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News: Feeding a Startup: Your Next 500 Ideas

  1. Feeding a Startup: Your Next 500 Ideas (1 messages)

    For the last decade or so, there has been a debate raging: “What is the hardest thing to accomplish when building a company from a startup?” Some sources suggest that 3 out of 4 startups fail (from data taken between 2004-2010), so we know there are a multitude of challenges.

    Not long ago, I got an email from a well-meaning, but misguided person. He wrote me that he has a million dollar idea (and it definitely WAS a million-dollar one, not just a figure of speech) and he would like to offer me an opportunity to fund it as well as find the team.

    This type of approach is a common thing, and comes from an understanding that ideas are worth a lot. The consensus of the startup industry, however, is that ideas are not worth that much. This stems from the fact that many folks, ironically, seem to get the same idea at the same time. But simply having the idea will not give you any competitive advantage in the real world.

    Check out the full article here: http://zeroturnaround.com/company/feeding-a-startup-your-next-500-ideas/

     

    Threaded Messages (1)

  2. Feeding a Startup[ Go to top ]

    This is an excellent article with many important points that I myself have counseled new business owners on.  Perhaps the most significant of the article's content is the interface between your great idea and your match of that to a real industry need.  I have a friend who has exceptionally innovative equipment he's been trying to get to market for over 15 years.  Why has he failed when in fact another company marketed, sold, and has made money from a similar design?  Because he has failed to match his product in an effective way to a VC or anyone.  When you've got something good, forget about the fact that YOU created it--make it a creation that a financier just can't live without buying.  That is truly key, so presentation is everything.  Reference Bill Gates, who sold a personal computer when it hadn't even been invented yet!