Why validating your startup idea can save you millions

Having worked with hundreds of startups I have heard countless tech startup ideas. And the one question I’m always asked is: “Do you think it’s a good idea?”

But here’s the thing: whether or not I personally think an idea is good doesn’t matter. The only way to truly validate an idea is to test it with real customers. And unfortunately, many startups fail because they don’t take the time to do this crucial step.

Most startups fail because there’s simply no market need for their product or service, that’s a lot of wasted capital. If those startups had validated their ideas before developing software, they could have saved millions of dollars.

That’s why we’re firm believers in validating and testing innovations before investing significant time and money. And this is a practice that should be embraced not just by startups, but also by large businesses developing software for internal use or customer-focused purposes.

Innovation should be embedded into the fabric of a business, creating an environment where curiosity is encouraged, data trumps opinions, and ideas from all levels of the organisation are valued. This means breaking down barriers and giving employees autonomy to think and work in new ways.

Validating ideas is all about being experimental and creating a culture that supports it. So, what do you think? Are you ready to embrace a more experimental approach to innovation? Let us know – we’d love to hear from you.