Go-NoGo Assessment and Market Validation
After the market validation and Go No-go study, you will know exactly, if there is really a market for your product and how large of an opportunity is it, who are the target users for your product and how big is the need or pain that you solve for them, what will be the revenue model for your product and how fast can you expect to recoup the investment, who is competing with your product and how you can you differentiate yourselves from the competition. In other words, whether you should or should not invest your time and money in your idea..
At Hitech Strategy, we specialize in conducting such a market validation and a Go No-go assessment for entrepreneurs and start-ups. We have done over one hundred such assessments. We have lots of experience in carrying out a Go No-go studies of new product ideas for both start-ups and large high-tech companies in a variety of technological areas: Internet, software, hardware, mobile applications, medical devices, and more.
What’s does a market validation and Go No-Go assessment include?
A Go No-Go study will vary based on the type of product, market or industry characteristics, information gaps that the entrepreneur may have and the budget available for the project. Typically, such an assessment will include some or most of the following components:
- Validation of the need or problem that the product solved
- Identifying the types of customers for the product
- If within scope, we will make a comprehensive customer survey including questionnaires and interviews with customers and opinion leaders in the target market
- In-depth research of the product’s target market
- Finding the total addressable market (TAM) and growth forecast for the coming years
- Detailed analysis of the competitors and market players, including value (supply) chain
- Identifying the sustainable (unfair) competitive advantage and positioning versus the competition
- Barriers to entry and threats
- When pertinent, we will be perform assessment of the relevant regulatory requirements (e.g.FDA path for a medical device), patent-ability of the intellectual property, etc.
- Choosing the right business model and estimating product price or expected revenue
- Financial viability and high level P&L analysis
Why work with us?
- At HitechStrategies, we have a structured and proven methodology to perform a Go No-Go assessment of new products and services. We have used this methodology successfully in more than 100 projects
- After the Go No-Go study you will know whether your idea justifies spending so much of your time, giving up income and compromising family time, or is it better to look for a better idea.
- Usually during market validation we will refine and mature your original idea into a successful and compelling concept that will be more attractive for investors or help in recruiting co-founders and partners.
- A market validation of technology-based ventures requires a deep understanding of the different technologies, experience in the development and marketing of technology products, particularly in the business to business (B2B) case. The senior team of HitechStrategy has over 100 man-years of accumulated experience in various fields of high-tech, Internet, software, hardware, mobile applications, telecommunications, medical devices, clean-tech and others.
- Our personal relationships and our track record provides us access to end-users, decision makers, experts, competitors, opinion leaders and investors, with whom we can check the critical issues and success factors of the project.
- We help you avoid beginners’ mistakes such as: “We have no competitors”, “We know everything – why should we do market validation?” or “We do not want to talk with customers / experts / partners so no one will find out about our ‘great’ idea” and so on.
For more information, feel free to contact us for a free consultation.