Atacan Demiralp
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Types of Ideas

June 10, 2017

Successful companies start from a good idea however you cant have an idea just because you want your own company. The idea should solve a problem, should be beneficial. In respect of coming up with a brilliant idea of a good product or service, the following types of ideas may help us.

 

Simplify:

With these types of ideas, you are trying to make a process or a task much easier for user.

Example: Layout, done by Instagram, which is simplified process for combining images.

 

Me too:

It's where you take a current idea and bring it to a new market.

Example: Gittigidiyor.com is a me too idea. It is an E-Bay clone but localized for the Turkish market.

 

Virtualize:

It involves moving an activity to the online space.

Example: Parasut.com provides you accounting service such as invoice and account tracking, reporting, online billing, bank integration and stock tracking so that you do not hire a accountant.

 

Remix:

You can combine two or more ideas.

Example: Slack, an online messaging tool. It is a team communication tool that streamlines chat, email and private group messaging while making all content searchable. 

 

Mission Impossible:

The types seem almost impossible to run.

Example: Google's Project Loon. It attempts to bring internet to the rural and remote areas in the world using helium balloons. 

 

Vitamins or Painkillers

 

You should decide that your idea is a painkiller or vitamin. Painkillers address an obvious and functional need for users, while vitamins address user's emotional needs and are really nice to have. Both types, but especially painkillers, can lead to successful companies. For vitamin type ideas, you'll need to figure out how to get your users to be sticky, so that the way they continue to come back and use your product over time. 

 

The second thing you should look for is how easy it is monetize the idea. Understanding how to make money out of the service or product is essential to building an enduring business.

 

Next, how simple is your idea? Are you able to explain your idea in one sentence? Users should be able to describe the product and its benefits to other potential users easily. 

 

Then, is your idea personally relevant? You might be a diabetic and want to develop affordable and convenient blood sugar monitors for other diabetics.

 

Another consideration, if you can follow through on it. Think about your ability to organize a team to execute on that idea. Can you go from the start point to end point?

 

Next, you should wonder if you have a large enough size of the market. The market just refers to your number of potential customers. You should calculate a lower estimate as well as an upper estimate for your market size.

 

Finally, does your idea have something special? Does your idea leverage technology or patents in a unique way? Or do you have talent and capital that no one else would ever have?

 

These steps hopefully will help me in the future when I become enough brave to take risk and build my own startup.

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