As some of you know I am expanding the focus of this blog to include the start up experience.
According to this article in Fortune, the #1 reason founders think their company failed (by a big margin) is that there was no market need.
I am 30+ years in business, many of them working with start ups and this problem is widespread in start ups. The good news is that the people who tried, learned. The bad news is that a lot of effort goes in to creating a company or a product. With some discipline, this problem can be eliminated.
I have seen so many “technology-push” solutions… i.e. “oh we’ve got this great widget, it’s so cool. Everyone will want one.” But then (shock), everyone doesn’t want one.
I have spent years sizing markets (especially for new categories/products), understanding customer needs and developing “go-to market strategies.” There are experienced people to help you determine the size of and how to approach the market. Please ask. Here’s a local resource and a national one.
Image credit: Fortune