4 Steps to Finding the Perfect Startup Idea

4 Steps to Finding the Perfect Startup Idea

startup_ideas

 

Entrepreneur Alex Fishman has a “Post-Post-Mortem” post online detailing the time spent between one startup failing and another one starting. After the first one went down, the investors gave Fishman and his partner Dmitry Fink until the end of the year — 110 days — to come up with a startup idea convincing enough that the investors would allow them to keep their initial investment funds.

This put the two entrepreneurs in a unique position: Needing to come up with a startup idea to match the founders, team, and funds they already had. Here’s the process they used.

 

1. List the Existing Companies That You Wish You’d Founded

You and your would-be co-founder should each write a list of cool startups you could have founded but didn’t. Cross-check with each other. Talk about what you liked about each.

 

2. Find the Common Theme

What’s similar about all the startups you each liked? What’s different? For Fishman and Fink, the theme was a B2B model, letting them cross B2C or marketplace platforms off the list of possibilities.

 

3. Create Two Groups of Ideas: Yours and Others’ Ideas

Now you have a theme that you’re interested in. It’s time to bring in fresh blood. You’ll need to continue networking and discussing with others in order to ensure that your idea pool isn’t too tiny. Fishman and Fink split up the process:

“Dmitry, as the smart one, led the effort on our own ideas. And as I am a networking slut, I was focused on the second effort.

Many ideas of our own were based on problems we felt are worth solving. We tried to categorize them by the type of business and our knowledge of the space. Then we had to make sure both of us were sufficiently excited about the idea to start researching it further.”

 

4. Run It By the Investors

From here, the advice should be pretty familiar: See if investors are interested. See if the idea fits your teams’ strengths. See if industry leaders are behind it.

In the end, they solved their problem: The two are now co-founders of Bugsee, a B2B software application that records footage of events prior to a bug, to allow engineers to figure out what went wrong more quickly. Hopefully, a similar startup idea generating process can make your own interests and strengths just as clear to you.

[Tech.co]

September 3, 2016 / by / in , , , , , , ,

Leave a Reply

Show Buttons
Hide Buttons

IMPORTANT MESSAGE: Scooblrinc.com is a website owned and operated by Scooblr, Inc. By accessing this website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as amended from time to time. Scooblr, Inc. does not verify or assure that information provided by any company offering services is accurate or complete or that the valuation is appropriate. Neither Scooblr nor any of its directors, officers, employees, representatives, affiliates or agents shall have any liability whatsoever arising, for any error or incompleteness of fact or opinion in, or lack of care in the preparation or publication, of the materials posted on this website. Scooblr does not give advice, provide analysis or recommendations regarding any offering, service posted on the website. The information on this website does not constitute an offer of, or the solicitation of an offer to buy or subscribe for, any services to any person in any jurisdiction to whom or in which such offer or solicitation is unlawful.