That’s a key commitment our entrepreneurs make when they join the LaunchPad program. And it is the key to succeeding. The concept is simple: Before you assume your idea is good you go outside, talk to as many prospective customers as possible, and use their input to define and improve your business model. And you are expected to report on your progress, with specifics, each week in the class. It’s hard work.
But that hard work is far more likely to result in success than simply guessing that the world wants your widget just the way you envisioned it. And over the course of the program you’re going to have talked to hundreds of people. That means that if you stick with it you’re going to have your pitch down and your product refined to the point where it is marketable. And you’re very likely to find mentors, early adopters, and even paying customers, in the process.
It’s important to stress that there is no selling during the LaunchPad. You describe and listen, refine and show. You learn about the product, the market, the revenue models, the channels for distribution, the costs and a lot more. It is going to be intense but we think it is going to be incredibly rewarding too.