In short, aim for as much validation as possible. The more proof you have, the better your chances of convincing investors. Tailor the amount of proof to the specific concerns and questions investors might have about your team, product, and market. The goal is to build a strong, compelling case that shows your product has real, tangible demand.

When it comes to validation, there is no such thing as having too much. Simple market research is only the starting point. It is never sufficient on its own. What you need to do to gather enough proof is this.

👁 Market research: Basic market research can test demand, but this is not exactly convincing. It is a useful step, but not enough.

🐢 User interviews and landing page tests: If you have the vision, the great product and a great team, these might be enough. Ask powerful users for testimonials, and test your user interest with landing page tests. This can help but won’t be enough if users are weak. Investors will be worried.

🎍 Secure alpha- and beta-users: Aim to sign up the initial users who will test, help out, and leave feedback. This helps add credibility, showing that real people are interested in your product.

📨 Letters of Intent (LOI) and pre-orders: For instance, LOI or pre-orders show that people are not simply interested but also willing to put their money where their mouth is. Investors start whistling loudly.

🐝 Beta launch buzz: Having a well-received beta launch with lots of buzz and high adoption rates can make all the difference. It demonstrates market traction and puts to rest many fears of investors.

🥸 Consider the context: The amount of proof you need depends on various factors:

• Team strength: If your team lacks experience, more validation is necessary to build trust.

• Market competitiveness: In a highly competitive industry, stronger validation is required to stand out.

• Quality of product: Investors will be more anxious about your product if it’s untested. More proof of demand will help to calm their fears.

• The investors are sophisticated: if investors are familiar with the market and see deep demand, less validation is required. 

In general terms, look for as much validation as possible. The more proof you can offer, the better – and, of course, the more likely you’ll be to persuade. The amount of proof you provide needs to match the specific concerns and questions of the investor – whether on your team, your product or your market. You’ll want to bring together the threads in a compelling case that demonstrates real, marketable demand for your product.