Business Validation

An about 60-100 hour service directed towards EIC beneficiaries, regardless of the sector they operate in. The goal of business validation is to test assumptions about the product/service by gathering feedback from potential customers or industry experts. This helps refine the product to ensure it meets real market needs before full development. The core of the service is engaging with the potential users, market insiders, and even competitors through targeted interviews to test hypotheses and/or refine the business model. The service is delivered by in-house analysts/consultants in close cooperation with the client. The delivery team uses semi-structured interviews to focus on understanding the customer’s needs and exploring current pain points, reactions to the proposed solution, product features, and willingness to test/adopt. Prior to business validation, the USP must be critically assessed and designed and relevant market researched. As a result of this service, the EIC beneficiaries get a list of respondents/potential clients (CRM basis), results of the interviews (including validation of the USP, supply and value chain, and product/service segmentation), and recommendations for USP and business model refinements. Recommendations may include adjusting the feature set, repositioning th product based on competitive insights, identifying early adopters for pilot testing, and refining pricing models. The service begins with a three-to-four-hour face-to face session, designed to gather all relevant existing information about the technology/market and clarify testing priorities (technical feasibility, market fit, or pricing). The service then includes the following phases: identifying interviewees/experts, conducting interviews, analysing/synthesizing insights, and refining the product/service.