I have a startup idea...now what?

baesians·Mar 31, 2021

Posted in:Advice

Looking for advice on how to take an idea to the next step with minimal capital

Monisha·Mar 31, 2021

Hey @baesiansI work as a software engineer with one of the FAANG companies 😉and also I am a co-founder.I work with a lot of early founders and have several clients in the very early stages of building their businesses upto scaling there product successfully once it is in the market.DM me or email me at [email protected] if you’d like to chat!

Monisha·Mar 31, 2021

Also @baesiansAlso regarding minimal capital, you can get the MVP product developed or designs would also help to showcase to investors and then getting there feedback’s and taking product into the market.

baesians·Mar 31, 2021

thank you! Currently looking into how I can do a pilot program in my city :)

teresaman·Mar 31, 2021

Woo! Exciting!Have you checked out programs that help you flesh out startup ideas + network with other founders? eg. On Deck (around $2600) https://www.beondeck.com/founders

baesians·Mar 31, 2021

Thank you for the resource!

RoseHerr·Apr 01, 2021

connect with @LindsayT !!

LindsayT·Apr 06, 2021

Thank you, @RoseHerr! 👉🏼 Download The Candid Truth About Product-Market Fit (ebook) here:http://www.lindsayt.com/product-market-fit-ebookOR👉🏼 Check out all of the other free resources I post on YouTube here:http://www.lindsayt.com/youtube

AYoungman·Apr 01, 2021

There are AMAZING resources online for first time founders.My favourites are from YCombinator and Techstars who have libraries of content and structure to help you get off the ground. You can get these and many more for free here: https://firsttimefounders.com/There are a few questions that helped me, sharing here in case it helps you too...1) validation - will someone pay for you to solve this problem and is your solution the right one?First thing you can do is try to find people who you are trying to solve for and nail down if the problem you're solving is real, urgent, and something they would pay to solve. Also probe how they're currently solving it, what specific pains they're trying to overcome, and try to validate if what you have in mind is the best way to fix the pain. The Mom Test is a really good framework for this http://momtestbook.com/. There are tests you can do (like buying some ads, seeing how many people would click to purchase, and then letting them know you're building a wait list). Not possible for all business models and I think you have to manage the message carefully but it's interesting.2) team - do you want to do it alone or do you want to find a co-founder? Do you have enough unfair advantage on your own or do you want to find someone who shares your passion and team up. I did a program called Antler and it was amazing. Plus it gave me my co-founder. I'm sure there are other ways to find cofounders but it worked for me.3) investment - how far will you need to take it before you can raise capital?Once you have a good idea of what you need to build you can build designs and a prototype on something like Figma very cheaply (you can find help on something like Upwork, PeoplePerHour, or Fiverr). Initially some simple mock ups would give you enough to have a credible pitch deck. Then reach out to people and sign up to as many office hours as you can, test your idea, and always ask what metrics you would need to hit to be investible. That will help you figure out how far you need to get either on your own or with friends and family.Good luck!!!

sophiehebdidge·Apr 01, 2021

Hey,Some ideas for you: 1) Can you create a minimal version of your product? And I mean minimal! What I love to do here is recreate it with paper.2) Once you've got that minimal version, show it to people and get feedback. Figure out if people would pay for it. Figure out what they like about it and what they would expect to change.3) Figure out what your business stands for. What's your vision and mission - why does it exist.4) Tap into communities which can support you (you're already doing a great thing by being on Elpha!)Hope those help - would love to hear more about your ideaP.s I post loads more tips like this on my instagram https://instagram.com/the.techniclarity You can find out more about my work here: https://techniclarity.co

virag·Apr 01, 2021

Congrats! The recommended online resources are great. I'd also add that validation is key, so you can put energy and resources into the right direction. A co-founder or some kind of peer would be great as well, to think together (and/or being a sounding board). Maybe a mentor? I am sometimes hosting online workshops on validation for founders with ideas, message me if you want to talk.