Startup ideas can be found in abundance and there is no shortage, but there are few that get off the ground. How to validate that the idea doesn’t have a quick expiration date.
1. Being new or first is not enough
It doesn’t always pay to be first to market with a product. It is not necessarily the person who gets their idea to market first that wins. iPod wasn’t the first MP3 player, but it defined the category. Being innovative or new doesn’t work if your product doesn’t matter to anyone.
Sometimes, it is better to sit back and learn from others before jumping in.
2. It is indispensable
Ensure that your idea is absolutely necessary, even if people don’t know about it. Think of something which might not be a one time use, but things which people would need from time to time.
3. Excitement of execution
It starts with you and your team, idea needs to be that exciting that you enjoy doing it. At the end your journey towards execution matters.
4. Solves a problem
The problem should be significant and something that impacts a large group of people. If there aren’t a lot of people who have the problem or if it is not a problem that people really care about solving, move on.
In case of Google and Facebook, the problem were big, and there was opportunities to innovate the business model and adapt to the change.
5. Potential for expansion
Is your idea something that can grow either geographically or through product extensions? The best business ideas start out small but there is a ability to grow and expand.
There needs to be a business model that allows your idea to grow.