Startup Concept with Jumping Happy Characters. Vector illustration
The Product
Is the startup offering a solution to a real problem, or is it a problem looking for a solution? Do they have the market research to back their claims? Does the product provide an exponentially better solution to the alternatives out there? If the answer is no – and the golden rule is that the improvement should be 10x - you can get away with 2x or 3x but the product will be a very hard sell and the company will have to spend inefficient sums of money to convince customers to switch.
Of course, there are startups that will be creating a completely NEW market, but even for these kinds of products, you will have to consider market opportunity from the get-go.
Finally – and this is something that most startups will NOT have - does the product have a potential for virality?
via www.forbes.com