Before you quit your day job and put all efforts in to making your idea a reality, make sure that what you have come up with, is not in fact a solution looking for a problem or cure looking for pain. The following checklist will help you determine if you are on the right track:
1. What segment of the market experience the problem?
2. Is the problem widespread or isolated?
3. What evidence is there for the problem that is independent of your own belief? Are there respected market research reports or credible customer surveys available that support your belief?
4. What level of pain does the customer experience? Is it sufficient to cause them to pay for your solution?
5. Is your solution a ‘must have’ or ‘nice to have’?
6. How are customers currently solving their problem? If there are no ‘competitors’ providing alternative solutions, then you have to very think carefully as to whether there really is a problem. Multiple solutions tend to appear wherever there are problems.
7. Does your product solve the customer’s problem better than your competitor’s solution?
8. Is your product sufficiently better than your competitor’s solution, to cause their customers to switch?
Excellent, succinct summary.