Stage 2: Gain Traction
Traction reflects the progress and momentum you’ve gained, showing that your business is moving forward and gaining market interest. Demonstrating traction is essential for validating your success and attracting further support.
Building your MVP
Creating a Minimally Viable Product (MVP) is a crucial milestone in your entrepreneurial journey. An MVP lets you test your concept with real users and gather valuable feedback with minimal resources.
For software-based startups, this process can be relatively straightforward. For physical products, leverage resources like the iBioMed Design Studio and other maker spaces to prototype efficiently.
Field testing your MVP will help refine your product and validate its market potential.
Traction Tests
Traction tests involve demonstrating the viability and market interest in your product.
One example is engaging with early adopters and gathering their feedback. By doing so, you can refine your offering and build credibility.
Traction can be measured through proof of sales generated via ads, marketing campaigns or pre-orders. These tests help validate your business model and attract potential investors by showcasing real demand and growth potential.
Iterating your Idea
Iterating your idea involves continuously refining and improving your product based on feedback and data. This process is crucial for adapting to market needs and enhancing your offering. Gather user insights, analyze performance metrics, and adjust your design, features, and functionality.
Iteration ensures your product evolves and stays relevant, ultimately increasing its chances of success in a competitive marketplace.
Advice from our entrepreneurs
Meet Deena Al-Sammak, the founder of HarmonEase Innovations and co-founder of Power of Play Innovations. Deena is currently a 4th-year HESE student exploring accessibility for individuals with limited mobility and making pediatric healthcare diagnostics more child-friendly. Here’s some advice she has for others trying to pursue entrepreneurship:
“Customer discovery is everything. Make sure you flesh out all the assumptions that you make. And don’t think that you don’t [have assumptions] because you 100% do.”