An Idea is a solution of a problem faced by the Founders(s) of a startup. The idea is then worked upon to create a business around it by bringing in technology, processes and strategy, monetization opportunities, relevant skills and finally product or platform. An Idea in itself may not be a business but can pave way to a biz. By vetting it very early to avoid failure.
Most successful startups are the results of personal problems faced by an individual or a group of people. Hence it is said, one cannot solve a problem unless one has experienced it! Successful entrepreneurs solve their real life problems through technology and build their business around it.
A startup is born out of a problem faced by individuals or a group of individuals who can themselves or together solve the problem. However since a biz needs people with different skill sets, a team can always do a better job than an individual. The success & future of a startup can be judged based on profiles of team members and their past associations.
The Tech Startup is all about providing tech solutions to a real human problem. Since technology is the great enabler, building tech solutions is not only critical but also challenging. A tech solution can be a great differentiator while creating valuable intellectual properties for a startup. Building cutting edge tech solutions is always the best strategy.
It is a must to test the solution in a controlled environment as the need is to integrate tech solutions with business objectives; to define standard operating procedures by creating POC. This stage of Product Development is critical to the business and can make or break a venture.
After testing individual elements of the business, the startup needs to test a KVP system that actually provides value to the customers/users. MVP should encourage the users to provide feedback as well as capture user behaviour that can be useful to improve the products & services from the perspective of features & functionality
New businesses and entrepreneurs may not always realize it, but they do need a solid direction to succeed. Mentors play an invaluable role in providing that direction and channelizing entrepreneurial energy on the right course.
Apart from secondary research, detailed primary research is necessary to validate an idea. An entrepreneur must find out the Potential, Addressable, and Served & Servable markets. Mentors, through their experience should be able to validate the research as well as extract valuable insight form the research that can help structure the biz.
It is a must to test the solution in a controlled environment as the need is to integrate tech solutions with business objectives, to define standard operating procedure by creating POC. This stage of Product Development is critical to the business and can make or break a venture
After testing individual elements of the business, the Startup needs to test a KVP system that actually provides value to the customers/users. MVP should encourage the users to provide feedback as well as capture user behaviour that can be useful to improve the products & services from features & functionality perspective
Post MVP tracking the user behaviour and collected data on user engagement & interaction should be used to draw valuable insight on their purchasing/paying behaviour. Over a period of time the business should analyze the data, look for trends and identify the underlying drivers that can help them make decisions based on real data and not abstract logic.
As the name says, they are real angels as they want to give back to the society and perhaps make money by helping younger people get a start and helping meaningful products get to market. Things to remember- they are no suckers but are thorough pros; they deserve the same treatment as a VC and are normally found through networking with entrepreneurs and other angels.
Raising monies from Venture Capitalists is a very important step in a Startup in the Survival cum Scale stage. Venture capital, along with their investments, can open doors, kick start the sales, help develop partnerships, find future investors, prevent you from making mistakes, find right talent, and make the world take notice of a startup and its founders.