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If you are looking for a methodology ton conduct your Discovery process, HEXA has made public its Discovery Note here : [HEXA] Idea Name - Discovery Template
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1. Customer Interview Summary
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REKO : Aim to conduct at least 20-30 customer interviews for meaningful insights. Include a mix of potential customers, industry experts, and stakeholders.
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- Interview #1
- Interview #2
- Interview #3
2. Key Findings
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Headline’s tip for founders:
- Align Your Strategy with Your Approach
- If you’re using a bottom-up approach, focus your pitch on the end user and how your product directly improves their experience.
- For a top-down approach, emphasize the value for your key decision-makers or sponsors—what's in it for them to champion your solution?
- Prove the Pain, Prove the Gap: Highlight a real, urgent, and critical problem that existing solutions fail to address. Your value proposition should feel indispensable, not optional. Make investors believe this need can’t wait.Leverage AI to Unlock Hidden Budgets: If you’re building in AI, explore how your solution can tap into HR budgets, unlocking new market opportunities by addressing workforce challenges like productivity, upskilling, or talent management.
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Common mistakes :
- Ignoring Your ICP’s Budget Structure: Not understanding whether funding comes from new, replacement, tooling, or HR budgets can weaken your positioning.
- Confusing Persona and Sponsor: The end user and decision-maker have different pains, goals, and views of your product—adapt your messaging to address both effectively.
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- Problem Statement:
- User Persona:
- Pain Points:
- Current Solutions:
- Willingness to Pay:
3. Market Sizing
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REKO: Always provide sources for your market data and explain your calculation methodology.
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Headline’s tip for founders:
- Start Bottom-Up: Focus on your initial ICP and pricing—keep it simple and grounded.
- Justify Your Market Scale: Clearly explain how your product and geographic expansion enable you to grow from SAM to TAM.
- Reframe Market Sizing for AI-Native Founders: Traditional sizing can be misleading; treat it as creating a new market or expanding an existing one.
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Common mistakes :
- Be Realistic with Market Sizing: Don’t throw out inflated high-level numbers. VCs will do their own math, and the closer their conclusions align with yours, the stronger their trust in you will be.
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4. Market Trends