Startup Scripts #3
Startup Scripts #3
How to find your startup idea, some topics that caught my attention and the latest tech news
TL:DR
How to identify a good startup idea
Topics that recently caught my eye (Building in stealth, Understanding your investors, Open Source Business Model
Some news(Apple Vision Pro, Trillions for OpenAi, Gemini release, C-3PO Demonstration)
Hey folks, today I want to talk about how you can find your startup idea and what makes an idea a "good" one. We're diving into insights from a session we run at Antler in Stockholm, held twice a year, which sheds light on this intriguing process.
A solid startup idea is the trifecta of a Problem, a Solution, and, crucially, you—the founder or founding team.
Problem
Let's kick things off with the Problem. It's essential to start here because diving straight into solutions can lead you to search for problems that might not exist. A "good" problem is one that's painful, common, frequent, urgent to solve, and, importantly, growing. Identifying such a problem is your first step towards a meaningful startup journey.
To nail down a worthy problem, consider these steps:
Framing the Problem: Get to grips with what makes the issue a significant pain point, its prevalence, and its urgency.
Developing a Hypothesis: Propose and quickly test potential solutions, whether through an MVP, surveys, or prototypes.
Conducting Research: Dive deeper into the problem and existing attempts at solutions, learning from others' successes and failures.
Transitioning from identifying to solving a problem requires creativity, innovation, and a deep understanding of the issue at hand.
Solution
After successfully framing a problem, the quest for a solution begins. Innovations in solutions can be categorized into product, process, and business model innovations, each with unique characteristics and examples like social media, assembly lines, and subscription models, respectively. Focusing on a niche or market segment initially can help pinpoint where your solution adds the most value.
Why You
But why are you the right person to bring this solution to life? With countless teams likely tackling the same problem, your execution, and unique advantages become paramount. Whether it's your team's unique skills, your product's standout features, superior growth tactics, or defensible moats like patents or brand, these are your arsenal to stand out from the crowd.
The sweet spot for your startup idea lies at the intersection of a significant problem, a novel solution, and your unique capabilities and background. Merging these three elements sets a strong foundation, but remember, execution is key.
In Summary
Finding a "good" startup idea isn't just about spotting a gap in the market—it's about identifying a significant, growing problem, devising an innovative solution, and having the right team with a unique edge to bring it to life. By focusing on these critical aspects, you can position your startup for success, turning challenges into opportunities with the right mix of innovation, strategy, and execution.
Things that caught my eye 👀
Building in Stealth - How Founders Can Benefit
Importance of Understanding Your Capital Provider's Business Model
VCs love Open Source - But How Will They Make Money
News 🗞️
Slow, but steady: 1x Humanoid Robot Demonstration 🤖
Trillions for Chips - Sam Altman pursues investors, including the U.A.E. for a project possibly requiring up to $7 trillion💸
Changing Names: Bard becomes Gemini
That's it for today. I'd love to hear your thoughts. Feel free to share in the comments below or reach out on my social channels.
Until next time, folks 🤙