the better.
Develop a prototype
Make sure you are building the right ‘it’ before you build ‘it’ right.” — Alberto Savoia
Once you’ve carved a clearer path for your idea, you will need to think about road testing it.
To do so, a cost-effective solution is to design a prototype of your idea, service or product. Not only will this help you explain your idea in great detail, but it will also allow you to test elements of its UX potential, allowing for more detailed feedback and insights.
If your idea has potential from the start and works in principle, you may well be onto something.
The big road test: seek the feedback from piloting
Once you’ve decided your tech idea is potentially worthy enough to push forward, you should go about making a more defined working version of your prototype for testing — using the insights you gained from the initial prototype stage.
Of course, the feedback you get from trusted friends, family and colleagues, fellow entrepreneur is vital, but to ensure your idea truly has legs, you should ask the market to test and examine it through pilot, testing or else..
Once your product or service has taken shape and you gained constructive feedback, you will have a reliable gauge on whether you should start your journey towards taking your idea and turning it into a fully-fledged business venture.
Along the way, you should always consider these key elements too:
● Does your idea solve a real problem ?
● Does your idea disintermediate an existing business model ?
● Does your idea offer genuine value to your target audience?
● Is your idea affordable and sustainable?
● Will your idea ride the crest of a wave in terms of trend (is the timing right)?
● Do your offer something that is different from your competitors?
● Is the market large enough ?
John Mullins’ book, ‘The New Business Road Test’ described a model to test an idea around seven domains. These five are the most valuable:
● Is the market attractive?
● Is the industry attractive? At both Micro and Macro levels?
● Does the opportunity fit the team’s business mission, personal aspirations and risk propensity?
● Does your team have the ability to execute on the critical success factors ?
● Does your team’s connectedness stack up, down and across the value chain?
Take into consideration the above factors from the start, and you have every chance of turning your budding tech idea into a game-changing, money-making reality.
Oh, and always remember…
“Technology is anything that wasn’t around when you were born.” — Alan Kay
And if you need help along the way, we have a host of solutions, capabilities, platforms and solutions that will provide you with the level of success you deserve.
