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7 strategies to brainstorm startup ideas:
THE 3 BIG QUESTIONS
Put away your phone. Put away your computer. Set a 30-minute timer.
And run through these three questions:
1. What sucks in my world?
2. Does it suck for many other people?
3. Can I be excited about solving this for a long time?
h/t @twinmiki
Put away your phone. Put away your computer. Set a 30-minute timer.
And run through these three questions:
1. What sucks in my world?
2. Does it suck for many other people?
3. Can I be excited about solving this for a long time?
h/t @twinmiki
VISIT THE NPS GRAVEYARD
Zoom in on fragmented, low NPS industries.
Brainstorm products that can delight historically disgruntled customers.
Find a wedge to expand horizontally in said industry.
Examples:
- @notarize in document notary
- @Plaid in financial services
Zoom in on fragmented, low NPS industries.
Brainstorm products that can delight historically disgruntled customers.
Find a wedge to expand horizontally in said industry.
Examples:
- @notarize in document notary
- @Plaid in financial services
BRAINSTORM WHILE BUILDING
Running a business creates rich problem surface area.
Many of these problems are not uniquely felt by you.
With record VC funding ($128 bn) and record business formation (5.4 mln), the TAM for solving common entrepreneurial pains is growing.
Running a business creates rich problem surface area.
Many of these problems are not uniquely felt by you.
With record VC funding ($128 bn) and record business formation (5.4 mln), the TAM for solving common entrepreneurial pains is growing.
UNDERSTAND INDEX COMPANIES
1. List markets that will be multiples of their current size in the future
- Genomics
- Cybersecurity
2. Brainstorm infrastructure that will take a cut of each transaction
This is an index company.
Examples:
- @stripe
- @coinbase
h/t @eladgil
1. List markets that will be multiples of their current size in the future
- Genomics
- Cybersecurity
2. Brainstorm infrastructure that will take a cut of each transaction
This is an index company.
Examples:
- @stripe
- @coinbase
h/t @eladgil
MAKE SOMETHING PAID FREE
@RobinhoodApp shepherded free trading.
@Drizly charges zero mark-up on alcohol for consumers.
@amazon made free shipping mainstream.
What's a product where revenue can be shifted from consumers to businesses?
Or to a different revenue stream?
@RobinhoodApp shepherded free trading.
@Drizly charges zero mark-up on alcohol for consumers.
@amazon made free shipping mainstream.
What's a product where revenue can be shifted from consumers to businesses?
Or to a different revenue stream?
TURN OFF MENTAL AUTOPILOT
Humans are chameleons & we quickly learn to accept how things are done.
Which is valuable most of the time, but not when you're ideating.
Get curious & ask the 5 whys.
Humans are chameleons & we quickly learn to accept how things are done.
Which is valuable most of the time, but not when you're ideating.
Get curious & ask the 5 whys.
Example: I'm drinking an IPA while writing this
- Why do IPAs need 200 calories?
- Why do IPAs have to be alcoholic?
- Why are all IPAs kinda the same?
- Why do IPAs have to be expensive?
- Why do IPAs start in cans?
- Why do IPAs need 200 calories?
- Why do IPAs have to be alcoholic?
- Why are all IPAs kinda the same?
- Why do IPAs have to be expensive?
- Why do IPAs start in cans?
FIND GEOGRAPHIC ARBITRAGE
1. Identify a trend that's big in one country/region, but not others.
2. Introduce that trend to the new country/region.
@hellotushy: bidets are HUGE in Asia, but weren't in the U.S.
@Olacabs: ridesharing was taking off in the US, but not in India
1. Identify a trend that's big in one country/region, but not others.
2. Introduce that trend to the new country/region.
@hellotushy: bidets are HUGE in Asia, but weren't in the U.S.
@Olacabs: ridesharing was taking off in the US, but not in India
Those are 7 strategies for brainstorming business ideas!
Follow @businessbarista for my next 7 strategies, which I'll publish next week!
Follow @businessbarista for my next 7 strategies, which I'll publish next week!
