There are great ideas and there are ideas that need improvement, but to pick the best startup idea could be hard.
I enrolled for StartupSchool by Y-Combinator this year. Here are a few insights from Kevin Hale on picking startup ideas.
A startup idea is a hypothesis about how a company could grow quickly. So all you just have to do is prove that the hypothesis is true. Here the few things to prove that your company can grow quickly.
Looking at the problem first you should evaluate why is this the problem to pursue? Is it growing, urgent, expensive, frequent, and mandatory? It is good to have all. But he thinks that the frequency is the most important of them all.
Coming to the solution part, understanding that a solution should be made to the problem and not the other way around. As to get a change in the behavior of someone you need to have a motivation, ability, and trigger. Do not try to be SISP – Solution in Search of Problem
And the most important piece of finding success with a startup idea is understanding your unfair advantage. Factors such as your skill as a mentor, growth of your industry, and finding network effects would give an unfair advantage to the founders attracting investment and accelerating growth.
