Market research and market validation...easy as..?

For my sins..

(which, for the record, might include setting up the original Unlimited Investment Challenge with Julie Gill of Unlimited Magazine, and, initially, before he left the organisation, Ian MacDonald from what was Connect New Zealand, now KEA New Zealand to promote investment and overseas expansion of companies into the UK with support from UK Trade and Investment through the local British Consultate office in Auckland)

..I've been asked to speak at the 3rd Unlimited Investment Challenge http://unlimited.co.nz/unlimited.nsf/investmentchallenge which kicks off with a series of seminars and other information sharing events in Auckland next week in Auckland.

While we were finding our way with the first event, and very lucky to get support from people like Andy Hamilton from the IceHouse, and from other incubators around New Zealand, from government run schemes such as NZTE's Escalator Service, from professional service firms like James and Wells IP lawyers, Ernst and Young, FCM Travel Solutions and from some well known faces like Sir Stephen Tindall and his investment firm K1W1 , as well as many other angel investment firms and business growth advisors, it's been great to see The Challenge growing year on year...hearing the feedback, seeing a few companies get funded, and many more entrepreneurs getting something out of participating. This year I see that there are several other 'challenges' taking place - Auckland Uni has one going..and there is also a Health Innovation Challenge too..


Anyway, back to the subject of my 20 minutes of fame..I've been asked to speak to being 'Market Validation'. Dry as old boots! Well, it could be...but I won't let it be.

In my mind, I could make market validation a huge discussion piece...or summarise it down into a sentance or two. Now I only have 20 minutes..so I'm going to have to be reasonably succinct. I've waffled on enough here, so I should give just the summary now...and post separately on the longer version - perhaps when I've actually composed the slides! : )

So Market Validation in a sentance (or two)...Making sure that there exists, and that you have a viable business model and sales / marketing approach to go after, the right early and later markets (or niches) that will allow you to MAKE SALES and build a sustainable business, given the existing macro conditions, and likely responses from curent and future competition...

Open to comments on whether that hits the nail on the head or not ?...