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)”
Throughout the Spring, I had been posting a blog entry about once a week. I had a writing schedule that worked well for me. Then something happened that disrupted my routine – I had a baby. This is my second child, so I had a better idea of what I was getting into. But I was still surprised (or rather, reminded) how much an infant disrupts your entire life. I had high hopes of continuing to work on my start-up challenge over the summer, but baby #2 put the kibosh on that.
However, having a second child gave me even more ideas for potential startups. There is so much worry and work that goes into pregnancy, giving birth, and caring for an infant. And I think there is a lot of business potential in products and services that make parents’ lives easier.
So while I didn’t have time to write regular blog posts over the summer, I did have time to engage in a little self-study. Continue reading “Self-study research”
Over the past several days, I’ve generated 60+ startup ideas by following my idea generating process I blogged about last week. When I look over my list of ideas I have a lot of “gut feelings” about them. Some of the ideas seem too simple, some seem too complex, some seem dumb, and some seem beyond my skill set. While I think it is important to, at times, trust your gut. I also think it’s important to not throw away an idea before you at least consider its merits.
In today’s post I’ll go over my personal criteria to evaluate each startup idea. Similar to my idea generating process, I created this list of criteria for myself. I designed this list to help me think critically about each of the ideas I generated. I recommend that you take what I’ve written here as a starting point, do some more reading and research, and create your own idea evaluation process tailored to what’s important to you.
Continue reading “Criteria for success (Startup Challenge – Part 2)”