Thinking of launching a product? Read this first

At Wavect, we have over 20 years of software development experience.

In our time we’ve seen bad, good, and great product developments.

One of the most common mistakes we’ve seen is rushing the process.
This usually results in higher expenses, delays, and unmet expectations.

We don’t want you to make these costly mistakes so we wrote this for you.

(1) Write down the idea as concisely as possible

Ask yourself:
What single, major problem does my idea solve?

Here’s a chatGPT prompt that may help you:

I am going to explain an idea to you. Simplify it and make it as concise as possible. Then tell me what major problem my idea is likely to solve. Give me 3 variations of your output.

Here is my idea: (EXPLAIN IDEA HERE)

(2) Search for competitors

In most cases, if there are no competitors:

• you’re either delusional

• or there is no market

Of course, there are exceptions!
But don’t forget to check out the competitive landscape.

(3) Talk with people and/or target customers

What I always try to do is find reasons not to build the product.

Are the alternatives good enough already?

I like to ask the question “Why do people not need this?”.

(4) Evaluate the technical feasibility

Is the idea one that you can build?

Can you fund the operations?
If not - how will you attract investors?

That should be enough to get you started.

If you prefer, book a call and tell us about your idea.

We’d love to help you explore it, absolutely no strings attached!

Alternatively, email us at [email protected]

Wavect is a software agency specializing in Blockchain tech (Smart Contracts, Web3, NFTs and DeFi, Infrastructure).

Kevin Riedl, CEO, LinkedIn

Some other blogs of ours that may interest you:

1. The processes we follow at Wavect

2. Our case study of Scramble Wallet

3. How to vet a tech partner (agency, freelancer)