Every entrepreneur understands the importance of market evaluation, but not every market is the same and the ever changing dynamics adds to the entrepreneur’s dilemma. Prashanth Prakash, Founding Partner at Accel tell you how to ace the market evaluation, in this podcast with Anand Daniel.
Ideas don’t build a company but converting them to something tangible does. The first step towards this is understanding the market potential of your idea. Every startup knows the importance of market research towards making the product/service successful. But the way you evaluate the market is crucial. If an entrepreneur doesn’t know his market in terms of size, demographics, and the customer’s needs, then it will be difficult for his/her venture to sustain long-term. Also, market evaluation is one of the key factors for any venture capitalist to consider the potential of a startup. Not all markets are created equal, and what works in one geography doesn’t necessarily mean it would work in another. Especially when it comes to Indian markets, the dynamics are different in comparison to global markets.
Prashanth Prakash is one of the founding partners in Accel, who has been investing in ventures like BookMyShow, QuickSilver, RentoMojo, and CleverTab since 2004. In this podcast series, he talks about evaluating markets from an investor as well an entrepreneur’s perspective, especially for the tech sector.