Market Validations are very important. Of course, you’ve probably see/heard this over a million times but if you have never truly do so, it could be hard to relate to how important it is. I came to this realization when I was speaking to VC today over Skype and when I was sharing about Lunchsparks and how we are planning to create a 3rd party recommendation plugin for event organizers. Essentially, as our platform runs on an algorithm that matches user with user, we can convert it into a recommendation plugin for event organizers and they can use the plugin to match their guests with one another, instead of letting all of them show up and network randomly with one another, which we thought was very ineffective.
I have to cut you off right there. The idea is pitched a lot of times and the market for that is too saturated.
For us, we did validate the whole idea of the plugin which is our pivot direction should the main business model dont work, and we have prospective event organizers who are keen and excited about the plugin.
Perhaps what we could do better was to ask more and more event organizers. The key takeaway point is that, market validation is never sufficient. It is a constant process. And things are always changing. And it is also essential to validate your idea in the right segment, as well as in a different segment, so that you know the entire facts in a more macro view, not just a few facts in your particular niche.
Who knows, you might just be surprised what other segment can offer.