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Table of Contents
Finding Great Startup Ideas
You already have an idea, which is why you've been accepted, congratulations!
However, you still need to test your idea with customers.
We don't know if your idea will succeed, and you don't know either.
This slide is designed to help you refine it so that you can pitch it in 30 seconds and be ready to pivot and improve it over time.
1. What's an Idea?
An idea is typically a solution to a problem or need in the market, or an improvement to an existing one.
Your idea should address actual customer needs and signal a potential investment opportunity.
It must be simple enough to spread and exciting for people to hear. Ideally, the idea should interest you or be something you know your users will benefit from.
2. Refining Your Idea
Before you move forward, refining your idea is essential to make it clear and complete. Use tools you may already know, such as the:
- Five Ws
- SMART Criteria
- Mind Mapping
- Etc
These basic tools help you effectively communicate your solution so that people are interested in hearing it. The clearer your idea, the easier it will be to market it and develop it over time.
3. Developing Your Idea Over Time
Any idea is just the beginning, around 1% of the project. To grow that percentage, you need to write it down, refine it, and test it.
Start by breaking it down into smaller parts, test it with real customers, and gather feedback.
Also to think differently and expand your startup idea, consider using creative tools like the Fast Idea Generator to brainstorm new possibilities or Lean Canvas to outline key assumption.
4. Testing Your Idea
To test your idea, create a simplified model of it and try to sell it.
Talk to potential buyers to understand what part of the idea matters most to them.
If they show interest in your prototype, that’s a good sign to move forward with the full implementation.
You might also find the Interview Guide interesting for conducting interviews to gather inputs or test your prototype.
5. Ensuring Market Fit
For a startup idea to succeed, it's not enough to simply solve a problem; you also need to ensure there's a clear market for your solution. Consider the following questions:
- How does your experience align with the target market?
- What key metrics will you track for AAARR?
- What unique innovations does your solution offer?
By answering these questions, you can ensure your idea is feasible and ready for the market.
6. Problem Discovery
There are effective methods to help you uncover the problems your idea addresses:
- Use Problem Definition to clearly articulate key issues and stay focused on the right problems.
- The Causes Diagram is useful for breaking down complex issues into root causes affecting your target market.
- Shadowing allows you to observe users in their daily lives to uncover unspoken challenges.
- Design Thinking Methodology
Please use only the tools that you find interesting and that can help you write one page about the problem.