Online Methods for Validating and Testing Entrepreneurial Ideas: A New Product Development Perspective

Zlatko Bezhovski (), Tamara JOVANOV Apasieva () and Riste Temjanovski ()
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Zlatko Bezhovski: Faculty of Economics, Goce Delcev University, Stip, North Macedonia
Tamara JOVANOV Apasieva: Faculty of Economics, Goce Delcev University, Stip, North Macedonia
Riste Temjanovski: Faculty of Economics, Goce Delcev University, Stip, North Macedonia

Management Research and Practice, 2024, vol. 16, issue 1, 26-45

Abstract: In the new digital and dynamic world, the validation and testing of business ideas could be crucial for the entrepreneurial success. This paper explores the transformative role of online methods and tools within the framework of the 8 stage New Product Development (NPD), highlighting their role and indicating an iterative, customer-centric approach. Drawing on academic literature and contemporary online resources, the study classifies and analyzes various online methods, differentiating between validation (understanding market demand and customer needs) and testing (gauging customer responses to concrete concepts). Search interest tools, competitor analysis platforms, and customer feedback mechanisms enable early-stage validation. For concept testing, methods like crowdfunding, pre-sales, and simulated sales provide valuable feedback before product development begins. Finally, product testing utilizes prototypes, minimum viable products (MVPs), beta versions, and test marketing to refine the offering before broad market launch. While acknowledging challenges like potential biases and the digital divide, the study underscores the advantages of online tools in democratizing market research and enabling rapid idea validation. Looking ahead, the study calls for further research to explore the evolving landscape of online tools and methods for idea validation and testing, and their applicability across different industries and contexts. It also highlights the potential of AI and big data to enhance predictive analytics and further refine the business idea validation process.

Keywords: validating ideas; idea screening; testing ideas; online business tools: new product development (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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