Mission complete! In a New Zealand accelerator programme first, the Kiwibank FinTech Accelerator Market Validation Course started on November 1st 2016 and ran for five weeks in Wellington and Auckland to help entrepreneurs become Kiwibank FinTech Accelerator programme ready.
The first half of the Market Validation Course focused on helping teams to comprehend the importance of market validation (getting to know your target market) and how to do it successfully. To do this, teams were supported in talking to as many target customers as possible to help them find potential user groups and identify core problems they could try to solve.
The second half of the Market Validation Course was focused on refining what they’d learnt, defining the core problem that each team wanted to focus on, deeply understanding the early adopters needs, and gaining momentum. This helped teams to gain clarity and focus on the right things, to allow them to hit the ground running in the Kiwibank FinTech Accelerator programme.
All of the teams in the Market Validation Course we’re early stage, pre-seed (non-funded), startups with great ideas but didn’t yet have much clarity around the core problem they were solving and who they were solving it for.
“It’s been challenging yet rewarding to see the teams embrace the validation process, and the follow on ‘lightbulb moments’ that have come from it which have helped to significantly refine their ideas”, commented Natalie Robinson from The Validator
The Market Validation Course encouraged teams to halt going straight into building a product, and instead take a step back and understand the most pressing problem and who their core audience is. This helped put them into a better position to build a product that people really want and are prepared to pay for.
“The feedback has been overwhelming, but the proof of how effective the programme has been has come from the outstanding progress the teams have made”, said Jeff Mann from the Validator.
Source: KFA Blog