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You want to launch your own business, but you can’t find a gold mine? A matrix of business ideas can inspire you to make unexpected discoveries. We realize what is the methodology of the matrix of ideas, what are the ways to come up with a new genius start-up idea, as well as to get acquainted with current business ideas for start-ups.
In 2017, Eric Stromberg, Google manager and co-founder of the Oyster book service, published an idea generator for creating a startup. The Idea Matrix is created in the Google Table: on the Y axis there are consumer markets, on the X axis — customer tactics. Some of Eric’s cells were filled out by specific companies to give users an idea of how the matrix works.
For example, the Airbnb service is located at the intersection of the "Travel" market and the "Marketplace Creation" work model. Instagram is located at the junction of the "Photography" market, the model of working with the client here is "Initial orientation to mobile devices". Skype combines "Communication" as a market and "Decentralized Network" as a working model. You can read the full version of the Startup Ideas Matrix document here.
Eric Stromberg himself notes that the idea matrix is primarily a source of inspiration and brainstorming for work on a future business idea.
Before applying the matrix of ideas for a startup, let's figure out what a startup is. The definition of a startup was given by an American entrepreneur and founder of eight startups, the "godfather" of Silicon Valley, Steve Blank. According to Blank, a startup is a company or project undertaken by an entrepreneur to search, develop and test a scalable business model. The distinctive features of such companies are rapid growth and product creation in an uncertain environment.
What characteristics does a startup company have? Quest Fusion CEO, entrepreneur Patrick Henry, using the Startup Genome study, identifies 9 indicators of startup success:
Startup founders are "charged", which manifests itself in passion and devotion to the case.
The founders of the startup adhere to the chosen path.
Willingness to adapt, but not constantly and only when it is really needed.
Patience and perseverance, developed due to the discrepancy between the timing of expectations and reality.
Willingness to observe, listen and learn.
Developing the right mentoring relationship.
Leadership with general and substantive business knowledge.
Implementation of the principles of a "economical start-up": collecting the necessary amount in a financing round to move on to the next round.
Balance of technical and business knowledge in product development.
Finding a niche for a future business is a complex process that requires careful preparation. You will have to devote almost all of your time to a startup, so do not spare time searching for an idea that lights you up. Here are some tips on how to find your idea for a business.
Determine your motivation and interest. Let’s say you enjoy collecting and selling antiques, and you want to work from anywhere in the world without getting attached to one country. Ask yourself: What kind of business will help you achieve your goal? Please describe in the table of your business objectives and how to achieve them. That is how you can form your own matrix of ideas for your future business.
Imagine that you are not limited by money or means. Very often we immediately dismiss the most courageous and crazy ideas only because of a lack of finances. However, try to fantasize without restrictions: even the most incredible idea can potentially hide a successful business.
Put yourself in your client’s shoes. It is not necessary to choose a business idea without looking at the audience, because the basis of any good product or service is the solution of the existing buyer’s problem. Spare no time and expense in testing business hypotheses from the consumer.
Compile a matrix of business ideas. By describing the characteristics of a future product, create a cloud of associations describing the behavior and habits of your consumer. This approach will help you to see the growth points of your startup.
You will not create an unnecessary product. Preliminary research can save you money and increase awareness about your field of activity.
Does the market really need your product? Does your product allow you to solve a real user problem? To answer these questions, use focus groups, target-audience tests, and collect feedback on your product or service.
Pitching to investors. A preliminary analysis of the market and competitors will help you later confidently pitch your idea to investors. Using data you can prove why your product is the best alternative to existing solutions.
To launch a successful business, it is not necessary to come up with an innovative product: you can take an existing idea and develop it on the market of a particular country, or improve it. Here are some ideas to start with:
Dropshipping, or selling goods from a supplier's warehouse. This direction is very relevant, as analysts predict that the share of the e-commerce market will grow by almost 300% in the next five years.
Production of T-shirts with a unique design. According to forecasts, by 2025, the global custom T-shirt business will be estimated at $10 billion, despite the fact that it is a creative business that does not require multimillion-dollar investments.
Online consultation from doctors. The pandemic is driving the demand for e-medicine. For example, online consultation in the United States has increased by almost $30 million over the past few months, or by 35% to 70% (depending on the state).
