Thu, 13 October 2022
The Vision Problem
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
In turning your startup idea into a product you’ll need to avoid the vision problem.
The vision problem is having a product or service in mind and then trying to build and launch it as your initial product.
Big vision products take years to develop in most cases.
It’s not practical to build your fully envisioned product in one go.
You’ll need to break it down into steps and stages.
The first product you build to enter the market will be a greatly reduced version of your vision.
This can be hard for some founders because they want the envisioned product now.
This often leads to founders trying to raise outsized amounts of funding.
In essence, they want to pole vault over years of development by raising capital.
Even if they could raise that funding, it’s most likely that they will end up building the wrong thing.
Take the envisioned product and break it down into smaller steps.
Make your first product small and simple so you can enter the market.
Then grow the product from there to the full vision.
Create a roadmap of products showing how you grow from one product to the next in a logical fashion.
Avoid the vision problem and work on a product development path that uses customer revenue to help achieve the vision.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
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