Monday, November 2, 2015

Tips to come up with a great startup idea

Identify a gap/a problem/an opportunity in individual/comapnies/or a system's daily lives and try to come up with a better technological solution to correct that. A number of times, the people themselves might not be aware that their is a better way of doing something, since they are accustomed to following certain things in their daily lives. 

Every solution may not involve commercial transactions, however it still will get you the backing need to scale the solution. For example, Uber solves a problem in people's lives and generates revenue through those transactions, whereas Whatsapp solves a problem (unidentified problem as mentioned above - help people connect with each other quickly and help people kill time) in people's lives without a monetary transaction and hence it also has a high valuation.

The more number of people that the solution applies to, the bigger your company's contribution to their lives and hence a bigger valuation for your company.

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