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Proving a market for a startup befor scaling using the hypothesis-driven entrepreneurship process
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The year is 2015 and the startup and tech business ecosphere has never seen more
activity. In New York City alone, the tech startup industry is on track to amass $8 billion
dollars in total funding – the highest in 7 years (CB Insights, 2015). According to the
Kauffman Index of Entrepreneurship (2015), this figure represents just 20% of the total
funding in the United States. Thanks to platforms that link entrepreneurs with investors,
there are simply more funding opportunities than ever, and funding can be initiated in a
variety of ways (angel investors, venture capital firms, crowdfunding).
And yet, in spite of all this, according to Forbes Magazine (2015), nine of ten startups
will fail. Because of the unpredictable nature of the modern tech industry, it is difficult to
pinpoint exactly why 90% of startups fail – but the general consensus amongst top tech
executives is that “startups make products that no one wants” (Fortune, 2014).
In 2011, author Eric Ries wrote a book called The Lean Startup in attempts to solve this
all-too-familiar problem. It was in this book where he developed the framework for The
Hypothesis-Driven Entrepreneurship Process, an iterative process that aims at proving a
market before actually launching a product. Ries discusses concepts such as the
Minimum Variable Product, the smallest set of activities necessary to disprove a
hypothesis (or business model characteristic). Ries encourages acting briefly and often: if
you are to fail, then fail fast.
In today’s fast-moving economy, an entrepreneur cannot afford to waste his own time,
nor his customer’s time. The purpose of this thesis is to conduct an in-depth of analysis of
Hypothesis-Driven Entrepreneurship Process, in order to test market viability of a reallife
startup idea, ShowMeAround. This analysis will follow the scientific Lean Startup
approach; for the purpose of developing a functional business model and business plan.
The objective is to conclude with an investment-ready startup idea, backed by rigorous
entrepreneurial study.