TOOL: Problem Validation
As part of our support for the entrepreneur community, Rev1 offers tools and tips that we think will be valuable to our audience. As part of the tools series, we review tips that are helpful along the startup journey.
Before you build a prototype, take a step back and evaluate your idea from a potential user or buyer or supplier’s perspective. This process, called problem validation, starts with defining your problem and solution.
Problem Validation Leads to Early Success
Defining your problem and solution are critical for others to understand what you want to do. Early on, when someone asks what your company does, you should answer with the problem your company is trying to solve. Investors are looking to invest in technology companies with the potential to address obvious problems for large markets.
A significant piece of problem validation includes defining your user, buyer, and supplier. These three audiences may be diverse and therefore require different planning, messaging, and marketing.
Use the tool below to help you define your problem and solution, and to identify your user, supplier, and buyer.
About Rev1 Ventures
Rev1 is a venture fund that helps entrepreneurs build great companies. Combining investment capital with a unique blend of services through our startup studio, we propel innovation for startups and corporate innovation teams. Our seasoned, data-driven team helps lay the foundation for scalable growth with the skills to evolve a product, sell to customers, and build the right team. Named a top VC investor in the Great Lakes Region, Rev1 manages a continuum of financial support from corporate and community partners, as well as the Ohio Third Frontier. Rev1 was named the Most Active VC in Ohio in 2017 by CB Insights. For more information, visit https://www.rev1ventures.com.