But how do you do market validation? This week we spoke with Urko Wood an expert in growth strategy and innovation who helps companies determine where to focus and what to do to drive growth through innovation.
Urko, how do you validate a market?
It all depends on what you mean by “validate a market.” There are two different kinds of market validation. There’s validating the market demand and then there’s validating the solution. These are two very different things and, consequently, how we go about them should be different, too. I see a lot of large companies and startups fail to make this distinction all the time and, consequently, they fail with new products because they’re going about the market validation and innovation process all wrong.
Can you tell us more about these differences and how you would go about validating the market in each case?Continue Reading..