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What is your Market Validation Plan?

This post is by Associate Peter Hanschke, an Ottawa-based product management specialist. Peter’s post is part of our continuing series about the ecosystem necessary to bring technology to market. We welcome your comments.

By Peter Hanschke

Here’s the situation: Your development team is busy creating a Minimum Viable Product (MVP). You have people off in all directions trying to secure some funding. But do you have a Market Validation Plan? Furthermore, are you executing this plan along with all the other activities? In other words, is this an activity that you are currently performing?

As the name suggests, a Market Validation Plan (another MVP for those who like TLAs) is about reaching out to your target market to determine whether:

  • The market likes your product or product concept
  • The market is willing to buy your product when you have it ready

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