Statistics show that 9 out of 10 startups fail. The number one reason for this is creating a product that no one wants. In order to effectively learn the needs of your customers and not waste time unnecessarily, you should launch your digital product as soon as possible. One quick and low-budget way to avoid failure is validating hypothesis. What is it?
Validating hypothesis – what is it?
In a nutshell, the process of validating hypothesis in the IT world is about building an MVP product version and checking whether it actually corresponds to the expectations of users. This helps to avoid unnecessary costs, and make it easier to create an app or software that succeeds.
Investing in validating hypothesis has a number of benefits. First and foremost it:
- ensures continuous team improvement and product development according to Lean Startup philosophy.
- reduces the number of potentially wasted hours working on unnecessary product.
- checks market trends in real life.
- helps to gain valuable insights and understand users.
- makes it easier for the team members to achieve the goal.
Validating hypothesis is a must-have if you want to launch a successful digital product. Without it, you won’t be able to verify the expectations of users and check whether they’re likely to use your app or software.