Definition:
Test the Initial Level of Interest (ILI) in an existing but not yet broadly available/scalable product or service by creating artefacts that suggest greater availability (or scale.)
Example:
Would people buy used cars online in the late 90s? Bill Gross bought some ads in a newspaper advertising CarsDirect, a new way to buy cars online. He had no car inventory but created a simple website to see if people would actually go for it. When people clicked on a ‚‘buy’ button, he bought the car at retail and delivered it to the customer. Over a weekend he sold a few cars. He lost money on every transaction but validated the business model for his idea.
Resources:
Exponentially Platform: helps you work out which ideas you should invest in, by tracking your experiments and using data to tell you what will work.