Main Topics

1. Idea
2. Product
3. Team
4. Execution

1. Idea

Idea & Startup Relation:

• Path: Idea –> Product –> Company [Idea >> Startup]
• Planning: As much as possible (sure, not 100%), but strong foundation

Choosing an Idea:

• Maintain a Good-Bad ratio:
  1. Good enough so Competition (but no monopoly exists)
  2. Bad enough, but easy to articulate (should not take >1 sentence or demo for users)
• What to NOT do ([generally]): Build "X" but for "Y" (ex: Uber, but for planes)

Market Growth Factors:

• Knowing about: Growth of Market >> Growth of Startup

• Best Market size: [Small Rapid growing >> Big slow] (customers covert more)

• What to NOT do:

  • [NOT]: "What do I want to build?" -> find audience for it
  • [SHOULD]: "find audience & demand" –> build idea -> product

• Advantage as Young Entrepreneurs / Students: Better Instinct to see market growth, and new tech that shows promise

Timeline Factor:

• [Why now?]: Why did no one come up with this before, and why will it be too late later?

2. Product

• In Early Days –> Focus on [Great Product]:

  • What to Do: Talking to Customers, user feedback, building [primary]
  • What to Not Focus: Raising Money, Competition, Business dev. [secondary]

• What defines a Great Product?

  • Easy to explain ( 1-2 sentence)
  • A grey area: [small users love], lots do like (Why? too loved ideas are taken)
  • Then expand on what users love

• Users Acquisition:

  • Early [organic growth] (sales & marketing focus later)
  • Choosing first users:
    • [YES]: Small bunch (1-2) with regular feedback
    • [NO]: many (20+) with once feedback
  • [Competition]? Most die from suicide

• User [feedback loop]:

  1. What do they like?
  2. What would they pay for?
  3. What would make them recommend it?

• Metrics of [Growth]:

  1. Registrations
  2. Active Users
  3. Activity levels
  4. Cohort Retenion
  5. Revenue
  6. Net Promoter Score