How to develop 7+ figure business ideas

February 02, 2024

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Welcome to Startup Strategist. It's Friday, and we hope today's topics will make your morning (or day) just a little bit better. Let's jump in!

  • News stories: (1) The Messenger falls apart, (2) Aim Security secures $10M

  • Questions to ask while evaluating business ideas

  • Resources: 17 Accelerators from Bay Area

  • Curated AI Generated Idea: AI-powered recruitment platform

News

  • A media startup, The Messenger, falls apart 

    Tech Crunch

    “Media startup The Messenger, once well-funded and ambitious, collapses after only nine months, leaving staff uninformed until a New York Times article reveals their sudden unemployment and loss of benefits.”

  • Aim Security secures $10M funding for GenAI security platform

    Tech Crunch

    According to Tech Crunch “Tel Aviv-based Aim Security raises $10 million in seed funding led by YL Ventures, Cyber Club London, and angel investors like WIZ founders. Aim Security aims to secure generative AI applications, preventing data leaks and ensuring compliance, targeting expansion in the U.S. and Europe.”

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Questions to ask when evaluating business ideas

Actively refining one’s system for recognizing problems that can be solved and profitably commercialized can be a worthwhile task.

To this end, I found an article called “I got a 7-figure SaaS idea from asking questions in this way”1

There is a dichotomy often made: “Painkillers” or “vitamins”. 

The former attempts to solve pressing issues that cause annoyance or ‘pain’. 

Vitamins don’t necessarily solve such an apparent problem. (As is usually the case when people take vitamins unless they’re trying to prevent something like ‘scurvy’.)

The article includes questions like, (1) “What part of your job do you like the least?”, (2) “What tasks do you and your colleagues all have to do in common?” (3)“What tasks you would like to delegate?” 

These are questions you can ask yourself, or others if you wish to develop a solution in an industry (or segment of industry) that you do not directly work in currently.

A successful entrepreneur who did an interview on the EO channel discussed an exercise he does. During, say, a two-week span, he is cognizant throughout the day to ascertain any annoyances he comes across and then records them. 

Noah Kagan does something similar in terms of finding ideas. (I’ll be reading his latest book soon and doing a review of the practical insights I find.)

If it is difficult for you to come up with good answers to these questions, it may serve as a call to action to immerse yourself in a specific area that interests you.

One way to validate an idea, which Greg Isenberg discusses, is attempting to build an audience around the idea and eventually soliciting an MVP or adjacent product that can indicate whether demand and purchasing power amongst your target audience is there. 

Such a validation technique is useful because if you create a community to validate the idea, it can be a lower-cost way of launching to an audience.

“Build for yourself or for a community you understand well. Become the world's biggest expert on a specific problem/community”

-Phil Libin (cofounder of Evernote)

Resource

StratupAI Generated Idea

AI-powered recruitment platform

“Hiring talented and qualified candidates is a common frustration for employers. The process of sourcing, screening, and interviewing candidates can be time-consuming and inefficient. AI-powered recruitment platforms can streamline the hiring process by leveraging automation and machine learning algorithms to match candidates with job requirements.”

Disclaimer: The startup ideas shared in this forum are offered for general consideration and discussion. Individuals utilizing these concepts are encouraged to exercise independent judgment and undertake due diligence per legal and regulatory requirements.

That’s all for today, thanks for reading. See you on Tuesday.

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