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SV.COSelect Product Idea
What makes a good idea?
& how do you select one?
Before that: some context
Most startups fail because of either:
a) pick a product that nobody wants, or
b) nobody is willing to pay for
Even if you pick the right idea, it takes a
long time (3-5+ years) to succeed
Good startups are never overnight successes.
So you need to like the idea that you’ve picked to work on it for the duration.
4 tests for a good idea
1: Am I solving a real problem people have?
Talk to prospective customers and figure out
their problems.
Observe prospective customers and figure out
their problems.
Emulate other successful products & build better/
different versions.
2: Will I use it? Do I like the idea?
Use: do you have the same problem? Will the product
that you build solve it?
Use/Empathy: in your customers shoes, would
you use this product?
Like: are you passionate about this product/industry? Can you
work on this for 3-5 years?
3: Has it been done before? How is mine
different/better?
When you pick an idea, having competitors in the
same space isn’t a bad thing.
This because of two things: 1) having competitors have
already established the space
2) Startups are usually not a zero-sum game.
When you win, somebody else doesn’t have to lose.
“For Apple to win, Microsoft doesn’t have to
lose”—Steve Jobs.
What you need to have is a clear articulation of how your
product is better/different.
Better: clear articulation as to why your product is
an improvement.
Better is not always “adding features”
Better could also be “removing features”
In fact, usually: Better = focus.
Better: could be because it’s addressing a narrower use-case,
or a different target segment.
Different: target customer base, industry, or locale.
Better & different work together to establish your product, even in an
intensely competitive space.
4: Why is now the right time to build this?
The best ideas have a clear reason as to why it
should be done right now.
As opposed to 5 or 10 years ago.
Most common reason: technology breakthrough
Most common reason we’ve seen cited:
Mobile penetration in India :)
Lots of other possible reasons as well: legal/regulatory environment change, entry
of an innovative player into the market, paradigm shift.
Being aware of these changes is generally a
great idea.
Recommended Read: How to Get Good Ideas
Break: Questions?
How does SV.CO help you pick ideas?
We have a curated list of ideas in the SaaS space.
1: We picked funded startup ideas
in US.
2: Narrowed it downby feasibility.
3: Tweaked ideas to make it generic.
4: Added detail on Indian similars.
5: & Team Skills required.
How to use the Idea One-Pagers to
select an Idea
Perform all these activities as a team.
1: Quickly browse through Idea Titles to see if you find anything interesting
2: Now, quickly read through the Executive Summary of each and mark what you find interesting
3: Deep-dive into those you marked up.
4: Rank each idea as “Good = 1, Great = 2 and Wow = 3” based
on the earlier 4 criteria + 1.
Recap: 5 Criteria: 1: Is this a real genuine problem?
2: In your customers shoes, will you use it? 3: What is your special different/better for this idea?
4: Why is now the right time to build this? 5: Does our team have the skills to build this?
5: Pick the idea that has the most cumulative
scores.
Debate and discuss within the team to come
up with scores.
One tip here: the way to settle arguments is not to vote by majority, but by rationale.
This is not a mock GD. When you discuss, listen to understand
other people’s viewpoint.
Final step: Record your decisions.
Submit a one-pager, split by one-paragraph each on
the five criteria on how/why you’ve selected your idea.
Meta question: Do I need to pick from
amongst these 50 ideas?
No.
But: 1) be prepared to receive more scrutiny.2) if your idea is not in the SaaS space, be
prepared to receive less support.
Finis: Questions?
