The Acid Test of Startup Ideation
It’s easy to generate startup ideas.
It takes work to research and validate them.
Once you qualify an idea apply the acid test to it.
The acid test is can you set up a repeatable process for generating revenue with it.
Create a low-cost, simple version of the product you can use to test it.
Build a landing page on your website and then use a small amount of money to buy online ads and drive traffic to it.
Track the number of people who come to your page and how many clicks through to buy.
Track how much express interest in buying your product.
If you can provide a version of your solution at this stage fulfill the sale.
Communicate with the prospect to answer their questions and learn why they are buying your product.
This is a great way to learn how to improve the product.
Track the conversions to purchase.
Run this process again and see if you get the same results for traffic, click-throughs, and orders.
If you can show a repeatable, predictable process then you have the core of a working business.
You can test different price points and product positionings to improve it.
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.
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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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.