Today, I listened to a video lecture from The Founder Institute called “Hoy Shit, My Idea Sucks” (by Adeo Ressi) related to startup ideation and vision. I found the content very helpful and confirming most of my personal viewpoints on the subject matter. He also bashed Germany for copycatting which I personally found quite funny and absolutely ok (being a German myself and trying to do better ;-). Find some of the key items summarized below:
5 steps to a good idea:
- start small with passion
- launch a project to investigate
- take a quite time to reflect
- build a board of friends to critique
- expand the core vision
- keep it SIMPLE. limit the steps to revenue.
- pursue ONE revenue stream. add one market, too.
- know YOUR customer. be very clear about who the person is.
- articulate WHAT you are making.
- avoid SMALL markets.
- have a SECRET SAUCE. (different, interesting)
- It must be NEW or BETTER (disruptive/blue ocean, incremental)
Specifics – detailed market concepts:
- facebook is the new consumer internet (vc’s think like that)
- the blue ocean dilemma (hard, risky)
- marketplacs start with the demand side (demand side is your customer)
- slippery slope to services
- arbitrage businesses are hard (very few make money)
- be careful against large advertising budgets
- consider virtuous cycles (my comp X is developing DEFINED OFFERING to help TARGET AUDIENCE SOLVE PROBLEM WITH SECRET SAUCE)
Listen, don’t argue!