Tue, 8 November 2022
Product Development Challenges
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Product development in a startup brings several challenges.
Here’s a list of key challenges to overcome:
Picking the right problem to solve.
There are many problems to solve so it’s important to select the right problem up front.
You’ll need a compelling solution and a means to monetize it.
Building the first product.
Many founders focus on their ultimate vision but the first product will be a greatly reduced version of it.
Look for an entry point that you can build in a short amount of time and can monetize equally fast.
Knowing your ideal customer.
It’s important to know who will buy your product and why as well as how much they have to spend for it.
Validate your idea.
Once you have a proposed product, you’ll need to test it out on prospective customers to see if they will pay for it.
Scoping the first version of the product.
The initial product should solve an important part of the problem rather than the entire problem.
It should work well for the customer.
Scope in on your product and tighten your ideal customer profile to build your first product.
With a product available to sell you can grow revenue, feedback, and a customer base that you can use to raise funding.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
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