Learn how to validate your startup idea. Discover a framework to evaluate your business idea early on, to avoid wasting time and money on false starts.
- When entrepreneurs pitch me, I'm often looking for whether they're passionate about what they're doing, or obsessed about the business that they're trying to create. I'm interested in working with entrepreneurs who are obsessed about what they're doing, who were put on this planet to actually go after a problem with all of their energy for a long period of time. I'm Brad Feld, I'm a partner at a venture capital firm called Foundry Group. I'm also a co-founder of Techstars, which is a global network that helps entrepreneurs succeed, and I've been helping create and invest in companies for over 30 years.
In the hundred of companies that I've been involved in, one of the things that I've learned over and over again is that the chance of success in building a very large business is directly linked to the amount of energy and thought you put into making sure you're going after the right opportunity, an opportunity that you're obsessed about and that you're willing to put a huge amount of your energy behind, and knowing how to then take that from this initial idea, which is nice but isn't really where the opportunity lives, into the product and into the market and into, with customers, where all the action happens.
- Define “shiny object syndrome.”
- Identify your customer’s pain.
- Determine the scalability of a product.
- Recall the best time to initiate customer acquisition.
- Review the differences between a passionate employee and an obsessed employee.
- Recognize the benefits of domain experience when building a founding team.