Startup Idea Generation
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Transcript of Startup Idea Generation
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Lean LaunchPadLeroy Yau, 43 Ventures
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Who am I?
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Sharing opportunities
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There is only a specific means to a specific end
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There is only recipe for failure, not success
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Startup Idea Generation
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Startup Idea Generation
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What is a startup?“A startup is the largest group of people you can convince of a plan to
build a different future.” – Peter Thiel
“A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty.” – Eric Ries
“A startup is a company designed to grow fast.” – Paul Graham
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Understand your startup
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Startup Idea Generation
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Passion
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Idea Idea Idea
Idea
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I want to go to Mars
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I want to go to Mars by a Rocket
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I want to go to Mars by a Rocket that is fuelled by hydrazine instead of liquid hydrogen
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Startup Idea Generation
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What important truth do very few people agree
with you on?“Zero to One”, Peter Thiel
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You have to be 10 times better than second best.
“Zero to One”, Peter Thiel
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The very best startup ideas tend to have three things in common: they're something the founders themselves want, that they
themselves can build, and that few others realize are worth doing.
Paul Graham http://paulgraham.com/startupideas.html
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Problem
• Actually Exists!
• Make up idea (based on a chat over beer)
• Will actually use
• Casual validation with nay-sayers
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Well
• Narrow and deep
• Small group of strong supporters of something that is only ‘half good’
• Now, now, now (urgency)
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Self
• In Zen and the Art of Motorcycle Maintenance, Robert Pirsig says:
• You want to know how to paint a perfect painting? It's easy. Make yourself perfect and then just paint naturally.
• Be at the ‘leading’ edge
• Notice the idea rather than think up an idea
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School
• Just do it
• Cross discipline
• Gather like-minded people
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Market
• Market size and market share
• Niche market
• A fast path out
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Case Studies
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New anti-fog technology
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New air filtration system using new carbon
materials
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R&D Market
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Small Tips
• R&D and business development are interrelated
• Licensing vs developing own business/product
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Group exercisePitching a startup idea
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Small Tips
• Idea sharing is what it is - idea sharing
• Nothing sounds truly exciting at this level - unless something you love in the first place
• Find people who share this ‘madness’ with you
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Key Take-aways
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Yourself
Customers Competitors
Partners
Team
Investors
AdvisorsFriends
Family
Haters
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HOW
WHERE
WHY
WHO WHEN
WHAT
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Action vs Inaction
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Quantum Physics vs
Newton’s laws
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Visionary
Making a vision a reality
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創造與創作
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Most common mistakes
• Under research
• Limited market validation
• Focus on idea and model
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Everything is possible, if time is not limited
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Experimenting “The major challenge facing most foundations is that they are risk averse. This inhibits their ability to experiment and commit to
the experimentation and innovation process.” - Steve Levitt
Learning “Live as if you were to die tomorrow. Learn as if you were to live forever.” - Mahatma Gandhi
Doing “Action is the foundational key to all success.” - Pablo Picasso
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Q&A