Start with areas where you have expertise or an unfair advantage, as this often ensures strong founder/market fit
Identify things you wish existed, focusing on areas you’re passionate about, and finding new opportunities created by recent changes
Be cautious with ideas that are mere variants of existing successful models, as they can often turn into solutions in search of problems
Consider four key criteria: the potential size of the idea, founder/market fit, the certainty of solving a significant problem, and whether you have a new, important insight.
Beware of mental filters that may cause you to unconsciously dismiss promising ideas, such as assuming an idea is too difficult, boring, or ambitious, or avoiding spaces with existing competitors.
Feedback Loops: Collect and implement feedback from peers, mentors, and potential users to improve the concept.
Feasibility Testing: Evaluate the technical, financial, and operational feasibility of your idea.
Unique Value Proposition (UVP): Clearly define how your solution is better, faster, or more affordable than existing ones.
Before starting product development, evaluate whether your idea is worth pursuing by seeking feedback from trusted colleagues or friends to gauge interest and gain diverse perspectives. Understand the market landscape, including its size, dynamics, and competition, and identify how you can differentiate yourself. Conduct both primary research, such as interviews with potential customers, and secondary research, like analyzing industry reports and market trends. Finally, ensure the idea aligns with your financial goals and the level of time and effort you’re prepared to invest.
Think about how your personal experiences have influenced your understanding of the problem. What insights do you have that might make your approach unique?
Validating an idea requires you to validate both the problem and the solution. To validate that there is an existing problem, you need to do market research about the problem. Market research includes primary research and secondary research. Primary research entails talking to people who experience the problem; this is also known as customer interviews. Secondary research, such as gathering and analyzing existing government reports, industry publications, and competitor data, help determine the extent of the problem. Once you determine that there is an existing problem, you then need to demonstrate that your proposed solution actually solves the problem. A landing page that describes your solution and asks people to sign up for a waitlist is a great way to gauge early interest. All validation steps are necessary in order to establish “product-solution fit.” To put this all into practice, join an upcoming Startup Basics info session.
Reflect on your background, skills, or experiences. How do these give you an edge in addressing this problem and achieving strong founder/market fit?
What is the potential market size for your idea? Why do you believe you have founder/market fit? What gives you the confidence that you will be able to solve this problem? What new or important insights do you have about the problem?
