How to Develop your Business / Tech Startup Idea to Pass Scrutiny and get Funded - Daniel Hindi
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How to develop your Idea - Daniel Hindi
Do you have an idea burning in your brain and you've always wanted to create a business around it? Do you have a difficult time articulating the idea? Do your friends and family get it? Are you not sure or feel something is missing?
There is the Stanford NABC method
(Need, Approach, Benefit, Competition )
1- Problem and opportunity
What is the market need
Is there demand?
Can you generate demand? Think Smartphones
Is it your need?
Must have or like to have
What is your niche
2- Competitive Advantage
How are you different?
Are there Existing competitors?
How will you beat them? You can't be just a me-too
How will you gain market share if you’re late to the game
3- Is it Defendable
Make it hard to replicate
If you have a new idea
Is it defensible?
Do you have IP
Relationships
Strategy
4- Go to market strategy
How to launch
Timing FB, Flywheel vs others
Chicken and the egg problem
Brick and mortar or virtual
Digital Marketing vs Gorilla or boh
Freemium or not
Undercut price may be cheaper than marketing
**** Challenge *******
A town with two successful Italian restaurants
Do you A) open another
B) open something different?
5- Financials
How to make money
Is the problem worth solving
Good ideas don't always make money. At least not in the beginning
Think Twitter and Linkedin
If you think you’re going to be the next Amazon or Uber good luck
Red, black, green
6- Can it Scale
If you’re the secret, you don't scale
Is it dependent on humans (you)
Do your costs increase, decrease or Plateau
What new challenges do you face
Can it cross markets and demographics
7- Is it versatile and resilient
Think blockbuster, Barns & Noble
Think Car alarms, obsolete
Think iPhone accessories dependent on the connector
tech, software development, cogent step, business ideas, online business ideas, small business