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Have a startup idea ?
Understand how good it is using Y combinator method.
Understand how good it is using Y combinator method.
Startup School instructor Dalton talks about how to get and evaluate startup ideas.
If you want to work on a startup idea, Google is a great resource.
Step 1 - figure out if the idea has founder market fit, and if so, how big the market is, and see if you have competition.
If you want to work on a startup idea, Google is a great resource.
Step 1 - figure out if the idea has founder market fit, and if so, how big the market is, and see if you have competition.
He explains:
Ideas can be judged on their potential to solve a problem, their ability to be scalable, and their potential for founder market fit.
Also, notes that good idea spaces tend to have high hit rates for new startup.
Ideas can be judged on their potential to solve a problem, their ability to be scalable, and their potential for founder market fit.
Also, notes that good idea spaces tend to have high hit rates for new startup.
3 things that make startup idea look bad but they are actually good....
1 - Idea that are hard to get started.
2 - Ideas in boring space.
3 - Ideas that have competitors.
Examples.
1 - Idea that are hard to get started.
2 - Ideas in boring space.
3 - Ideas that have competitors.
Examples.
Hard to implement ideas:
Example - Stripe - a company that integrated credit payments to website.
Developer knew that old solution were bad, but nobody started as it was hard to get deal with a big banks & need to learn detail of credit card infra.
It scared of most people.
Example - Stripe - a company that integrated credit payments to website.
Developer knew that old solution were bad, but nobody started as it was hard to get deal with a big banks & need to learn detail of credit card infra.
It scared of most people.
Boring Ideas:
Gusto - Payroll software - Again, most people realized that current payroll solution were bad but nobody fixed it as it was boring space to work in as most shy away from this.
Interestingly, boring ideas have a higher success rate than fun ideas.
Gusto - Payroll software - Again, most people realized that current payroll solution were bad but nobody fixed it as it was boring space to work in as most shy away from this.
Interestingly, boring ideas have a higher success rate than fun ideas.
Ideas that have competitors:
Most ideas that no competitors are the ideas that no one wants.
Dropbox - When they entered, there were already 20 companies providing cloud storage.
But the noticed that even when there are 20 companies, nobody uses any of them.
Most ideas that no competitors are the ideas that no one wants.
Dropbox - When they entered, there were already 20 companies providing cloud storage.
But the noticed that even when there are 20 companies, nobody uses any of them.
Dropbox noticed that the UI of existing companies sucked as the user have to manually upload one file at a time on the website.
Dropbox integrated their solution with host's OS and it automatically syncs all the files.
#startupindia #StartupWorld #MSMEs #founders
Dropbox integrated their solution with host's OS and it automatically syncs all the files.
#startupindia #StartupWorld #MSMEs #founders
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