Have you ever thought about a company and been like "OMG if only I would have had the idea for Instagram... or Reddit... or Starbucks..."?
You want to start your own company but don't know how to come up with a good startup idea?
[DISCLAIMER: business ideas are worth nothing without execution. In the end, it's about the work you put into your company not the idea... but anyway, you need to start somewhere]
I found six bullet-proof methods to think about new startup ideas:
🚀 1) Look at trends in other markets 🚀
What companies have solved a big pain point in other markets that you could bring to another market? E.g. look at Y-Combinators top 100 companies list http://www.ycombinator.com/topcompanies/?ref=producthunt and find the trend. What problems are they addressing? Does your market face the same problems? Could you start the XYZ of your industry or your country?
Spoiler: MANY of them are in HR, payroll, taxes, accounting, and finance (access to capital for companies and individuals)
🚀 2) Identify emerging technologies and build solutions for them. E.g. cryptocurrencies, the blockchain, AI, etc
There's many new technologies on the rise right now. You don't have to be the first to invent them. Sometimes, it's enough to join the game and just do it better.
Are you an expert on these topics? Go and become the second-mover!
🚀 3) Ancillary services
During the gold-rush in the US, the people that made the most (and most stable) income were NOT the gold miners... it was the people who sold ancillary services TO gold miners and expatriates: the people who sold equipment, entertainment, food, accommodation and garment to the evolving industry.
The same is true with emerging technologies:
Oil >>> gas stations
Cannabis >>> dispensaries
Bitcoin >>> "Antminer" computers (Bitmain the company that makes the specialized computers required for mining bitcoin just filed for one of the largest IPOs in the world (18 billion USD) and makes more money than most direct investors in Bitcoin....)
🚀4) Always disrupt the middle-man
As technology advances the safest bet seems to be to disrupt the middleman in any industry.
Real estate brokers, financial brokers, headhunters, purchasing agents, tourism agencies, booking agents, etc etc
Why let somebody make a cut when you can connect the consumer with the provider directly through technology (and make a new kind of middle-man or sell ads)
🚀5) New upstarts in an old industry
What are old industries that you can disrupt through new technology? A new kind of "bank"; technology that disrupts the legal industry; tech that disrupts the banking industry; AI to make cleaning businesses more efficient; etc
🚀6) Look at Y-Combinator's request for startups
Y-Combinator and some other accelerator programs and investors actually publish lists of the kind of opportunities they are looking for. Why not get inspired? https://www.ycombinator.com/rfs/
All of these prompts can help you brainstorm new ideas!
I already thought about DOZENS with this system.
Do you have another method for brainstorming startup ideas?
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