QUESTIONS

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a) It proves to be technologically superior in all comparative tests.
b) More than 50% of respondents said they would pay to have that product.
c) It solves a fundamental problem for a particular market sector with a viable business model.
d) The innovation process will ensure that it is the cheapest product in its category, and price is the key driver here.

The true statements about a functional prototype are:
c) It solves a fundamental problem for a particular market sector with a viable business model: This statement captures the essence of finding a market for a startup's product. A successful product should address a fundamental problem or need within a specific market sector, and the startup should have a viable business model to monetize it effectively. This approach aligns with the principles of product-market fit, which is essential for startup success.

Now, let's discuss the concepts underlying the incorrect answers:
a) It proves to be technologically superior in all comparative tests: While technological superiority can be an advantage, it does not guarantee that a product will find its market. Market success is determined by whether the product addresses a real problem or need in the market and whether customers are willing to pay for it. Being technologically superior may not always translate into solving a specific problem effectively.

b) More than 50% of respondents said they would pay to have that product: While customer interest and willingness to pay are important indicators, they alone do not guarantee market success. It's possible for respondents to express interest in a product concept but not follow through with actual purchases. Market success also depends on factors like a viable business model, competition, and the product's ability to deliver value consistently.

d) The innovation process will ensure that it is the cheapest product in its category, and price is the key driver here: Competing solely on price can be a risky strategy, especially for startups. While affordability is a factor, it's not the only driver of market success. Quality, value, and the ability to solve a problem effectively often matter more to customers than having the lowest price. Additionally, startups may not always have the resources to sustain a price-driven strategy.

QUESTIONS

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