What are the best ways to think of ideas for a startup?

Updated: Oct 5, 2020

This is one question I get asked about most frequently.

I have done one webinar on the same topic. you can view it here.

And my answer to them universally is that for this you need to understand the nature of the internet, how is it changing our lives, and what are the types of businesses that have succeeded in the recent past.

So one thing the Internet did was democratized the availability of information. Everybody wants to be informed about anything that is of interest to him or her. So content marketing was born.

Product information availability and the ability to buy online gave birth to eCommerce.

There are so many fragmented markets that are waiting to be aggregated (Urban Clap as an example) especially if you can ensure standardization, timeliness, and quality.

And then there are so many services that were difficult to access but the Internet changed the accessibility game( Redbus, Government services, examples abound)

And then events change how we live, work, and consume services

COVID brought out the importance of hyperlocal delivery WFH and online education.

Jio changed market access, phone prices, and data affordability and opened up the rural markets for the first time.

Demonetisation opened u a wealth of opportunities for digital payments

UPI Stack has completely changed the Fintech scenario, internet banking and other types of businesses.

So in summary look for whatever people need and delivery is broken or the quality of service is pathetic. Look for your broken experiences and convert them into business opportunities Look for large unexpected events that are changing how we work and live. Bring technology to address these issues. That is where you will find the opportunities and how to start a business or a new startup idea. But for that, you must observe the world around you and your own experiences and see what needs to be changed to improve people's experience of that service or product.

If you are struggling with finding an idea or got an idea but not sure how to start a business, join our weekly FREE Startup Coaching webinar

Frequently Asked Question.

1. What are the best-kept secrets about startups?

2. Can Indian startups break Google and Facebook’s dominance?

3. How can I raise venture capital for a tech startup?

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