Renaud and Adrian discuss something that founders of hardware startups often neglect: validating their product idea.
Founders love their idea, but is that enough to guarantee success? Will an investor buy into your pitch based on your gut feeling alone?
If you’re bringing your new product idea to reality soon, don’t risk failure – you need to get a feel for how consumers are reacting long before you go into development and mass production so you can grab the interest of investors and show them you’re the real deal, and Renaud’s going to tell you how right here…
Watch: On YouTube
- 00:00 – Greetings
- 00:25 – Pre-chat: Hong Kong has dropped quarantine and is open to visitors!
- 08:36 – Today’s topic: How to validate your new hardware product idea in the eyes of investors?
- 12:18 – The 3 critical risks faced by founders with a new hardware product idea.
- 14:01 – An example of market risk: A new energy-efficient cooking solution.
- 22:33 – What to do with the feedback from target customers?
- 25:59 – The minimum viable product for hardware startups.
- 27:54 – 2 key milestones investors use to validate a new product and the startup behind it.
- 30:07 – The Hardware Academy – a good place to get advice.
- 31:30 – No market research = Higher risk of project failure, lack of investment, and difficulty in working with the best manufacturers.
- 34:50 – Wrapping up.
- Hong Kong drops pre-flight tests and quarantine for visitors
- 8 Ways To Get Funding For Hardware Startups
- How To Develop and Launch a New Product? Feat. Liz Long [Podcast]
- Read The New Product Introduction Process Guide for SMEs and hardware startups
- Prototyping Process To Test & Refine a New Product Design
- Hardware startup founders can get a lot of help and guidance from The Hardware Academy
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