Wasabi Ventures Academy: Find an Idea for Your Startup

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The first topic that any new entrepreneurial effort has to tackle is the idea generation. In a nutshell: What problem will my company solve? This class will cover brainstorming concepts, idea selection, and early problem solving formulation. The goal at the end of the class is that a participant will be able to identify 1 to 3 ideas that have a reasonable chance to turn into a company.

This is part of the Wasabi Ventures Startup Foundations Training program, if you are interested in going through the WV Academy visit http://academy.wasabiventures.com or email wvacademy@wasabiventures.com

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Wasabi Ventures Academy: Find an Idea for Your Startup

  1. 1. WV Academy: Finding Fundable, Executable Business Ideas An Innovative And Dynamic Approach To Venture Capital And Incubation
  2. 2. Academy.wasabiventures.com @wasabiventures All ideas suck. TK
  3. 3. Academy.wasabiventures.com @wasabiventures It is all about execution. TK
  4. 4. What Are Ideas? Academy.wasabiventures.com @wasabiventures We are talking about business ideas They are a solution to a problem They are NOT a business They DO NOT have to have a business model They have to be something you care about and understand
  5. 5. Where To Get Your Idea Academy.wasabiventures.com @wasabiventures *** NOTE: This is only true if you are building a “fundable” company. Lots of great non-fundable ideas for businesses turn into great businesses. But that is a different presentation! Ideas Should Be Personal You should have personal experiences that allow you to identify them Ideas need to be definable In 2 sentences, can you describe the problem and your solution? Ideas need to be able to change the world*** Can an idea turn into a solution for a large problem?
  6. 6. TK’s 4 Week Trick Take the next 4 weeks and pay attention… List all of the things you wanted to do and couldn’t do easily Ask yourself these questions: Sit down with a mentor(s) and vet the list Academy.wasabiventures.com @wasabiventures Why couldn’t I do this? Why couldn’t I find a solution? Was anyone else also trying to do this? Would I pay to have made this easier?
  7. 7. Build A Simple Pitch Deck For Your New Idea Academy.wasabiventures.com @wasabiventures 1 2 3 4 Decks help you hone your message Makes it easier to talk to strangers Doesn’t have to be pretty but has to answer the 3 absolute essential questions This deck is not about raising money, it is about telling a story and getting smarter.
  8. 8. The 3 Questions Academy.wasabiventures.com @wasabiventures An Innovative And Dynamic Approach To Venture Capital And Incubation What makes your market attractive? What makes your product/service a killer app? Why are you uniquely qualified to do this?
  9. 9. Market Attractiveness If Yahoo, then Google; if MySpace, then Facebook Academy.wasabiventures.com @wasabiventures An Innovative And Dynamic Approach To Venture Capital And Incubation 10% of a $1B Market = $100M/year = IPO, baby Financials will do anything for an advantage Don’t bother creating a new desktop OS SIZE WILLINGNESS TO TRY NEW THINGS OPENNESS SUCCESSFUL ANALOGOUS STARTUPS
  10. 10. The Killer App Magic Like nothing that came before (iPad) Academy.wasabiventures.com @wasabiventures An Innovative And Dynamic Approach To Venture Capital And Incubation A major pain (especially in the wallet) Aspirin, not vitamin (VMware) A new crack (cocaine, not plumber) Viral and/or addictive (Facebook, Angry Birds) An affordable indulgence/convenience Same, but not the same (Macbook Air)
  11. 11. Unique Qualifications An Innovative And Dynamic Approach To Venture Capital And IncubationAcademy.wasabiventures.com @wasabiventures Relevant, successful prior experience General startup experience Team has the complete set of required skills The first…the leading…the only… Relationships with key market players Academic degrees Unrelated prior experience
  12. 12. “I Have No Ideas!” DON’T PANIC! WV has over 200 to choose from! If you are selected to be in our EiR program, we will give you some to choose from. Academy.wasabiventures.com @wasabiventures
  13. 13. Academy.wasabiventures.com @wasabiventures If you are interested or know some interested in the class, email wvacademy@wasabiventures.com

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