Startups need to figure out how to compress time. Compressing time doesn’t mean doing things half way but rather testing assumptions and getting feedback from people in as short a period of time as possible. I was talking to an entrepreneur a few days ago and he described compressing time as talking to as many relevant people in quick succession to validate that the idea should, or should not, be pursued.
Here are some ideas to compress time:
- Call 100 potential customers in one day and get their thoughts on the idea (10 calls per hour times 10 hours of work is 100 calls)
- Talk to 10 angel investors with at least 10 deals under their belt to find out their thoughts
- Reach out to 20 active entrepreneurs and ask for 15 minutes of their time for insights
Startups need to figure out how to compress time to focus in on something that has a high likelihood of succeeding. Too often, startups start working on a product, but don’t spend enough time getting feedback from potential prospects and other people with relevant experience.
What else? What are some other ways startups can compress time?