I work for a startup that is into building speech related applications for mobile phones. We have a number of ideas and want to jump right into product development. Recent developments (I cannot go into details) have made me feel that some research into the potential (read possible number of users etc.) of such applications would be prudent before we begin developing them. However, when I look around, I see that many applications that have become popular (facebook, twitter, angry birds etc.) were launched without a lot of feasibility studies carried out on their viability. So my questions are the following:
- How important is it, if at all, for a startup to conduct market research for ideas before developing an application? Should we just "build-them-and-they-will-come" or wait and watch?
- How does a startup go about market research, given that pockets may not be too deep?
P.S: If the question is not clear, please let me know, I will be only too happy to elaborate.