We talk a lot about software startups around here. Software is relatively cheap, pretty easy to iterate on, and more or less free to “ship.”
Product startups don’t really have the same luxury. Growing your product startup from idea to market can be difficult and expensive. But not impossible.
Just like with software, it’s important to validate your idea before building it. With physical products it can cost anywhere from $50k to $250k to develop your MVP. And that’s just the first iteration! You need to be sure you’ve really got a great idea on your hands before you dive in.
Competitive analysis, differentiation–we know all this from software startups, and it can apply to products as well. Product startups also have to think about markup, shipping, warehousing, and supply chains.