Finding a successful idea for a tech startup is difficult, especially now that the market is oversaturated. It seems that there is almost no chance of coming up with a new idea and realizing it. But that is not the case. It is possible to develop something new or complement an old idea with something fresh.
To understand which idea to choose, you need to determine whether the concept will be profitable, whether it is the right direction in your area, whether the game is worth the candle. Most companies fail because no one needs their products and services, so you need to do analytical work and look at things realistically.
Finding business ideas is a talent. But developing a knack for it is quite possible. The main thing is to pay attention to what’s going on around you. Many entrepreneurs keep special idea notebooks.
Methods of Finding Ideas for a Successful Tech Startup
Be one step ahead. Look to the future and strive to be ahead of it. Keep track of new inventions and anticipate what the new generation will need. Brainstorm for yourself.
Become an expert. You’ll probably have to work in someone else’s company and gain experience to do this. After all, there are areas you can’t get into from the street. Solve the problem that is ruining your life. Do not give up if there is no ready-made solution. Try to create one yourself. The most successful tech startups started by finding a way to fix the problem.
Look at the pain. See what people are stalling on and suggest ways to optimize for them. Get to know those who are working on unemployment, poverty, etc. Improve what already exists but is not perfect. Find the things that annoy people, the things they have to put up with because there are no improvements yet.
Buy low, sell high. Put together a puzzle of a cheap product and a wealthy buyer, look for good performers who don’t demand millions for their work, find an abandoned factory, and use it to your advantage. Many successful companies have started by copying existing products and perfecting them.
Whenever possible, take a trip. It will help to see how business works in other countries. Offer ideas for new markets. New products released by world leaders offer tech startup opportunities. Improve a useless product. You can take any idea as a basis.
Where it is Preferable not to Get Tech Startup Ideas
There is a lot of advice on finding a tech startup idea. But there is no information on how best not to. Because of this, aspiring entrepreneurs don’t know how to proceed and keep making mistakes.
Top Mistakes to Avoid When Looking for Tech Startup Ideas:
- Come up with an idea out of thin air. Baseless creativity is an awful idea. Anyone can generate genius (according to the generator’s version) business options, but it’s a dead end. The statement must be based on something and not emerge in thin air.
- Forget about the needs of the market. Of course, the idea should not be based solely on making money. But that is not the last goal. And to achieve it, you need to think about the market, believe in its scale, and not overestimate your capabilities.
- Chase the trends instead of paying attention to anything around them. Trends are fleeting-they disappear as quickly as they appear. You can’t take them into business without a realistic assessment of their viability. It would help if you had a practical evaluation of the situation, a detailed analysis.
- You have to take on a complex idea.
- Listen to the wrong people. Pay attention only to the opinions of experts and gurus who have already achieved something.
- Not being an expert in a field related to the tech startup is a plus.
- Implement the idea before the calculations are complete.
How to Test The Potential of a Tech Startup Idea
Test tech startup ideas even before you implement them. It would help if you made a presentation. You should also clearly explain what the idea is about and what problems it solves. Try to reason with an open mind, as if you were looking at the situation from the outside.
Go to a coffee shop. Approach any customers, explain the situation, tell them about the project, and ask their opinion. Listen carefully to everything the stranger has to say and take that feedback into account. Then, ask the person to give you three reasons for and against the tech startup.
Organize an Internet mailing list. It is a way to spread the word about your idea and probably find your first customers. To do this, compose a questionnaire on your vision, make it an online survey, and do not forget to attach a link to the document that notifies the product’s launch.
Conduct an online survey. Create a Google form or run an ad on Facebook. Formulate the questions as simply as possible, spelling out the information to understand even someone far from the topic.
How to Implement a Tech Startup Idea — the Steps:
- You need to think of an idea and work it out in detail. Understand why and who needs it, what problems will be solved, and how you will realize it.
- Select a team of executors. It should include people who like your idea, who will have eyes for it.
- Evaluation of the market. Its size and prospects for development. At this stage, it is also worth assessing the profitability of investment in the project, assessing its strengths and weaknesses, and formulating the benefits.
- Elaboration of the concept. It is where specialists make all predictions. And it is desirable to back up all the words with numbers.
- Formation of terms of reference. Here, it is better to divide the entire project into small steps and set deadlines for implementation.
- Preparation of a prototype. Without it, there is no point in attracting investment. The project should include essential characteristics. To simplify the understanding of the idea, you can consist of diagrams in the prototype.
- You can carry it out with the help of people you know. At this stage, your goal is to see if you have correctly described the problem and if the project can solve it.
- Alpha version. You can start negotiating with the first clients, although the final testing is still underway.
- Closed Beta. Testing reveals bugs, which are worked out later. Closed beta testing reveals color preferences, outlines ways to redesign, etc.
- Public beta. Here the hypotheses are turned into facts, and the team made final work on bugs.
- It is where you start the project and work on its promotion. It also includes legal clearance. And, of course, further development work is done.
- Search for investors. It is crucial to find an interested person and understand what share you are ready to give him. The best option is to provide 15-25%.
The above listed in this article is the basis, which should give you an idea. If you work with it competently, finding many tech startup ideas that will bring in money is entirely possible. It does not require a significant personal investment