How to Get and Test Startup Ideas - Michael Seibel

Summary

The speaker dispels the myth that a startup idea must be great from the start, using the example of Justin.tv evolving into the successful Twitch. They advise starting with a relatable problem, not an idea, and emphasize the importance of a personal connection to the issue. Brainstorming with potential co-founders is recommended to test the synergy of ideas. The speaker also stresses the significance of not being overly attached to the initial Minimum Viable Product (MVP), but rather focusing on learning and iterating. Finally, they suggest carefully selecting initial users to ensure they are genuinely interested and the product addresses a significant problem in their lives.

Takeaways

• 🚫 The misconception that a startup idea must be great from the start is debunked. The speaker emphasizes that the initial idea can evolve significantly, as seen with Justin.tv turning into Twitch.
• 🤔 Starting with a problem is advised over starting with an idea to avoid premature judgment and to focus on a real issue that needs solving.
• 🔗 Having a personal connection to the problem is beneficial for two reasons: it provides insight into whether a solution is viable and it offers motivation during challenging times.
• 📓 Keeping a 'problem book' to jot down daily issues or complaints from friends and family can be more fruitful than maintaining an idea book for startups.
• 🤝 Brainstorming with friends can help identify potential co-founders and is a good way to explore problems and generate ideas collaboratively.
• 💡 When identifying a problem to solve, consider whether you have a unique angle or personal experience that gives you an advantage in addressing it.
• 🔍 Examining previous attempts to solve the problem can provide insights into common pitfalls and the unique insights others have had, which can inform your approach.
• 🛠️ Building an MVP (Minimum Viable Product) is the first step in the learning process to test whether the problem is solvable and if your solution is on the right track.
• 💔 Avoid falling in love with your MVP; it's a tool for learning and is likely to be imperfect, requiring iteration and improvement based on feedback.
• 🔑 Releasing the MVP quickly is crucial to start the learning process as soon as possible, even if it's not perfect.
• 📈 Be selective with initial users to ensure they are the right fit for your product and are genuinely interested in solving the problem your startup aims to address.

Q & A

What misconception does the speaker aim to destroy at the beginning of the transcript?

The misconception that one's idea has to be great in order to start a company.

What company did the speaker co-found, and what was its initial concept?

The speaker co-founded a company called Justin.tv, which was initially intended to create an online reality TV show.

How did the initial idea of Justin.tv evolve into what it became?

The initial idea evolved into a live video site where people watch video gamers and chat with their friends, which eventually became Twitch and was sold to Amazon for almost a billion dollars.

Why does the speaker suggest starting with a problem instead of an idea when starting a company?

Starting with a problem is less about immediate judgment and more about understanding the issue deeply, which can be easier to assess and relate to personally.

What are the two reasons the speaker provides for having a personal connection to the problem you're trying to solve?

Having a personal connection helps in assessing whether the solution is on the right track and provides motivation to persevere through challenges in finding a working solution.

Why does the speaker recommend keeping a 'problem book' instead of an 'idea book'?

A 'problem book' encourages the documentation of daily challenges and issues faced by oneself and others, which can lead to more practical and relatable business ideas.

What is the purpose of brainstorming with friends when considering starting a company?

Brainstorming with friends helps in identifying potential co-founders with whom you can exchange ideas effectively and build upon them together.

What does the speaker mean by being 'uniquely qualified' to work on a problem?

Being 'uniquely qualified' refers to having a specific understanding, perspective, or personal experience with the problem that sets you apart from others and could lead to a novel solution.

Why is it important to not fall in love with your initial Minimum Viable Product (MVP)?

The MVP is a learning tool and is likely to be imperfect. It's important to be open to changes and improvements based on feedback and learning rather than being attached to the initial version.

What should be the focus when building and releasing your MVP?

The focus should be on learning whether the problem is solvable and if the MVP can help solve it, rather than on the product's perfection or popularity.

How should you approach selecting initial users for your MVP?

Initial users should be carefully selected to ensure they are the right type of customers who are willing to try a startup's product and for whom the problem is significant.