Product Development

8 Ways To Come Up With Killer Startup Ideas.

posted by Raj Kumar Reddy December 7, 2015 0 comments

We all wait for that one Idea we could build the startup around. But sometimes it’s hard to come up with new Ideas.

So, Here are 8 ways to help you generate startup ideas

1.Connecting the dots-Steve Jobs style:

Creativity is just connecting things. When you ask creative people how they did something, they feel a little guilty because they didn’t really do it, they just saw something. It seemed obvious to them after a while,That’s because they were able to connect experiences they’ve had and synthesize new things.-Steve Jobs

Creativity is connecting things

It all about your experiences.

Have you ever felt frustrated about an experience and thought and this could have been better?
May be heard some  music and thought I can make it sound better?
Saw something and wished it could have been more visually appealing?
Ate a thing and felt I could cook better?
Maybe touched something and it didn’t feel, right?
You didn’t feel the smell right and thought of an air freshener?

Many great ideas can be generated by scratching your own itch and connecting your experiences in a useful way.

Reed Hastings was annoyed by the late fee of $40 he has to pay the video store when he forgot to return the DVD and found Netflix which is a billion dollar company today.
Start scratching your own itch.

2.Blue Ocean Strategy Tool:

This a revolutionary tool designed by W. Chan Kim and Renée Mauborgne which helps one to create new value curve and uncontested market space.

W. Chan Kim and Renée Mauborgnesource: blueoceanstartegy.com(Image used with permission)

So start using this tool to observe Industry you are interested in
Can you raise factors that should be raised well about the industry’s standard?
Can you create factors that the industry never offered?
Can you eliminate factors that industry has long competed on?
Can you reduce factors which should be reduced below industry’s standard?

Examples:
Transportation:(used all four grids)
Uber modelHotels:(used three grids)
airbnb model

You don’t have to fill all 4 grids even if you do 3 like in the case of Airbnb did or even if you do fill any of them you still can have an idea.So start thinking in terms of this tool along different industries and check for possibilities and don’t forget to check more awesome tools at Blue Ocean Strategy.

3.Bringing things online:

This is the new rage for startups bringing traditionally done offline things to online.We have apps and websites ranging from where we can buy clothes to even getting them washed.
So think about an offline process that will be better off online and create a website or an app for it.
10 ways to come up with killer Startup Ideas.

 

4.Time-Effort Money Innovation:

Nothing is more satisfying to a customer than getting their task done with less effort within less time at a cheaper price.
10 ways to come up with killer Startup Ideas.

Time:
Can you deliver something in a very less time than others?
Can you save time for your customers?
Everybody can deliver a Pizza, but Dominos delivers it in 30 min.

Effort:
Can you reduce hassles one has to go through to get a task done?.
Maybe one click payment.

Money:
Can you provide the same product, but at a cheaper price than industry does?

5.Place Innovation:

Can you be a local star?
Can you be amazon of your state, maybe your country by adapting well to local conditions

Flipkart started e-commerce store in India by adapting to local conditions with features like COD(Cash On Delivery)
10 ways to come up with killer Startup Ideas.

6.UX/UI User Experience Innovation:

User experience is growing rapidly, It is the reason why we use Google Chrome over Internet Explorer and many other products we choose over others because of their friendly usability.
Can you improve usability, ease of use and pleasure gained while using the certain product?
10 ways to come up with killer Startup Ideas.

7.Business model Innovation:

Can you change how a certain industry creates, delivers and capture value?
Netflix changed Business Model of buying or renting a single DVD to pay once a month and use all you can.
There are many Business models you can think of for each type of industry.Learn about different Business models and see how they fit in different industries.
10 ways to come up with killer Startup Ideas.

 

8.Passion/Skills/Experience

Passion:
What are you passionate about? Something you can do day in day out and never get bored of?

Skills:
What is something that you are really good at, that comes to you naturally?

Experience:
In which field do you have, your experience in?
Something you did throughout your life?
8 ways to come up with killer startup ideas

These are other ways you can use to come up with startup ideas.So come up with an Idea and start working.
Stop waiting for a million dollar or billion dollar Idea (Ah! this idea is not million dollar one
I have to wait for one that is).
Because let me tell you there aren’t any million dollar or billion dollar ideas around. Many Ideas that are so simple created million dollar empires because of proper execution while Ideas that are so great failed because of improper execution.

So there is only million dollar process and  a billion process.
If your execution is good its a million dollar company.
If your execution is great its a billion dollar company.

Stop thinking.Start doing.

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