how to generate and evaluate business ideas?
DESCRIPTION
These are slides from my talk at Founder Institute's opening session in Finland. They don't work well w/o speech. Quick and dirty. Perhaps the most interesting part is the quick-and-dirty opportunity evaluation framework ... or not. Enjoy!TRANSCRIPT
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Vision & Values
Mika Marjalaakso
Founder Institute
Helsinki
21.11.2012
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IDEA GENERATION & OPPORTUNITY EVALUATION
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What kinds of opportunities you should focus on?
Passion
Best in the world
Big untapped
opportunity
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Bad ideas are not always bad …
Recreation of Peter Thiel’s venn diagram of good startup investments.
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Where do opportunities arise from?
Enabling Technology
• Location
• AI
• Cloud
• Grid Computing / P2P
• Mobile
• Pervasive cheap always-on connectivity
• Payment systems …
Consumer Behaviour
• BYOD
• Social media sharing habits
Business Model
• SaaS
• Crowdsourcing
• Subscription commerce
• Freemium …
Industry
• Finance
• Energy / Smart Grid
• Retail
• Government
• Medical
Regulation
• AMR business case as an example
• A number of medical and financial innovations …
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It’s all about increasing awareness
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How to brainstorm ideas?
• Simply start listing down various ideas on paper
• Involve trusted people with diverse backgrounds and
view points early on (industry / domain experience,
techie, designer)
• Sit down, exchange ideas, copy, twist, add, take out
– be creative
• The ugly truth: the best ideas come always as a
surprise when you don’t try to figure out them; be
aware and let your subconsious do the work for you
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Build your best ideas into concepts (very few idea level things can be evaluated …)
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How to evaluate ideas? The OAK Quick and Dirty Opportunity Evaluation Framework
Opportunity
Assets
Kill Often, Kill Fast
Compelling Idea
Entry Point
Market Size & Growth
Competitive Situation
Timing
Pivotability
Team
Attitude
Prototype
IPR
Customers / Partnerships
Money
A: 10k€
B: 100k€
C: 1M€
Time
A: 6 months
B: 1 year
C: > 1 year
Big idea Small idea
Great stuff Piece of shit
Basic research,
truck load of money
Quick GTM,
double down
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understand your customer’s needs
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minimum viable product?
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solve your customer’s problem
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SOMETHING ABOUT THE CULTURE
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Key Takeaways
1.Start with the
problem/customer not with
piece of (shit) tech. 2. Team. Team. Team.
3. At the intersection of … – Passion
– Best in the world
– Big untapped opportunity
4. Culture matters.