Hi Nigel
You're very kind to offer to chat. A chat would be great!
I'm very new to this scene. Thankfully, I have a business development and
marketing background, but there is so much I don't know about the journey
from business concept to business realisation.
In all of my Googling, I've consistently read that founders should not
worry about their ideas being stolen, because there is a much higher risk
that no one will care about the business product or service. On the other
hand, if your idea addresses a market gap and competes with fully
established and lucrative online businesses, I'm guessing I need to err on
the side of caution.
I think testing market demand should be one of my next steps. I've seen
plenty of media coverage regarding the market gap and the need for this
service. I would like start to test demand and collect some stats via a
Facebook page, for example. I've developed Facebook groups in the past and
they quickly gained traction because they were about causes like child
bullying and tail-gating. People shared their stories and their passion for
driving change.
How can I test the demand for my online business, without revealing the
nuts and bolts, though? I also feel I need a tech-savvy partner/co-founder,
but how can I find one without revealing too much? These are the challenges
on my mind, at this early stage.
Hmmm...I think I'll take you up on that chat, Nigel. :)
Thank you!
Elly
P.S. The information you have given me is excellent! Thanks so much. I
really appreciate it.
On Tuesday, March 17, 2015 at 7:34:48 PM UTC+11, Nigel Sheridan-Smith wrote:
>
> Hi Elly,
>
> There is a wealth of information online and available at low-cost... make
> sure you have picked up copies of Lean Startup by Eric Ries and any of the
> books by Steve Blank, such as the Startup Owners Manual, etc. That goes
> without saying...
>
> At this early stage, Dave is right. Incubators will be interested when you
> have a product and some early-stage {customers | users} and possibly some
> early revenue. If you are paying them, they will be less concerned about
> the phase, but if they are offering you cash and assistance in exchange for
> equity then they will want to ensure that you (and your team) will hit the
> next milestone - e.g. the 'next big fish' investor, whether that is more
> angels, seed funding, or something bigger. In general terms, if they are
> investing $20k they are looking for a $200k upscaled investment.
>
> Whatever you concept is, you should focus on a few key areas:
>
> - *Find potential users who have a 'need', not just a 'want'* - and
> get feedback from them to help validate the business model. Would they use
> it? How often? Would they pay for it? How much? Don't just rely on friends
> and family who will give you all 'yes' answers.
> - *Document the business model*, using at the minimum, the 'Business
> Model Canvas' - search google for PDFs and Wikipedia
> - *Work towards weekly or bi-weekly validation steps* and hold
> yourself to these goals - how can you confirm you are on the right path?
> That you are building something that matters? That you are going about it
> the right way?
> - *Sales and Marketing* - probably 50% (or more) of the execution is
> here. What channels apply to your business to reach your potential
> customers?
>
> If it is a tech product you should attempt to draw up some mockups (pencil
> and paper if necessary) about how you want your product to work and what it
> should look like. You would take this to your developers (if required) and
> should test them visually with some potential customers in your target
> market. Walk the customers through key scenarios (can you achieve X if I
> start at screen Y) and see if they can tell you how they would do it. There
> are good free tools such as Pencil for this too, although some freemium /
> paid tools are dedicated to your chosen platform (Windows, Mac, iOS,
> Android, etc etc).
>
> Using the lean startup methodology, you should be able to set hypotheses
> regularly and get a good idea of whether your idea will translate into a
> viable business, hopefully without spending too much money upfront. Keep
> testing the users with each iteration to see if you have hit the mark.
>
> I'm a Melbourne based Ruby on Rails (and more) freelancer, but if you want
> a chat, you can reach me on the mobile number below.
>
> Best regards,
>
> Nigel
>
>
>
>
> *Dr Nigel Sheridan-Smith PhD* / Principal
> *Green Shores Digital*
>
> [image: Twitter] <https://twitter.com/GreenShoresAU>[image: Linkedin]
> <http://au.linkedin.com/in/nsheridansmith>
>
> *M*: +61 403 930 963
> *E*: ni...@greenshoresdigital.com
> <javascript:>*W*: http://www.greenshoresdigital.com
>
>
>
>
>
>
> On Tue, Mar 17, 2015 at 6:23 PM, Dave Kuhn <david....@gmail.com
> <javascript:>> wrote:
>
>> Hey Elly,
>>
>> Having been through Startmate and 500 Startups there are good reasons
>> behind their selection requirements.
>>
>> Let's take accepting teams over individuals for example. Being a solo
>> founder, whilst not impossible, is extremely demanding mentally and
>> emotionally. Few are cut out for going it alone, as such teams are a safer
>> bet. Not only do they support each other but if one falls, the others can
>> continue.
>>
>> Secondly I've yet to come across an incubator or investor that will back
>> a concept or a business plan. They are going to want to see something
>> tangible like an MVP, sales/pre-sales and a team that can execute. Without
>> these you're going to have a tough time convincing anyone that you are
>> worthwhile investing in. Think about it from your own position. Would you
>> give someone a huge wad of your own cash and hours of help and advice based
>> on a flashy presentation? I hope not. They'll be looking for at least some
>> evidence that you're not a snake oil salesperson.
>>
>> I hope that this doesn't come across as harsh, though it's better to
>> learn these things before you start pounding the pavement. At least you'll
>> have time to do something about it.
>>
>> Dave
>> On 17/03/2015 5:59 pm, <mosman...@gmail.com <javascript:>> wrote:
>>
>>> Hi all,
>>>
>>> I was wondering if anyone would mind sharing their thoughts and advice
>>> about the best starting point (e.g. incubator program) for a first-time
>>> founder. I have a tech start-up in concept phase. It has global potential,
>>> strong differentiators and, most importantly, it fills a market gap.
>>> Startmate looked like a good option but it requires tech-savvy groups of
>>> two to four people, generally.
>>>
>>> Does anyone have some wisdom / constructive advice to share?
>>>
>>> Thanks!
>>>
>>> Elly
>>>
>>>
>>>
>>>
>>>
>>>
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