Great ideas don’t always result in great start-ups. The process of ideation and validation is essential for aspiring entrepreneurs who want to develop ideas that will really work.
Since March 2013, NUS Enterprise’s Start-up Validation Programme (SVP) has been providing assistance to early stage start-ups by guiding them through their initial thought processes. Through this programme, participants obtain a deeper understanding of their ideas. Teams put their ideas and assumptions to the test, and iterate them along the way through the feedback they get. By the end of the programme, participants have learnt how to determine if their ideas are worth pursuing.
Oonaiza M. of DMSD Party Bags
1. In one or two lines, could you share about your start-up idea?
My start-up idea is based on creating an environmentally friendly alternative to party bags.
2. What were your key takeaways from SVP?
Firstly, to hold your assumptions lightly, secondly, to recognise your high-risk assumptions, thirdly, don’t just rely on your assumptions, do the surveys and ask questions.
3. What was your most memorable moment during SVP and why?
The story of the Vespa (an Italian brand of scooter) start-up. The founder assumed that people would want an environmentally friendly bike however his assumptions were challenged and in fact, the reasons why people wanted a Vespa were completely different from what he had assumed.
4. What will the next steps for your start-up be after completing SVP?
I have drafted my survey questionnaire and will be interviewing mothers of 3 to 10 year olds soon.
Erik Cheong of Park N Parcel
1. What were the key takeaways for Park N Parcel after attending SVP?
We learnt about The Lean Startup approach: How to use minimal resources & time to come out with the Minimum Viable Product (MVP). I became a fan boy of Eric Ries and read his latest book — Startup Way: The Revolutionary Way of Working That Will Change How Companies Thrive and Grow.
2. How did attending SVP guide Park N Parcel’s next steps?
We completed our MVP within a short period and soft launched our services at targeted areas such as Punggol & Sengkang, as well as in campuses of NUS & NTU. The purpose of our soft launch was to validate if there was any demand and also gather a group of early adopters.
3. What was Park N Parcel’s most memorable moment during SVP?
We found the validation board very useful. It allowed us to think deeper and break down the various metrics of our ideas. We also thought the Q&A segment after our presentation was helpful as it allowed other participants to give us feedback & useful tips.
Keen to test if your start-up idea is workable? Sign up for the Start-up Validation Programme!