As any business owner knows, product-market fit is one of the most challenging aspects of starting a business.
Predicting the right product to build – and investing in building prototypes, experimenting, and testing — is an exhaustingly long and expensive process, and oftentimes, business owners run out of money before they’re even able to test their products.
Fortunately, as Amazon Web Services (AWS) Senior Advisor to Startups and AI expert Deepam Mishra told me, “This process is about to be turned on its head with the newest advances in AI.”
I sat down with Mishra to discuss how AI will revolutionize every aspect of the product development process, and how startups and SMBs should prepare for it.
How AI Will Revolutionize Product Development, According to AWS’ Senior Advisor to Startups 1. Product-market fit predictions will be more accurate. From Mishra’s experience, he’s seen many startups fail due to poor product-market fit.
This corresponds with wider trends. A whopping 35% of SMBs and startups fail due to no market need.
Fortunately, AI can help solve for this. AI-fueled data analysis can help startups collect a more accurate, well-rounded view of the quantitative and qualitative data they‘ll need to determine whether their product actually meets their customers’ needs — or whether they’ve even selected the right audience in the first place.
Leveraging AI when collecting and analyzing data can also help teams understand their customers on a deeper level.
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By: Caroline Forsey
Publication Date: 2023-06-26