In our first installment of Lessons from Startup Culture, we examined the importance of building a solution, not a product. What’s the difference? Many smart people have exciting ideas for new products but fail to consider whether there is a market need for that idea. In fact, 42% of startups fail because of a lack of market need for their flagship product, CB Insights reports.
A solution, on the other hand, is created based on need: entrepreneurs identify a problem that real people have and build a solution that those people will pay to implement. Here is where one of the most brilliant facets of startup culture comes into play. With limited funding and a short runway to validate their ideas, many companies begin their journey by creating a Minimum Viable Product (MVP).