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Test before you invest

A value proposition that is poorly crafted and evidenced is the biggest point of failure and leads to a waste of time, money, and effort, says Julia Shalet. I was profoundly influenced early on in my career by a commercial director who asked the simplest questions.

I would waltz into his office with proposals for new proposition ideas, schemes to reduce costs and ways to maximise on new technologies but he never looked at any of my paperwork.

I learned to ask the simple questions and that no question is a stupid question. Fast forward 20 years and I am still asking the simple questions about value creation.

A value proposition that is poorly crafted and evidenced is the biggest point of failure and leads to a terrible waste of time, money and effort. If you want to avoid wasting your time, be clear about the value that you think you are offering and put it to the test, before you invest.

I say this not only from my own experience, I have searched the internet to find some statistics around the reasons for product failure i. e why a launched product failed to reach its success metrics customer numbers, or revenues and so on. Most stats given for overall product failure sit somewhere between 70—90 per cent.

When delving into the reasons for failure, the most commonly cited reason is failure to understand value, customer and user needs, and failure to work out what they are worth. It is never too early, in fact, the earlier the better.

Now ask yourself, are your answers to these questions based on gut feelings or do you have evidence to support what you say?

It is worth spending a little time now checking your assumptions rather than risking failure further down the line.

Armed with a well-crafted set of questions to get you those answers, start with just five target customers and see how that goes. Once you have started to gather evidence from this first group, you will get a sense of whether your assumptions are correct or whether you need a re-think.

The important thing is that you start to speak to customers as soon as you can! It is so easy to get carried away with ideas that we think are really good, to design solutions to problems and desires that we think exist. But we must be disciplined and focus firstly on those core questions.

Having these conversations face to face is super important — think about how much more you can gauge about how a person is feeling and thinking when you see their eyes and body language.

We are so good at video now, so use it! Please avoid the trappings of running an online survey, at this early stage you are assessing the depth of problems and desires, if you cannot see facial expressions, hear intonation and read body language then you are researching blind.

By the way, I am talking to YOU! You and your teams should go and have these conversations yourselves. With guidance on how to stay neutral, how to get people talking about what you need them to and how to keep consistency across your sample, I have found that most people have it in them to be a good researcher.

I have seen companies ring fence a small fund to support new idea testing and development. After all, if all development funding is in the same pot, then new idea investigations will always lose out to live product investments where the ROI will look far more positive.

I have seen companies set up innovation programs, incubators and competitions, paying expensive innovation consultants to help them along the way.

But I believe that the best way forward is to make idea testing part of daily life. If all your teams are empowered and enabled, this becomes part of the fabric of your organisation. Having this ring fenced pot of money shows people with ideas that it is possible to move new ideas forward and that it is all worth the effort.

When you are ready to formally work with Costello Financial Planning, we will go over the next steps and paperwork. cfp costellofp. Test Before You Invest. Schedule It On Our Calendar!

Be Confident In Who You Hire As A Financial Advisor! Test Before You Invest - Our 3-Step Process: Minute To One-Hour Introductory Call Send Financial Information- High-Level Thoughts Commitment.

Complimentary Service From Costello Financial Planning. Introductory Phone Call Talk to a real person who will be working with you.

You will be able to ask us questions and we will learn more about what got you here today If you want to continue the conversation, we will schedule another meeting where you share your financial information and we will help analyze it and give you some quick wins.

This class introduces you to the Test Before You Invest philosophy using the invaluable Business Model Canvas (BMC) tool that will Armed with a well-crafted set of questions to get you those answers, start with just five target customers and see how that goes. Once Investing means a. putting your money to work earning more money. b. saving your money. c. keeping your money safe. 9

Test before you invest: How to do market research as a startup

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Test before you invest - Based on the Rule of 72, if you invested money and earned 6% interest, your money would double in a. 12 years b. 72 years c. 8 years. 3 This class introduces you to the Test Before You Invest philosophy using the invaluable Business Model Canvas (BMC) tool that will Armed with a well-crafted set of questions to get you those answers, start with just five target customers and see how that goes. Once Investing means a. putting your money to work earning more money. b. saving your money. c. keeping your money safe. 9

This information will help you recruit research participants later in the market research process. You can document these findings by creating your startup's buyer personas or customer profiles.

