A unique free workshop is launching in Cardiff, aimed at dramatically reducing the high failure rates of Welsh businesses, particularly in the tech and innovative sectors. Beauhurst research has highlighted the urgent need for such an initiative, revealing that many UK small businesses fail due to developing products with no genuine market need. This is partly due to the over-support of startups in the Welsh capital, where there is a lack of real challenge for founders, resulting in a high proportion of zombie startups, who are contributing no revenue growth or job creation to the economy.
This workshop is designed to reverse this trend by equipping entrepreneurs with essential skills and tools to properly understand their customers and their problems, thereby hugely improving their chances of success. By introducing a clear six-step process for defining a clear customer problem that people will pay to have solved, the workshops will increase growth rates for attending businesses.
Delivered by Product Market Hit Ltd, the founder and lead trainer Neil Cocker, said: We have so many brilliant entrepreneurs in Cardiff, but statistically most of them will fail, mainly because they don’t have enough understanding of their customers and the problems that they will pay to have solved. Just because a problem exists, that doesn’t mean that the customer will change its behavior or spending to solve it.
Equally, a good idea isn’t the same as a good business. This free workshop comes is a direct response to attending so many startup showcase days feeling incredibly disappointed about the potential being squandered. The workshop gives them the tools and skills to have a much better understanding of their customer, and therefore a much better chance of profitable growth.
By improving their chances of success (or, arguably more importantly; increasing their chances of quicker failure, thereby allowing them to move on to a business with better potential). This project is funded by the UK government through the UK Shared Prosperity Fund, it promises an increase in successful product launches and overall business growth within the region. It is also supported by Hugh James, Cadre Advisory, Tramshed Tech, Ogi & We Get Design, and Ramp Merch. The workshop will be delivered a minimum of 20 times over the coming 3 months.
Drawing from extensive, highly-reviewed experience in startup mentoring, the workshop has already garnered very high ratings for its value and effectiveness. It has been delivered in Cardiff, Swansea, London, and South West England, receiving incredibly strong feedback for its practical outcomes.
