GUIDANCE AND SUPPORT SERVICES
Thursday, April 6, 10 a.m. – 2 p.m.
44 2nd Ave W.
Kalispell, MT 59901
WHY DO I NEED MARKET VALIDATION?
20% of startups do not progress beyond the first year and an astounding 60% collapse within their first three years.
Entrepreneurs overlook the need to validate market needs and often develop products or services for which there is no market demand.
Market Validation is a process of challenging assumptions, such as:
- What is the problem(s) that the customer needs solving?
- How big is the problem; where does it occur; and how frequently?
- Who is currently looking for a solution to the problem and how much are they willing to pay to solve it?
- How does your solution address the customer-identified problems
- Where does the new technology fall short of satisfying customer needs?
- Why hasn’t this problem been solved already?
- What are the current and future barriers that will prohibit the use or implementation of the new technology to solve the problem?
WHAT SERVICES ARE AVAILABLE?
MWED and MMEC are partnering to host a luncheon-class that will guide entrepreneurs and product managers through the process of Market Validation. MMEC Business Advisors leverage their expertise in market research, data analysis, and new product development to inform client-specific ventures with powerful and actionable insights.
HOW WILL MY COMPANY BENEFIT?
Market validation demonstrates that you are not only reducing your risk of failure, but reducing risks for your investors as well. Investors will therefore want to see evidence of market validation in your business plan. Without it they may assume your product or service is not commercially promising. Every decision your business makes should be well-founded with data and research. Underestimating the value of market validation will unnecessarily increase your risk and unsettle investors.
This event is free. Register to attend.
Richard Turner is a Business Advisor with the Montana Manufacturing Extension Center. He has more than 20 years of leadership experience ranging from combat operations while serving as an officer in the United States Marine Corps to working as a consultant for Fortune 100 companies to launching his own startups.
Questions? Contact Richard Turner at or call 910-581-7106.
The Montana Manufacturing Extension Center is a statewide manufacturing outreach and assistance center staffed by full-time professionals with extensive experience in manufacturing and business in a variety of industries. Our mission is to grow Montana’s economy by helping manufacturers succeed.
We serve the manufacturers of Montana by helping them assess and improve their manufacturing operations, providing trainings and workforce development, and leveraging research and technological developments at Montana State University to keep manufacturing competitive in the state.
The Montana Manufacturing Extension Center offers Market Research Services for Manufacturers & Businesses, guidance and technical support services to help reasonably predict whether people will buy your product or service, and whether it will be profitable.