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In venture building, validation is key. This phase thus focuses on testing hypotheses around the generated business opportunities. We use a variety of techniques for prototyping and testing the different aspects of the potential ventures.
A good experiment rests on clearly formulated hypotheses. Once they are formulated the most risky assumptions should be outlined and a sensible testing strategy needs to be derived.
The best way to test hypotheses and generate customer feedback is using a prototype. Depending on what aspect we want to test, the prototype can be anything from a presentation to a click-dummy to a fully usable application.
In an ideal scenario, prototyping confirms our assumptions. In most cases, however, the concepts need to be refined with the newly generated insights. Hence, we go back to the drawing board and adapt the parts that need adaptation (e.g. the target customer group).
Once the venture opportunity is validated, it is time to draft the setup requirements. This includes the necessary organizational structures and parameters like the team setup, legal aspects, governance, funding, stakeholder management, reporting, and steering mechanisms. We align our draft with the relevant decision makers.
