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It is critical for companies to continuously validate
their beliefs about the overall market and their customers,
to ensure they have a sustainable business, develop
the right offerings, and position the company and
products appropriately.
Problem
Early-stage companies typically do not have the benefit
of many ongoing customer relationships for product
validation and refinement. They can only make educated
guesses from readily available market research or
talking with potential customers, partners or industry
analysts about their proposed offerings. This is typically
not enough to build a solid business plan, make financial
projections, raise capital, refine offerings, or be
confident about how to best position the offering
to the target market. Early-stage companies often
rule out customized research because it can be time
consuming and expensive.
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