Problem-Solving Innovation

A billion dollar startup began because two roommates couldn't afford their rent one weekend. Graphic designer Brian Chesky knew there was an international design conference coming to town, and that’s when he had the idea to put out some air beds and offer cheap accommodation for anyone attending the event. This was the origin of Airbnb. What started as a simple attempt to pay for rent has changed the world and the way people travel.

Another billion dollar business began because the founder hated using USB thumb drives. Drew Houston always felt stressed when carrying these devices because they were fragile and easy to lose. To solve this problem, he created Dropbox. Now you could simply drag and drop important files into cloud storage without ever having to worry about breaking or losing your thumb drive.

These stories reveal an important truth: any problem or inconvenience in your life is a business opportunity for the taking. If no product or service exists that can solve your problem, then you can create one.

Perhaps the most ubiquitous lesson in the startup world revolves around the debate about ideas versus execution. Many accomplished entrepreneurs will tell you that ideas are cheap. That they’re a dime a dozen, and that real success hinges on your ability to execute.

But how effective is executing something if it doesn't solve anyone’s problem?

The pervasive mantra that ‘execution is everything’ is harmful and misguided. This mindset neglects the importance of coming up with a solid foundation that serves as the basis for your business.

Paul Graham, founder of Y-Combinator, believes that most startups fail because they don’t make something people actually want.

The world doesn't need a hundred Flappy Bird clones, or social networks, or payment platforms. Just as PayPal founder Peter Thiel argues, our natural human inclination to unconsciously imitate everything we see has led us into stagnation of innovation. We ultimately lose track of what constitutes progress because we become so caught up in competing with ideas that already exist.

What we need are new ideas, new frameworks, new perspectives, and new ways of thinking.

So how do we innovate in a way that actually moves society forward?

In his book Where Good Ideas Come From, Steven Johnson analyzes how great discoveries and inventions were made throughout history. The patterns he discovered indicate that we should break out of our routines, take long walks, bounce ideas off of each other, and write down every hunch.

Austin Kleon, author of Steal Like an Artist, believes that the most creative people steal ideas from those they admire and combine them together to form something new and unique.

Writer and entrepreneur, James Altucher, believes that your ‘idea muscle’ will atrophy if you don’t force yourself to come up with at least 10 new ideas every day.

Kevin Rose, founder of Digg, described how he went as far as keeping a journal detailing every moment of his day in order to try and find anything that could be improved.

It doesn't matter if most of your ideas are bad. That’s to be expected. But when you finally settle on one that you think is worth executing, make sure that it actually solves a real problem.

Consider getting on Twitter and searching phrases like, “I wish there was…” or “I hate how…” A lot of the content you find won’t help much, but you might stumble upon an unsolved problem that could lead to the next big startup.

We must rethink our assumptions in a society where time is money and any moment not spent actively working is perceived as laziness. Let’s take the time to daydream, to think about problems, to exercise our creative abilities and come up with meaningful solutions.

As long as problems exist, there are billion-dollar companies waiting to happen. But we must put more effort into brainstorming and making sure we’re solving real problems. Look for problems in your own life and discuss issues with others. Be mindful in every moment and observe everything around you. Imagine how things could be better. All it takes is one insight to set you on a path to change the world.