Tue, 4 October 2022
Brainstorming in Ideation
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Brainstorming can be an effective tool in the ideation phase of a startup.
It works best when focused on the right elements.
The startup exists to solve a customer problem.
Here are some steps to consider for your brainstorming in the ideation phase:
Start with a list of customer pain points.
Make a list of disruptive technologies that have recently come on the market.
Apply each disruptive technology to each pain point to find a solution.
Analyze and score each match on market size, competition, how well the solution fits, capital requirements, and barriers to entry.
Take the best matches and apply recent business model innovations to each matched pair.
Analyze and score each one on how well it solves the problem and monetizes.
Finally, take the top problem, technology, and business model matches and research the market by talking with customers and current providers in the space.
It’s best to start with a pain point that is strong enough to motivate someone to pay for it.
Nice to have solutions rarely go very far so focus on real problems.
Avoid starting with disruptive technologies or new business models as this leaves out the most important element: a paying customer.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
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