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While this is interesting from an academic sense, I found it difficult to apply to my own startup. Maybe it makes more sense for corporate companies who can invest time in strategic planning.

Agreed. This seems like something for a procrastinating theorist.

For small one-man projects; eye-ball the market and confirm at least one buyer. Charge the first buyer 50% of development costs and shoulder the rest yourself (mostly in labor.) Market. Scale. Profit.

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