Where to Focus Your Startup Ideas
In searching for startup ideas here are some key points to consider:
Start with a current solution to the problem you want to solve.
Don’t change everything but instead only change one or a few things.
Focus on one or two innovations such as the business model, the platform, or the market.
Look for changes in the technology landscape and ride that wave.
Find a new technology platform that is coming up and leverage it for your solution.
Look for startup ideas that are not universally shared.
If everyone believes in that idea, then there will be too much competition early on.
In addition to solving today’s problem, look to solve tomorrow’s problem.
As the market grows it’s clear which problems will increase and which will decrease.
Look for startup ideas that leverage your skills.
Target a market, technology, or resources you may have that give you a competitive advantage.
Consider the essential elements of your solution and focus on those.
The grand vision is never in place on the day you launch the product.
It will take several years to reach that final vision.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.