It’s time to identify prospective buyers, articulate your unique value, assess the competitive landscape and nail down your feature set.

The tools and exercises throughout this section help you validate that people—customers, users and other key stakeholders—see your idea as worthy of both time and financial investment. Once you validate the market need, you’re already on your way to starting a viable (and profitable) business venture.

Goals of this stage

Articulate YOUR Concept

Describe your idea in a clear, concise way using verifiable facts. Who you are? What are you doing? Why will it work?

Validate YOUR Market Opportunity

How are you solving a problem and who is willing to spend money on your solution?


Value Proposition

Statement clearly identifying the value of your offering
Download Guide: Building A Value Proposition Statement »

Problem Statements

The pain point or challenge your customer is experiencing
Download: Sample Market Validation Questions »

Primary Use Cases

A written outline of how customers will use your offering
Download Guide: Use Case Template »

Business Model Canvas

A one-page tool to help brainstorm a business model
Download Guide: Business Model Canvas Template »

Incorporation Documents

The formal documents necessary to start your business
Download Article: Forming A Business by Buckingham, Doolittle & Burroughs » 

Activities & Exercises to help you on your journey

Customer Discovery

Talk to your potential customers and gather their feedback to refine your value proposition
Download: Customer Discovery Guide »

Wireframe Development

Design a simple mapping/layout displaying the core functionality of your offering
Read The Blog: Wireframes Or Prototypes… Worth The Investment? »

Initial Financial Model

Create a basic framework to illustrate the cost/feasibility of your business
Read The Blog: 4 Steps To Developing Your Financial Model »
Watch The Video: Financial Projections: Common Pitfalls & Best Practices »

Market Sizing

Define the number of customers who could potentially purchase your offering
Watch The Video: Intro To Market Sizing »

Competitive Landscape

Define and assess competitors in your market
Download: Competitive Analysis Worksheet »

Adviser Engagement

Identify areas where you need support and engage the appropriate subject matter experts for assistance
Apply Now: Complete An Application For Assistance From JumpStart And Our Partners »

Looking For More?

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