Strengthen the concept, idea and usefulness of the product and/or consider a new product in this or a related niche.
Find the best market for the product.
Make an attractive product concept for investors to increase the chances of getting an investment.
Collect feedback from representatives of the target audience which will be the basis for improving the product.
2. Elements
What is done
We gathered a group of representatives from startup world, investors, the media and the target audience. This team carried out a number of works from the analysis of the application, to interviewing the target audience and creating the concept of the product version 2.0
1. Analysis of the current application and the selected market
After testing the application, scenarios for its use and collecting feedback from representatives of the target audience, we discovered and described a number of problems.
The team analyzed the market segment in which the customer’s startup operates, positioning and competitors
2. Risk development
In the process of work, a number of risks were worked out. One of which was a non-unique name and trademark, which was easily confused with brands of the same name from related fields.
3. Creation of a 2.0 product concept and a new market for the product
As a result, a more promising direction for product development was found, as well as functionality that could distinguish the application from similar ones.
Successful cases of fundraising (obtaining investments) of similar startups were collected and the functionality of TOP applications was analyzed.
4. Detailed study of the application
To enter the market, create an MVP of a new product and receive investments, a number of works were done, including:
5. Creating a final conclusion
As a result, we collected all the information and recommendations in one working document, with which it was possible to refine the product with the development team and make a decision on market development.
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