Creation of a virtual office platform. The work on the remote has become commonplace, so the number of applications and platforms for organising the work of online commands is increasing. You can also create a competitive product that allows you to effectively debug your virtual office.
Pet-watching app. A virtual assistant that allows pet owners to monitor the health of their pets, consult veterinarians, and book pet hotels is a profitable business designed for Zumers and Millennials.
An application to support the mental health of employees. Burnout is a problem that corporations and companies are actively fighting. One way to overcome it is through cognitive behavioral therapy that improves people’s well-being.An application to support the mental health of employees. Burnout is a problem that corporations and companies are actively fighting. One way to overcome it is through cognitive behavioral therapy that improves people’s well-being.
A platform for online learning at home. The online education market is growing and developing, so a startup offering effective homeschooling will be relevant in a pandemic.
Launch of an online recruiting platform. An easy-to-use recruitment platform is one of the most beneficial ideas for an online business startup. Online recruitment simplifies functions such as checking resumes, interviewing candidates, drawing up a shortlist of candidates, thereby saving recruiters time.
Fuel delivery on request app. On-demand fuel delivery applications can deliver fuel directly to the customer's address. An affordable and transparent application with real-time monitoring will allow you to occupy a niche in the market.
Personalized meal planning. Applications based on artificial intelligence use algorithms to determine a balanced diet for a particular person. If you link such an application with retail chains, then the client, having received a list of useful recipes, can immediately order the necessary grocery basket for the weekly menu.
Production of edible tableware. Eco-friendly cups for soup and drinks made of thick dough are a good starting idea for a small food business. You can use similar packaging in your cafe or set up the production of tableware for local cafes and restaurants. Eco-friendliness is in trend, so the idea will definitely be to your taste.
Launch of a food truck network. Creating a mobile cafe or coffee shop is very convenient, because you can always change the location of your business on wheels and serve more customers. With the right location of the van — near shopping malls or in areas with a small number of establishments — your business can become the highlight of this place.
Opening of an economy store. Zero-waste projects are more relevant now than ever, so think about launching a store or an application where you can sell food products with a suitable expiration date, as well as used items, for minimal money.
Mobile electronics repair services. Given the number of gadgets used, you will not lose by launching an application for consulting and evaluating the repair of electronic devices in a short time.
A service for the rental of expensive costumes and accessories. Not everyone has the opportunity to buy a branded outfit for a special occasion, but renting it is much more profitable for the wallet. Such a business will definitely not be left out.
Services related to pregnancy and childbirth. In particular, the demand for breastfeeding consultants has grown among young mothers, this direction can easily grow into a profitable business.
Backpacks with LED screen. Backpacks have become an obligatory attribute not only for schoolchildren, but also for travelers, as well as IT specialists. To stand out among a variety of designs, choose a memorable feature, as did the Ukrainian startup Pix Backpack, which produces backpacks with a luminous screen.
Houses printed on a 3D printer. In May 2021 in Amsterdam, the first European 3D printing house appeared.A house printed in 5 days has a much smaller amount of construction waste compared to traditional construction, but the most important thing is that it allows you to realize unusual architectural solutions. 3D construction is an excellent niche in which you can become the first by developing it in individual countries.
Anti-covid taxi. In the midst of a pandemic, public transport or taxi rides resemble survival games, and at its best the driver will be wearing a mask. You can launch a taxi line in which passengers will be guaranteed maximum protection: a special partition is installed separating the passenger from the driver, processing of the cabin after each passenger, non-cash payment.
A kinetic tile charged by the energy of human footsteps. In alternative energy, new ways of sustainable energy extraction are emerging. For example, the energy of human motion can be used in the manufacture of sidewalk tiles. After each step, a LED is lit on the tiles, and energy can be used to illuminate streets, distribute Wi-Fi or charge portable devices.
Vitamin bar. The production of cocktails and drinks to strengthen the immune system and the selection of such cocktails individually for each client is a great idea for a start-up business.
An application for virtual interior design and online consultations. A startup that allows augmented reality technology to quickly visualize a plan for future repairs will become a real estate gold mine. If you do this service in consultation with designers, then there will be no end of customers.
What idea will you choose for your startup? Still thinking about it? Register in the Founders Club bot, join our community, find like-minded people — and create your own startup!