Start by working out who your ideal customers are and where to find them. This includes demographic data, challenges, and motivations that lead them to search for a product like yours. Next, choose how you want to collect your primary data and market insights.

Different research approaches enable you to go into varying levels of detail to align with your priorities and research goals. In addition to these traditional market research methods, you may want to consider other emerging research approaches , such as using chatbots, virtual reality, or eye-tracking tools.

Keep your overall goal in mind so that your research stays focused and gives you the best chance of providing relevant, usable market insights. These questions will help you get a feel for the size of your target market.

For example:. But if your market research is to convince investors, you'll want to focus on the strengths of your startup according to your existing audience.

Be careful about accidentally asking biased or leading questions, as this will bias your data. Also try to keep each question simple enough for participants to answer accurately. Next, you need to find people to participate in your interviews, focus groups, online surveys, or other types of primary research.

There are several ways to do this:. Putting together an online survey for your market research? Secondary market research looks at all the existing market data and research, such as government data and industry-specific research reports. They often cover market size and industry trends.

It helps you assess the size of your target market and can help you identify direct and indirect competitors. It's also helpful for emerging startups with no existing customer base or substantial budget to rely on for primary research. Get to know the market you fit into by collecting publicly available data on your industry, market, and competitors.

There are many reputable data sources, such as government research and the census bureau. You can also use Google Trends to see how interest is changing in a particular topic or type of product over time.

This publicly available data will help you understand the size and scope of your target market and identify the opportunities it offers for your startup without investing heavily in conducting large-scale industry research yourself.

There are lots of existing reports about the state of your industry that you can check out to learn more about the market you want to move into. These may be produced by independent companies like Gartner, Forrester, or other companies in your space.

You can find lots of industry reports online. Statista , for example, produces in-depth reports on different industries, covering market trends, overviews, and revenue. Collecting data from primary and secondary research is just the first part of your market research.

He has training in the Internet of Things IoT industry, acquired through a postgraduate program in Industry 4. Currently, he is the Technology and Innovation Manager at GRUPO SALTÓ, where they are developing the SOMCare product. This product aims to improve the quality of life for elderly individuals living alone through a technological platform and a social robot capable of connecting with health devices.

Alba's dream has always been to contribute to elevating human well-being through architecture and to help people turn their dreams from the world of ideas into the tangible world. With this purpose in mind, she co-founded Mendezdelpozo Architects in alongside Miquel del Pozo.

This project ended in , transforming into Qualia Studio, an architecture and consulting firm specializing in neuroarchitecture. Additionally, she holds an MBA from ESADE and serves as a board member of Arquipensiones S. Her ongoing research and training in Neurosciences applied to architectural design at the University of Venice have allowed her to stay updated with the latest developments in neuroarchitecture.

Xavier Herreros Torrens has been devoted to the high direction of companies in the food sector for more than 20 years. He has been the Director General of Paellador Group since He studied a Bachelor Degree in Chemical Enginiering at IQS in Barcelona.

He has Master Degree in Bussiness Administration MBA with ESADE. He has been specialized in High Management of Companies of the Food Sector by San Telmo Bussiness Shchool.

Industrial engineer and project manager with over 9 years of experience in RDI activities, with special focus on public grants and innovation programmes. He joined the DIH4CAT digital innovation hub for Catalonia in leading ecosystem building activities and the Smart Connectivity node.

As part of the project activities, he took over the coordination of the DIH task force within AMETIC with the objective to generate synergies among partners in the task force, rise awareness about the EDIH network at national level, and support SMEs in accessing the programme services.

Green and Digital Strategist and Skills and Future Competences Programme Manager at Transilvania IT. Currently serving as Senior Project Manager at Transilvania IT Cluster by ARIES Transilvania and expert consultant on peacebuilding and conflict transformation, education and development cooperation, Andra works on strategic programme design, capacity building, intercultural intelligence, policymaking and organisational and civil society development from mainly the perspective of collaborative leadership, innovation and conflict transformation.

Her passion is to create environments of personal, organisational and societal strategic and systemic learning and development, and this only sounds complicated it is only complex and at the same time extremely feasible and magically rewarding when there is a will.

