How to find and validate business ideas

  1. How to find business ideas
  • Design thinking — Using this approach makes you think like a designer, even if you’re not one. It makes you create a solution-based approach tailored to the problem you’re trying to tackle. It consists in going through 5 iteration stages: empathize, define, ideate, prototype, and test. There are plenty of ways to put this method into practice since it’s nonlinear. In this video, you can learn more about the design thinking approach and try to apply it to your situation.
  • Brainstorming Session — We’ve all experienced the power of brainstorming and how debate and dialogue can really help decide future steps. The same happens with idea generation, if you and your team share a pain or know how your skills and passion can help in the development of a solution that could benefit the market, that’s a great starting point. Our advice is to use online tools, such as Miro, to run a collaborative (and yet organized) brainstorming session. For instance, you can use this free template for a startup ideation workshop.
  • Reddit — On this platform, you can find communities in which business ideas are discussed, such as r/startups, r/business_ideas, r/entrepreneur, and r/smallbusiness. Plus, this is a great place to ask for feedback on your ideas.
  • Trends — With Google Trends and Exploding Topics, you can find a lot of insights about the hottest topics and rising trends in every part of the world, which can lead you to create a business around them. An idea to get inspiration can be to use Google Trends in order to find the most asked questions in any country in the last year.
Template preview on Miro
  • Defining your Unique Value Propositions: this step focuses on understanding what is the perfect match between what your customers want and what your product or service excels at doing.
  • Defining which Market Segments you must focus on: this is done by creating different types of personas that represent your future clients and then choosing which ones you want to focus on for now (according to your resources, stage, etc.)
  • The Matrix: nope, not the movie. It’s an actual matrix where the elected unique value propositions and the market segments come together. For each of the combinations, a market experiment must be run in order to gather feedback and interest, which will help decide what is the best strategy for you (who’s your customer and what’s their pain point).

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Build Up Labs - startup studio & incubator

Build Up Labs - startup studio & incubator

We help digital product and service founders build and grow their businesses.