Startup Success Series: How to Identify a Great Idea

The Startup Success Series is designed to provide insight and education on the topics that matter most to the founder community right now.

Each week Startup Victoria hosts a 1-hour webinar for the community, focussing on a specific topic. There’s only so much we can squeeze into 60 minutes, so following each webinar you can access further resources in our Startup Success Series articles.

The Startup Success Series is supported by LaunchVic.

LaunchVic is Victoria’s startup development agency. LaunchVic invests in organisations and projects that empower entrepreneurs to scale innovative companies and deliver new industry benefits to the Victorian economy.

You’re an aspiring entrepreneur who has an innovative, exciting new idea (or 10) you want to turn into your own business. At first, your idea seems bulletproof, flawless and wholly original, but as you start thinking more seriously about making moves and turning thoughts into actions, you begin to question yourself. Is this original? Will it work? Can I turn this great idea into a profitable business?

If you’ve had these thoughts, don’t worry – most founders have. In fact, experienced entrepreneurs spend a considerable amount of effort validating their ideas before investing a significant amount of time, money or people into launching a new venture. Ideas come and go, but what’s important to focus on is the problem you’re solving. Your 10 ideas may turn out to be impossible; economically unviable or logistically unfeasible, but the problem you’re trying to solve with your ideas is the real gold.

This edition of the Startup Success Series will provide advice for first-time founders and early-stage startups on how to validate your idea, identify the problem you’re trying to solve and determine whether you should pursue it. We welcomed Nick Frandsen, MD and Co-Founder of Dovetail and Michael Jankie, CEO and Co-Founder of PoweredLocal to speak with Startup Vic Director of Programs and Partnerships Poppy Trewhella.

Virtual Event Recording

About: Watch the webinar recording below to learn more about Nick, Michael and their experiences as founders and with idea validation and problem-focusing, followed by an audience Q&A.

Timestamps

3:13 – Introductions
9:23 – How do you recognise a good idea?
14:40 – How important is industry knowledge?
16:31 – Bad idea patterns
18:50 – Terminology & validation
30:12 – When do you invest resources into your idea?
36:58 – Continued validation
42:03 – Idea competition
46:35 – Audience Q&A

Dovetail

Learn more about Dovetail and the work they have done here!

PoweredLocal

Learn more about PoweredLocal here!

The Lean Canvas Business Plan Template

Lean Canvas is a 1-page business plan template created by Ash Maurya that helps you deconstruct your idea into its key assumptions. It is adapted from Alex Osterwalder’s Business Model Canvas and optimized for Lean Startups. It replaces elaborate business plans with a single page business model.

Read more and download the Lean Canvas template here.

Reading Resources

We’ve collated online blogs and articles on idea validation: