When we hear “validate your idea” most of us respond the way we do to grandma’s nagging to “wear a sweater, it’s cold outside!”
Sometimes, when hearing feedback about our chances of success, we sound like Jim Carrey:
So we ask: what is the cost of moving forward with a startup that may have failed the “validation” stage?
There are two variables to consider—cost and time:
1: Cost - $58,000*
Use the following link to calculate your personal costs and figure out how much a startup will run you. This estimate excludes allocating for inventory, as many startups don’t require that.
2: Time and/or opportunity cost - $51,500
- Education – 95.1% have a bachelor’s degree or higher (with 47% having advanced degrees)*
- Average and media age of company founders is 40*
- Mid-Career 25th Percentile Salary for Business Management is $51,500**
· * Kauffman.org
· ** Wall Street Journal
So what does this mean? Simply: taking a few weeks to put together a study and to request feedback from experienced professionals is well worth the chance of saving:
Here are a few Advisors we suggest who can help validate your idea.
Posted By Adam Fridman