“If it’s a good business concept...then prove it!” - Everybody
Establishing a proof concept is the opportunity for you to show your value and the value of the business. “If it’s a good business concept, then prove it.”, says Everyone, your friends, family, coworkers, bartenders, doctors, including yourself. This is where the talking becomes walking, but it is all on your terms.
The Minimal Viable Product (MVP)
Your proof of concept should be a miniature version of your overall business concept. This is called your minimum viable product. Your MVP is the actual product or service that you can offer your market. Your MVP requires the least effort, materials, and expenses for your audience to engage with, and provide constructive feedback to apply to future product developments.
Feedback
Engaging your audience with your early stages of development is the wisest and most valuable exchange. Collecting feedback and applying it to your business concepts makes your product or service smarter, and more competitive. Collecting feedback allows you to know what your strengths are and where your business can improve. Developing a proof of concept without involving your target audience, is like walking through a dark cave without a light. Your target audience will be the light of your business concept.
Pop-up Shops
Pop-up markets are temporary shopping experiences that gather different businesses and vendors to sell products directly to the consumer. Pop-up markets are great opportunities to test your proof of concept. You can invest in a booth fee, and introduce your business concept to your target audience. The proof of concept allows you to start generating revenue on your own. Having direct access to your audience to collect feedback, and also access to direct competitors. Your MVP should require a small investment in exchange for exposure, feedback, and competitive analysis. Investors and lenders are going to want to see how much money you put into the business. And most importantly, they want to know how much money you can generate on your own.
When I started my grilled cheese concept, I hosted dinner parties at my apartment where friends ordered sandwiches from my menu and I made grilled cheese to order. Everyone received a comment card, and they provided the best feedback to improve my grilled cheese concept. The food was free! I just invested in my own focus group (the dinner party guests), and I paid them with grilled cheese sandwiches.
Start small, on your terms…but just start. This is your proof of concept.
Top 5 Benefits
Show Value
Prove your concept
Generate revenue
Bring your ideas to life. Talking to walking
Investors, potential business partners want to see what you can do on your own
Keep in mind
For every new product/service, a proof of concept is required. One POC is not enough.
Collect feedback, and involve your target market with your developments
