How to generate and evaluate business ideas?
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These are slides from my talk at Founder Institute's opening session in Finland. They don't work well w/o speech. Quick and dirty. Perhaps the most interesting part is the quick-and-dirty opportunity evaluation framework ... or not. Enjoy!
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How to generate and evaluate business ideas?
- 1. Vision & Values Mika Marjalaakso Founder Institute Helsinki 21.11.2012
- 2. IDEA GENERATION & OPPORTUNITY EVALUATION
- 3. What kinds of opportunities you should focus on? Passion Big Best in the untapped world opportunity
- 4. Bad ideas are not always bad … Recreation of Peter Thiel’s venn diagram of good startup investments.
- 5. Where do opportunities arise from? Enabling Consumer Business Model Industry Regulation Technology Behaviour • Location • BYOD • SaaS • Finance • AMR business • AI • Social media • Crowdsourcing • Energy / Smart case as an • Cloud sharing habits • Subscription Grid example • Grid Computing commerce • Retail • A number of / P2P • Freemium … • Government medical and • Mobile financial • Medical • Pervasive cheap innovations … always-on connectivity • Payment systems …
- 6. It’s all about increasing awareness
- 8. How to brainstorm ideas? • Simply start listing down various ideas on paper • Involve trusted people with diverse backgrounds and view points early on (industry / domain experience, techie, designer) • Sit down, exchange ideas, copy, twist, add, take out – be creative • The ugly truth: the best ideas come always as a surprise when you don’t try to figure out them; be aware and let your subconsious do the work for you
- 9. Build your best ideas into concepts (very few idea level things can be evaluated …)
- 10. How to evaluate ideas? The OAK Quick and Dirty Opportunity Evaluation Framework Compelling Idea Opportunity Entry Point Market Size & Growth Competitive Situation Small idea Big idea Timing Pivotability Assets Team Attitude Prototype Piece of shit Great stuff IPR Customers / Partnerships Kill Often, Kill Fast Money A: 10k€ B: 100k€ C: 1M€ Basic research, Quick GTM, truck load of money double down Time A: 6 months B: 1 year C: > 1 year
- 11. understand your customer’s needs
- 13. solve your customer’s problem
- 18. Key Takeaways 1.Start with the problem/customer not with piece of (shit) tech. 2. Team. Team. Team. 3. At the intersection of … – Passion – Best in the world – Big untapped opportunity 4. Culture matters.