Idea evaluation

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Startup idea evaluation

You have great business ideas and decided to start your business. However to pick the best idea, your ideas need to go through an effective process that can meticulously scrutinize the ideas, utilize all criteria for assessment, and choose the best ideas that are worth developing. Most startups fail at this point in the innovation process, because they do not invest ample time on evaluation and have no idea how to evaluate.

We work with our clients to outline standard and public assessment frameworks. With these frameworks budding startups can submit their ideas for evaluation. During this evaluation process they will identify the loopholes and try to improve those areas over the time. Since this process is human-driven and demands team work, we train respective members who can work seamlessly on evaluation process.

Why startups need evaluation

Be an experienced consultant, we always suggest startup owners to evaluate their business. The reason is being; at the beginning it may sound lucrative and promising, but actually it is hard to achieve without evaluating data. Which is why we highly recommend business evaluation as it ensures best result with limited resources?

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Our startup evaluation process

01Problem (customer pain point)

we try to evaluate how bigger the customer pain point is. Is it happening on a larger area or to a specific area? We also evaluate the urgency and frequency of customer pinpoint.  

02Customer segmentation

Since the problems are customer-centric, it is always important to know your customer and segment them because all customers may not buy your product.

03Solution

At this stage we try to find our all possible solutions that could fulfill customers’ pain points. Having said that we try to compare with other competitors and then find the best solutions. This exercise includes pricing, USP, technology, brand value etc.

04Product Unique Selling Proposition (USP)

We evaluate your product USP, meaning that how different is your product or service from other. What values we can add to our customers’ life so they can take exclusive benefits.

05Timing

We help startups to evaluate the timing for the launch. To accomplish, we do market research to know whether the competitors are doing it already. Have they taken the market pie?

06Competition

This evaluation process includes marketing penetration, competition level, uncovered market, low completion to enter etc.

07Cost

At this startup idea evaluation stage, business owners to pay extra attention to get an idea about expenses. This includes fix expenses, variable and other expense. In order to get more insight on startup establishment cost, you can reach out us. We can work on granular level and can give precise expense.

We spend approximately 4 to 6 months to work on startup evaluation process to get final output. At times it may take little longer time as it is an iterative process.

Our specialists are keen to help startup like yours across all industries and achieve innovative startup goals. Should you need more insights for your startup idea, contact us.

Reach out to us for a free consulting.

Call at +919611744655 or mail us at db@digituned.com