In Part 1, of the Startup Challenge we discussed how to generate (good) startup ideas. In Part 2, we focussed on compiling our personal criteria for success. Today in Part 3 of the startup challenge, I’ll share with you the three startup ideas I’ve decided to move forward with and conduct some discovery research around.
Ideas written up as problem hypotheses
Maybe its because I’m a researcher, but I find I see every new venture as an untested hypothesis. Whenever I see an announcement about a new product, I look for the underlining assumptions about customers. Whenever I see new government legislation, I look for the underlying theory of impact. And whenever I meet someone launching a new startup, all I want to talk about is how they are going to test and validate their idea as they move forward.
Not to get overly philosophical on the matter, but if you look at the world through a researcher lens, you can imagine every new idea is just an untested hypothesis waiting for the right experiment.
I’ve decided to articulate all of my startup ideas as a hypothesis, and here is the general formula I used:
Because [knowledge, assumptions and gut instincts about the problem], users are [in some undesirable state]. They need [solution idea].
The nice thing about writing up all my ideas as hypothesis is that they are concise, yet complete. You can see the prior knowledge I’ve gathered, the assumptions I’ve made, and where my head is currently. Also, as I gather more knowledge I can edit the hypothesis to match. Continue reading “Three startup ideas (Startup Challenge – Part 3)”