This week we kicked off our first Validation Challenge with more than 65 Fellows across all classes!
So, what is a Validation Challenge?
The Validation Challenge is two week virtual program that encourages Fellows to dive deep on a side project to determine product market fit, and gives them the opportunity to pitch their ideas to win $1,000 to continue working on their projects. This challenge is meant for early stage ideas–before a product is complete or revenue is generated. Fellows with promising results may go on to participate in other VFA Launch resources like the Innovation Fund, Accelerator, and more!
To benefit most from the challenge, Fellows aim to test hypotheses, hone in on the problem they want to solve, and find their target market. This usually means they are conducting tons of user interviews, analyzing trends, and trying various tactics to get feedback on their ideas. At this early stage, it’s so important to keep an open mind and listen to the market–you don’t want to spend time fixing a problem no one really has.
We believe creative collaboration is important to avoid getting stuck or married to one idea too early. For this reason, Fellows are required to collaborate with at least one other person during the Validation Challenge. Flexibility, open-mindedness, and risk are all necessary at the nascent stage of a business, and all are easier with collaborators to push you, motivate you, and have your back.
What resources are available to Fellows participating in the Validation Challenge?
Throughout the two weeks, each team is paired with a member of the VFA Launch team to help them throughout the challenge and stay on track toward their goals.
Participants are connected with mentors and industry experts to help guide them through validating their ideas. Most mentors have founded companies or projects before and can speak to common pitfalls or helpful strategies.
Half-way through the challenge, VFA hosts a panel with experienced founders for participants to gain insight into their early strategies and tactics. This panel is meant to help Fellows get over the hump and take their ideas to the next level.
On the final day of the challenge, the top eight teams will pitch to four judges with backgrounds in finance, investing, and founding companies themselves. After listening and providing feedback, the judges choose one final winner to receive a $1,000 grant to use toward further exploring their projects.
What types of problems are participants working on?
Fellows and alumni are working on problems in various industries from transportation, to nutrition, to pollination (yes, like bee hives!).
One Detroit Fellow is assessing the viability of a zero-waste lifestyle store, while a VFA alum is working to make group travel easier. A team from Pittsburgh is using tech to tackle news/media bias, and a Cincinnati Fellow is validating in the creative, video production space.
We’re excited to track the progress of the participants to see which ideas will become a reality! Follow us on Instragram for the inside scoop on Validation Challenge projects and expert advice from mentors who have been there before.