Policy Officer at European Commission - DG Research and Innovation, Unit Valorisation Policies and IPR. Iphigenia has many years of experience in research and innovation policy, in fields such as SMEs, social innovation, industrial and digital policies and science advice for policy, and holds a degree in IT from Athens University of Economics and a Doctorate in economic geography from Oxford University.

My career focuses on multi-disciplinary interoperability, open innovation, and regulatory learning. The underlying interests include i research on public governance and citizen science, ii policy, especially digital transitions, Responsible Research and Innovation, and public sector reforms; and iii the uptake of emerging technologies, including virtual worlds, artificial intelligence and others.

Since September , I have been working as a scientific officer for the European Commission's Joint Research Centre JRC , where I was already employed for three years as a post-doc and six months as an intern Before re-joining the JRC, I worked at the European Environment Agency EEA as project manager for the Shared Environmental Information System SEIS.

In my early career, I spent ten years with the Institute for Geoinformatics IfGI of the University of Muenster - where I completed my diploma and PhD studies in and , respectively and contributed to numerous national and European-level research projects in the area of geospatial information science.

At IfGI, I was employed as a member of the Münster Semantic Interoperability Lab MUSIL and between and I also worked as technical consultant for Geospatial Partners s. Among other, I am council member of the International Society for Digital Earth ISDE , Advisory Board Member of the European Citizen Science Association ECSA and of the Geo-for-all initiative, co-organiser of several scientific symposia, and have authored and co-authored more than publications in the fields of next-generation knowledge infrastructures, semantic interoperability, and citizen science.

Thursday 21 September Digital Transition Living Lab Transition: Methodologies and Impact. CVC — UAB ENoLL , Fernando Vilariño Interiors Living Lab ENoLL , Jaisiel Madrid ACCIÓ — Catalan Government EEA.

SUR 9. Test-before-invest Part I : The role of Living Labs in the Digital Innovation Hubs and Industrial Clusters. Provide an initial examples and roadmap for citizen centric knowledge valorisation in the context of test-before-invest.

Propose clear examples of the benefits of the test-before-invest approach implemented with test-beds, sandboxes and living labs, used as regulatory learning tools-.

Provide a starting point for the creation of a working group session during the networking session. Fernando Vilariño Associate Director at the Computer Vision Center and Associate Professor at the Department of Computer Science UAB.

Fernando Vilariño Associate Director at the Computer Vision Center and Associate Professor at the Department of Computer Science UAB I give lectures about Artificial Intelligence, Robotics and Multimedia Systems. Sandra Pérez Head of Industry 4. Alba Quer Enterprise Europe Network Team Leader.

ACCIÓ, Generalitat de Catalunya. ACCIÓ, Generalitat de Catalunya In charge of the ICT sector companies within ACCIÓ, the Catalan trade and investment agency based in Barcelona which helps businesses boost their competitiveness through innovation and internationalisation.

Marta Sánchez Bret Cluster Manager, Mental Health Cluster. Anna Lopez Cluster Manager en KID'S CLUSTER. Anna Lopez Cluster Manager en KID'S CLUSTER Executive MBA with several years of experience directing strategic projects in marketing and communications, business development and internationalisation in several sectors.

Jordi Cabau Innovation CTO Group Saltó. Jordi Cabau Innovation CTO Group Saltó Jordi Cabau is a Senior Electronics Engineer with a Master's in Information Technology Management from Ramon Llull University.

Alba Méndez García Co-founder Qualia Studio. Alba Méndez García Co-founder Qualia Studio Alba's dream has always been to contribute to elevating human well-being through architecture and to help people turn their dreams from the world of ideas into the tangible world.

Xavier Herreros Arrusé Group. Director General. Director General Xavier Herreros Torrens has been devoted to the high direction of companies in the food sector for more than 20 years.

Pau Pamplona Senior Project Manager, i2Cat.

Companies Product sampling opportunities public institutions can test the technologies they would like to use in the business process Order Request Form incorporate them into the services beforr. Tech Unvest Catalogue. The testing Test before you invest usually starts invesy meetings between sales and the customer. Director General Xavier Herreros Torrens has been devoted to the high direction of companies in the food sector for more than 20 years. They measure production capacity, determine air demands, and evaluate the material recovery and purity. It is important to install the right equipment to sort the planned material stream to optimize return on investment ROI. Before you jump into your market research, you need to agree on its purpose.

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