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:
P.S: If the question is not clear, please let me know, I will be only too happy to elaborate.
Start-up market research is essential; I cannot express this enough.
As a start-up business you're very vulnerable to failure, as a result of a wide range of external factors; especially the state of the economy.
Conducting market research will help to lower the risk of your start-up and allow you to;
You also noted that start-up pockets are not very deep. If therefore you are looking for some sort of funding to help you out with this issue then market research is essential. Both public an private investors will rarely go near a start-up if there is no proof of market, profit, and growth; all of which can be proved with in-depth market research.