One of the most effective ways to check that your product will resonate with the intended audience is to create a proof of concept. Being the founder of a startup, you just can’t afford to take unplanned risks. It answers the big question: whether you can proceed with the hypothesis or not?
? ❛ According to CB Insights, 42% of new small businesses fail due to a lack of market need. 17% of teams face problems related to products that aren’t tailored to user requirements or ones based on poor business models. ❜
Well constructed proof of concepts are designed to achieve these three things:
● Verify that solution solves the problem you’re attempting to address.
● Confirm that solution is valued by your future customers.
● Determine whether or not people will pay for your solution.
? Read further to understand in detail, what Proof of Concept is, why it is important and what is the best way to approach it.