LOIs ( Letter of Intent ) -- Waste of time or Vital?
Is this tool/method still valid during pre-launch?
I recognize it should not replace full-on customer development interviews but has it proven to be very useful to you?
Would love to get your anecdotes.
thanks
Artur | CEO
VisualSitemaps.com
Took the time to draft a LOI for a relatively small business once, got it signed but in the end they still flaked as a partner (was some kind of supplier relationship).
So my Point of View since this experience is to just skip it and go for an actual contract. If you need something quickly (for Investors and the like) it might make sense. Anything else is a waste of your and their time.