Tuesday, August 18, 2009

Foundation for a Startup Idea

We need to lay down some foundation for the startup idea. These points are intended to channel our thoughts and come up with that one idea which we will pursue and build our product around. Between the four of us we have hundreds of ideas and it is time to pick the best. The problem is, how do we know which one is best? There is no sure way to know, but satisfying the following points is a good start.

Solve one problem
There are many problems around us that need a solution. But we will strive to solve one and only one problem. There will be distractions along the way, but we will do justice to the single problem that we choose to solve.

Simple product
We are a small team working part time on this side project. Hence keeping the product simple becomes a core requisite. Simple product means less overhead, less maintenance and will require less resources overall.

Though we start out simple the idea needs to be scalable. We need room to grow. Internet users can have very short attention span and we need to constantly keep them interested in our product.

This is where all the action is. For any web app mobile is no long a nice-to-have feature. It is a must-have component. Many businesses today are centered completely around mobile.

Though we will start out in one country the idea itself should be region agnostic. Some countries are adding internet users at a dizzying rate. Think India, think China. We should be able to expand internationally with little additional effort.

Since we are starting out a shoestring budget we need to know how we are going to generate revenue fast. We don’t have the luxury of venture capital. Hence the idea that we pick needs to define how it is going to make money.

This list is giving us a good direction to narrow in on the problem we we want to solve. Hopefully you find good use of it as well to filter out the hunderds of billion dollar ideas floating in your head, and pick the best ones.

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