Why do some solutions fail?

I recently came across an insight from a Fortune report stating that 42% of the failed startups cited lack of market need for their product as the single biggest reason for failure.

We often find ourselves generating ideas and solutions even before defining the problem. The issue with that is we creating presumptive solutions without deep insights. Defining a problem with accuracy is more challenging than generating solutions.

Einstein famously quoted that if he were given 60 minutes to solve a tough problem, he’d spend the first 55 minutes defining it because then he’d only need 5 minutes to solve it.

What does it take to define a problem?

• Generating problem statements through diversity in perspectives: Imagine the diverse perspectives and insights we derive when each stakeholder can define the problem first from their lens, rather than discussing solutions
• Defining the problem with a simple statement covering the person, needs, and goals - without creating solutions at this point
• Refining and zoning from the collective statements by accounting for constraints and available resources to ensure the problem is solvable
• Validation of the problem statement through collaborative consensus placing necessary guard rails and success metrics.

At this stage, what we have is a clear problem statement. So now, it is relatively simpler to solve the variables.

Quoting German Designer, Dieter Rams, good design is thorough down to the last details. But doesn't it start with a well-researched, well-framed, and well-defined problem statement?