Is your idea good enough to become a great startup? [Infographic]

Read In

Your friends might like your idea, but how do you know it's good material for a viable startup? The Founder Institute, a global network of startup accelerators, has drawn up a list of 10 hints to help you determine if your idea makes sense. "Ideas don't matter, execution does," the graphic points out, but if the idea doesn't meet these basic criteria, it might not get off the ground in the first place, or might make the execution that much more difficult. Here are their 10 points: 

  • You’re passionate about it: Can you see yourself working on it for 10 years?
  • It’s simple: Start by solving one problem, with one product, for one customer.
  • One revenue stream: Focus on one revenue stream as a start.
  • Few steps to revenue: Identify the numbers of stakeholders involved, and make sure there are ideally not more than three steps to revenue.
  • You know the customer: If your idea was developed out of a personal need, you will understand the specifics of your customers a bit better.
  • You know the market: If you’re not an expert of the market, become one.
  • Sufficiently large market: A small market will be hard to address and is not worth your time.
  • Original secret sauce: Be bold, be unique or better.
  • You have tried to kill it: Find the things that make your idea bad and eliminate those.
  • You are sharing your idea: Get feedback.
If your idea made the 10 points, go ahead! Now, what matters after that is a good execution. 
 

Read In

Media categories

Countries

Share

Related Articles