Thu, 5 January 2023
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
First principles are basic truths that cannot be deduced from any other proposition or assumption.
Founders should base their startups and products on first principles.
First principles research requires direct contact with customers to uncover the core problem.
By going back to first principles the startup founder can approach the problem from a new perspective.
This generates new products and business models not previously considered.
To use the first principle start with the customer’s problem to be solved.
What is the problem the customer faces and is it challenging enough that they will pay money to solve it?
Once you have identified the problem you must test it to see if the market is big enough.
If you have a big enough market you can ideate on a solution that is compelling enough to launch a business.
The alternative to first principles is reasoning by analogy in which one makes superficial connections between the customer's problem and a solution.
This leads to solving the wrong problem or solving a problem that doesn’t exist.
Startup founders should talk with customers directly and use first principles to find the heart of the problem to be solved.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
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