Startup Funding Espresso Product Development Challenges
Product Development Challenges Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Product development in a startup brings several challenges. Here\u2019s a list of key challenges to overcome: Picking the right problem to solve. There are many problems to solve so it\u2019s important to select the right problem up front.\xa0\xa0 You\u2019ll need a compelling solution and a means to monetize it. Building the first product. Many founders focus on their ultimate vision but the first product will be a greatly reduced version of it. Look for an entry point that you can build in a short amount of time and can monetize equally fast. Knowing your ideal customer. It\u2019s important to know who will buy your product and why as well as how much they have to spend for it. Validate your idea. Once you have a proposed product, you\u2019ll need to test it out on prospective customers to see if they will pay for it. Scoping the first version of the product. The initial product should solve an important part of the problem rather than the entire problem. It should work well for the customer. Scope in on your product and tighten your ideal customer profile to build your first product. With a product available to sell you can grow revenue, feedback, and a customer base that you can use to raise funding. \xa0 Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.Let\u2019s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: \xa0 Check out our other podcasts here: \xa0 For Investors check out: \xa0 For Startups check out: \xa0 For eGuides check out: \xa0 For upcoming Events, check out \xa0\xa0 For Feedback please contact info@tencapital.group\xa0\xa0\xa0 Please , share, and leave a review. Music courtesy of .