Challenges in Product Development

Product development brings many challenges to the startup.

Here are some key points to watch out for:

Funding takes time to raise so focus your product development on MVPs and draw as many lessons to be learned as you can from each one.

Building a product that actually solves the customer’s problem is a key challenge.  Keep the big picture in mind and continue to use customer feedback to guide development.

Hiring people takes time so make sure your recruiting keeps up with your development plans which often require new hires.

When things don’t go as planned make sure you have thought about alternative paths. 

What if sales aren’t what was forecasted?  What if the customer doesn’t adopt the product as expected?  

Have a plan for each situation. 

Competition can change your company’s position with the customer.  

Research your competition and keep up with their progress.

Planning ahead will help you overcome these challenges when they arise.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

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Disclaimer:
Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.