VoIS (Validation of Idea Service) is designed to Quickly Ensure if the Idea that you intend to pursue is Worth it or Not
It is great that you have thought of an idea that you believe has merit for a successful business. Your idea can be ‘original’ or ‘an adaptation of an existing product/service in the market that you believe you can do better’.
No matter how inspired you are about your idea, it is better in your own interest that it is validated before you take it any further.
You would be aware that your idea needs to be developed into an offering before it can be made available to your potential customers. That by itself would involve investment of time, money and other resources. Having developed the product/service, you need to again spend time and money to reach your customers. If at the end of all these, you figure out that there is no response from the market, you would have wasted all that time and money for nothing.
A study of startup failures has identified ‘lack of market need’ as the biggest reason accounting to 42% of the startup failures.
Also read Kevin’s experience of realizing that there was no market for his offering after spending a full year & more and the money from his investors. His biggest learning was ‘validate, validate & validate’.
So by having your idea validated at the initial stages, you would save tons of time, money and effort that would have been otherwise spent in developing the product and taking it to market.
Equally importantly, you would not have to suffer the frustrations of seeing your efforts go in vain
Startups or individuals who have come up with an idea that they want to pursue to create a successful business
Validation of Idea Service is done by having an interaction with the Founder(s) or the individual(s) with the idea , either personally or via a skype call, wherein questions are posed on various aspects of making that idea work.
At the end of the session, which could be from 45 minutes to a couple of hours, the person with the idea will be clear whether
- The idea has merit in the current form in which case he/she can pursue it with full vigour
- The idea can work with some alterations or changes. He/she then works on those changes and then take it up further.
- The idea is not viable enough to pursue. In this case, the person drops the idea and looks for something else that would work.
There are many resources and mentors available to get my idea validated. Why should I use VoIS?
Congratulations at the outset to you for choosing to validate your idea before committing further resources. That is a huge breakthrough by itself.
If there are resources and mentors who can help validate your idea, like you have mentioned, you might want to ask a few questions like what is their track record in validating ideas? Have they personally been through the process of building offerings based on ideas? Who else have they done it for? If you are convinced that getting your idea validated by them is worth it, please go ahead
To answer your specific question on why VoIS,
- The Principal Consultant behind VoIS, Badri, is currently a Mentor at Founder Institute where he interacts with entrepreneurs on a regular basis on their ideas and on taking them to market.
- IIT Madras had recently invited him as part of their e-Cell Startup event to review the ideas of their contestants and refine their pitches to investors.
- Badri addresses communities of Students and entrepreneurs wherein he invites ideas from the participants and validates them on the spot. He recently did a program at VIT Chennai where a few ideas were validated during the session itself.
- He writes regularly on different aspects of businesses and many of his articles have been featured by LinkedIn.
Are there any charges for VoIS? If so, how much would a session of VoIS cost us?
Certainly VoIS is a charged service.
A session of VoIS where the person with the idea meets up with Badri or interacts with him on skype, would be charged at Rs.5000 (plus applicable taxes)
Why is it so expensive?
If you think that the time, money and the effort that you would have saved by not working on an unviable idea is not even worth Rs.5000, then there is no need to get the idea validated in the first place.
I can get my idea validated for free. Why pay you?
If you believe that the person who has the credentials to validate your idea is willing to spend the time and the effort to do it for free, then you are free (pun intended) to approach him/her.
What is the guarantee that you will not steal my idea and get it developed yourself?
- We’re not in the business of developing products and hence the possibility of converting your idea into a product does not arise.
- If your idea is so fragile that anybody can implement it or so unique that nobody has thought about it, then it is better that you don’t approach us for Validation.
- You may want to read Kevin’s approach of not disclosing his idea and how it cost him during the product development, subsequent launch and failure.
Please send an email to us with the subject line "We are interested in VoIS" and we will respond to you shortly