Ideas are worthless unless you execute. I'd like to share these 10 ideas with you as I am not intending to pursue them. Give me a shout on twttr if you'd like more thoughts! If you're interested in what I am working on, check out Pillow Talk - Playtime Ideas for Busy Couples. Lnchtm Date An app for lunch dates. Select a time (12am, 1pm, 1:30pm etc). Location, and we set you up a 45…
I've recently been analysing the answer to this question and have put together a list of the pros and cons for each.
Yes to Bootstrapping
- It reduces or avoids the dilution of founders' equity.
- You become an entrepreneur to be your own boss. You keep full decision-making control.
- You don't have external obligations and expectations from investors.
- You can choose to grow your business at a pace that you want to. Most investors expect you to grow as fast as you damn well can.
- It forces you to be lean.
- It forces you to focus on revenue right from the start.
- Necessity is the mother of innovation.
- Less time is spent raising money, thus you have more time to focus on your product and customers.
- You can still choose to raise funding later when you'll likely be in an advantageous
Use your network for ideation
Your network is a great resource for insight, support and ideas.
At the end of last year I was looking for inspiration for what to build next. I created a questionnaire using Google Forms and sent out a few requests.
I asked the following questions, specifically interested in app and ecommerce ideas:
- What's your job? What industry do you work in?
- Thinking about technology in your workplace, what frustrates you? What could be improved?
- On an 'normal' day at work, what tasks do you spend time repeatedly doing?
- Do you have an amazing App idea? What would you make if you had the time/money/skills?
- Please list between 5-10 products that you have spent £100+ on in the last
This 'doing a startup thing' will become more and more common. Here's a quote I found by Paul Graham in an interview with Inc last year: There is a secular trend going on, in which launching a start-up is a more common thing to do. It used to be there were two things you could do after college: go to grad school or get a job. Soon, I think there will be three things: go to…
I've been working with early stage tech startups in London for 5+ years and during this time have explored a bunch of side projects with friends, colleagues and acquaintances. Here are 3 of them with some reflections:
- Reduce risk by ensuring there's a revenue stream from day 1. It's a business after all! If you're not doing it for the money, make sure you're extremely passionate about the social venture or charity you're building...
- Be extra careful when choosing to start a business with a friend. I lost a good friend for too long. There's a nice article on the topic here.
- If you're making something of
Evaluating your Startup Idea
So you have an idea or a bunch of ideas. How do you decide which idea to pursue?
Don't rush in. If you're about to spend a significant amount of time of your life building a business, you really do have time to evaluate it sufficiently.
Here are a few questions to get you going:
- Can you succinctly communicate the problem and why it's worth solving?
- Do you understand the market? Have you worked in this industry before? Is it aligned with your strengths?
- What's the business model? Will you generate revenue from day 1?
- What's the route to market? What's the cost of acquiring customers? Is this viable?
- How big is the market? How is the market changing? Is
I've spent alot of time over the last few years exploring ideas for tech startup businesses. I'd like to share with you what has worked for me. Firstly, It's critical important to understand that you're seeking to identify a problem, not an idea. It's still popular to talk about 'ideas', but too often than not ideas are formed on unproven or untested hypotheses and we get caught up in the excitement of the idea than the…
In December of last year I set myself a few goals. I planned to save enough money to live comfortably in Thailand for 6-9 months, move to Chiang Mai in April 2014, and build a lifestyle business that would cover my minor outgoings. I achieved just one of these goals-- enough money to now go! Following my commitment to those goals last year I found out that I had completely torn my ACL and I've been…