So, you have a great idea but do you know if people like and are ready for it?
That is the question.
Anthony shared a great story with me recently and I wanted to pass it on to you.
It was a story about about a crowdfunding project by toy manufacturer, Hasbro's HASLAB.
Hasbro's first crowdfunding project was a toy sail barge inspired by the Star Wars collection - Jabba’s sail barge
, "the Khetanna."
It is 4 feet long, costs $500. Essentially a massive collector’s toy that’s rare, expensive, and aimed at a very specific audience.
Here is where market validation comes in.
This project is very expensive to produce, so as you can imagine its definitely worth knowing that the target audience exists and likes the idea before going ahead.
Missing this step could mean throwing away a lot of money, time and energy.
Here’s how Haslab handled it:
HASLAB announced the project to their...