Data. Mission. Emotion.
Be realistic with yourself.
Your idea should be mission-oriented and make people have an opinion. Get plenty of data to corroborate your hypothesis before you start anything. The definition of an 'idea' includes market size and growth, how the market will evolve, defensibility, exit — not just the product.
Lecture 02 of 08 · Taught by Ali Sina
"Only highly differentiated ideas work. Your idea must be REMARK-ABLE — worth making a remark about."
Be realistic with yourself: What do you do that you're the best in the world at? What did you invent? A new service? Formula? Delivery method? Is it patentable? Branded? Have you identified an isolated market segment?
Get as much DATA as possible. We need to know if we're making the right move entering these markets and building these products. Data is the oil that runs the machine.
If people think the idea sucks — that's not necessarily bad. "Whenever you find yourself on the side of the majority, it's time to pause and reflect." — Mark Twain. Get the data. Have a mission. Evoke emotion. Think differently.
Take these to heart.
- Tying a mission to your startup will keep you focused. When people buy into your mission they want to help you.
- Great missions are very easy to explain and easy to understand. If it takes more than a sentence to explain what you're doing, it's almost always a sign it's too complicated.
- Make people have an opinion. Creating something people either love or hate has been very successful — even in today's political atmosphere.
Your homework.
- MARKET: Size (past/present/future), Growth, How will it evolve over 10 years?
- PLAYERS: Who's been successful? Shortcomings? Business models? Customer acquisition strategy?
- DOABILITY: Databases, APIs, specialized talent (ML, NLP) needed?
Insolar — 3-for-3 on Idea
DATA: Solar prices plummeted 70% since 2010 but customer acquisition costs ballooned to 67% of total cost. That was the gap. MISSION: Promote sustainable energy for a cleaner planet. EMOTION: "You're going to sell solar online? That's impossible!" Everyone had an opinion — either it's brilliant or it's impossible. Either way, opinion = remark-able idea.
Lecture 02 of 08 · Back to curriculum