The entire YouTube playlist is here.
1: Kevin Hale – How to Evaluate Startup Ideas
This video is useful if you have too many ideas, don’t know whether or not to commit to an idea, or want to pivot.
VC investors are interested in companies that have the potential for rapid growth. If your company is not designed for that, then it’s a small business, not a startup.
A startup idea = a hypothesis about how a company could grow quickly.
3 components of a startup idea:
- Should be had by a lot of people (1M+)
- And growing (20% / year)
- Urgent (people have it right now)
- Expensive to solve (if you can solve it, you can charge a lot of money)
- Mandatory (people have to solve it, e.g. new legal requirements/regulations)
- Frequent (hourly)
- Don’t start here. Start with the problem, then figure out the solution.
- Why will this particular solution work?
- What is your unfair advantage related to growth?
- You need one.
Types of unfair advantages: (one is sufficient, but the more the better)
- Are you 1 of 10 people in the world who could solve this problem?
- Is your market growing 20% per year?
- This is the weakest unfair advantage. You want to have another one in addition.
- Is your product 10 times better than the competition?
- Best is free.
- Paid user acquisition can’t be the only way to get users.
- Best word of mouth.
Other videos coming soon…