Assumption is a commonly used, ‘plain English’ word. So why have we included a definition here?
The Collins Dictionary defines the meaning as follows: “If you make an assumption that something is true or will happen, you accept that it is true or will happen, often without any real proof.”
This is problematic because the term ‘real proof’ is subjective.
For example, when we have spent many years in an industry, navigating a problem and speaking to people who agree it’s a problem, we often consider that to be ‘real proof’ that there’s a market for our solution. Unfortunately, we also run the risk of bias - asking biased questions or people, for example. So during Discovery, we pursue an objective standard of ‘real proof’ and either enable founders to carry out unbiased, formal, research themselves or do it on their behalf.
Sometimes founders are surprised by the results, sometimes they just learn a little more, but the most valuable part of this process is that investors LOVE this objective standard of ‘real proof’.