We talked about how to test and validate new business ideas via experimentation and calculate the exact probability of success of an idea – using Bayes theorem.
Following the ideas discussed in this session, your decision to INVEST or KILL/PIVOT will become data-driven.
You will learn:
- How to identify unknowns and assumptions in your idea around problem, customer, solution and business model
- How to prioritize these assumptions?
- How to design experiments to test these assumptions?
- How to get the skin-in-the-game from customers (emails, phone numbers, time and money)?
- How to use the collected data to calculate probability of success of your idea?
Based on the calculated probability – you will be able to clearly decide whether to INVEST further to build the product or KILL/PIVOT your business idea.
This content is available for Innov8rs Community members only.
