Validation is the process where the entrepreneur checks if the product or service is of interest or not. It involves a series of customer interviews that is conducted before a company has made any investment in the product or concept.

What is it important to validate your startup idea?

When new ideas are launched, it has some unpredictable elements. Thus, if anything or any step goes wrong, whole plan will fail. Due to this reason, it is important to validate your idea as it reduces the risk of failure, minimizes the cost, and speeds up the delivery of the service in the market. Its purpose is to make sure that your idea has real demand in the market, otherwise it may become just another cool idea.
Easy Steps to Validate Your Idea

When it comes to launch a new business idea or services, idea validation is highly recommended to reduce the risk of failure. Though there are multiple ways to validate an idea, the overall process is easy and time-saving.

I. Define your goal: Like any other activity related to idea management, market validation for startups begins with defining goals. In the mentioned stage, entrepreneurs have to decide what are the resources or services they wish to validate. Go through the problem, its solution, features, business model, and in end decide the price of the offered product.
II. Develop a hypothesis: Once you are done with defining the goal for validation, in the second step, you will have to develop a hypothesis based on your goal. This is the most critical assumption as it often includes a prediction.
III. Experiment and revise: In the third step, conduct various experiments to check whether the launched product will meet the customers requirement or not. Your motive should be to develop cheap and fastest way to test the product. Following are the three ways to perform an experiment:
 Building an MVP (Landing page or Email),
 Interview or survey,
 Organizing various advertising campaigns.

i2MF is the trusted centre for startup idea validation with many years of experience in this field. It is an excellent initiative to support young entrepreneurs, which helps them to clear their doubts and start their entrepreneurial journey smoothly. The programs taught in the session are designed by successful serial entrepreneurs and investors. This will help you to learn, apply and grow yourself and your company effectively.