The market will tell you many things: some are right For future founders and some are wrong. As an entrepreneur, your job is to discover valuable content from it.
Entrepreneurship is tough. The road to entrepreneurship has not been smooth sailing. Among them, the first step of starting a business, that is, finding and clarifying entrepreneurial ideas, is particularly important.
This article translated from First Round Review, originally titled 12 Frameworks for Finding Startup Ideas — Advice for Future Founders, shares the valuable advice of 12 founders on finding startup ideas, hoping to inspire you. This is the last article in a series of articles. It mainly talks about the fact that after a startup idea is clear, it must be verified in some way.
Assess whether an idea is durable
10. Test your thinking on these four dimensions
Todd Jackson, partner of well-known venture capital firm First Round Capital
“Apart from the most important decision of choosing your co-founder, the most important decision a founder needs to make is to get the market right, and that’s something that a lot of people don’t get right.” Todd Jackson )Say.
As a partner of the well-known venture capital firm First Round Capital, Jackson has a very rich experience in this field in his career. He was a former Afghanistan Phone Number executive at Dropbox, a cross-platform file-syncing platform, and has also worked as a product lead at companies including Google and Facebook. In addition, he also founded his own company (in 2014, the start-up company founded by Jackson in the Android system ecosystem was acquired by Twitter).
Start pitching, but learn to organize all the feedback
“Write what you know” is a common writing advice. Likewise, founders will hear some similar advice that they should address problems they have experienced firsthand. Nat Turner, however, took a different approach, one that he has successfully applied twice before.
The first company Turner founded, Invite Media, a display advertising and transaction bidding company, was acquired by Google in 2010. His second company, healthcare services startup Flatiron Health, was acquired in 2018 by Roche, a Swiss-based multinational pharmaceutical R&D producer, for $1.9 billion. Both companies were founded by Turner and co-founder Zach Weinberg.
Turner’s entire entrepreneurial process can be distill into these key steps. Most importantly, he didn’t just stop at researching startup ideas or talking to others in the field, but immediately started pitching his product, not for investment but for feedback.