When we hear “validate your idea” most of us respond the way we do to grandma’s nagging to “wear a sweater, it’s cold outside!”

Sometimes, when hearing feedback about our chances of success, we sound like Jim Carrey:
 

 

So we ask: what is the cost of moving forward with a startup that may have failed the “validation” stage?

There are two variables to consider—cost and time:

 

1: Cost - $58,000*

Use the following link to calculate your personal costs and figure out how much a startup will run you. This estimate excludes allocating for inventory, as many startups don’t require that.

* SmallBusiness.com

 

2: Time and/or opportunity cost - $51,500

Assumptions:

  • Education – 95.1% have a bachelor’s degree or higher (with 47% having advanced degrees)*
  • Average and media age of company founders is 40*
  • Mid-Career 25th Percentile Salary for Business Management is $51,500**

 

·      * Kauffman.org

·      ** Wall Street Journal

So what does this mean? Simply: taking a few weeks to put together a study and to request feedback from experienced professionals is well worth the chance of saving:

$109,500

Here are a few Advisors we suggest who can help validate your idea.


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Adam Fridman
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