A set of statistics by Strategyzer suggest that 42% of start-ups fail because they are trying to solve problems – interesting problems – that people don’t care about.
There is no market need. While it is important to explore the solvability of a problem, i.e. whether the skills and knowledge exist to build a solution, one should not forget that whatever the solution might look like, it is appealing to potential users. In product management, this aspect is widely known as ‘desirability’ and it is one dimension that can be – and should be – tested early on.
The metrics you use to track progress on your ideas then, should cover that aspect among others. Especially when you are a start-up where your whole business depends on your idea or product.
When delivering innovation projects, make sure you are using metrics that report on how desirable, feasible and viable your product is. If you want to learn more about product management you can explore our Product Management online course, available with a VFQ Membership.