💡The Spark: Where to Find Your Next Big Startup Idea
Where to begin? I get asked a lot by would-be entrepreneurs and future founders ‘what idea to pursue’.
In this exhilarating world of startups, everything begins with your idea. BUT it shouldn’t just be ANY idea – it needs to be one that solves a real problem, fills a gap in the market, and has the potential to scale. As an entrepreneur who's been through – and still going through – the rollercoaster of startup life, I can tell you that finding the right idea is both an art and a science. You need to have this “problem-spotting mindset.”
Many aspiring entrepreneurs get stuck at this very first step. They're brimming with passion and drive, but struggle to pin down that elusive "perfect" idea. The good news? Innovative ideas are all around us, just waiting to be discovered by those who know where and how to look. In fact, my own philosophy is that “IDEAS ARE A DIME A DOZEN.” Many founders and teams around the world – or even entrepreneurs in your own locality who have experienced something similar as you – might even be thinking of the same exact idea!!! What it really comes down to later on in the journey is the TEAM and HOW ONE EXECUTES the idea. Moreover, in a lot of cases, the original idea does not even work as expected and teams evolve it a number of times to achieve market success. So in essence, there is NO REAL PERFECT IDEA. Rather, you should find the RIGHT one FOR YOU to start with.
Here’s 🖐(5) proven tactics for you to take a “problem-spotting mindset” and uncover promising startup ideas. Let's dive in…
#1 Look for Problems in Your Daily Life
One of the most fertile grounds for startup ideas is right under your nose: your daily life. As an entrepreneur, training yourself to be hyper-aware of the frustrations, inefficiencies, and pain points you experience every day can lead to game-changing business ideas. This is actually me everyday – I go through big problems I see, think about a starting solution in my head, and even talk to others about it.
Think about it – we’ve all been frustrated before. So use this as your starting point. Some of the most successful startups were born from the founders' personal experiences. Airbnb came about because the founders couldn't afford their rent and saw an opportunity in renting out air mattresses. Uber emerged when its co-founder couldn't get a taxi on a snowy Paris evening.
#2 Leverage your Expertise and/ or your Experiences
As an entrepreneur, your most valuable assets are often your UNIQUE combination of expertise and experiences. This “personal toolkit,” built over years of education, work, and life experiences, can be a goldmine for startup ideas.
Your expertise in a specific field gives you insider knowledge or data that others might not have. You understand the nuances, pain points, and inefficiencies in your industry that might be invisible to outsiders. This deep understanding can lead to ideas for: process improvements, niche products, or even industry-disrupting solutions.
On top of all, I think there’s magic that happens when you combine your expertise with experiences from other areas of your life. For example:
A software engineer who's also a new dad might create a better baby monitoring app for parents.
An investment analyst who loves soccer could develop a new app for getting peers and friends together for a better fantasy soccer game and using crypto.
A small business owner frustrated with government service interactions in their personal life might design a better experience for all households and their businesses.
What’s key is to have a keen awareness of a) where your skills and interests are, and b) what past projects or problems have you solved before that you remain passionate about and that you believe still have untapped opportunities.
#3 Improve Existing Solutions
You can also innovate on what’s already there.
In the quest for the next big startup idea, it's easy to fall into the trap of thinking you need to invent something completely new. That’s not the case! Some of the most successful startups have come from improving or reimagining existing solutions.
Slack improved on existing communication tools by focusing on team collaboration and integrations with other applications.
Zoom simplified video conferencing when existing solutions were often clunky and unreliable.
Warby Parker reimagined how prescription glasses are sold, making the process more convenient and affordable.
#4 Network and Listen
Some of the best ideas have come not from solitary brainstorming sessions, but from engaging with others. Networking and, more importantly, listening to diverse groups of people can uncover pain points, needs, and opportunities that you might never have considered on your own.
Every person you meet has a unique set of experiences, perspectives and challenges. By engaging with a wide range of individuals, you can spot common pain points, surface industry trends, or just gain unexpected insights to develop your ideas further.
Some of your network strategies can include:
Attend industry events: Conferences, meetups, and workshops are great places to meet people facing similar challenges.
Join online communities: Participate in forums, social media groups, or platforms like Facebook communities or Reddit to engage with broader audiences.
Conduct informational interviews: Reach out to professionals in various fields to learn about their day-to-day challenges.
Engage in cross-industry networking: Don't limit yourself to your own field. Some of the best ideas actually come from applying solutions from one industry to another.
#5 Stay Current with Technology Trends and/or Analyze Emerging Trends & Growing Markets
Two key strategies for sourcing promising startup ideas involve keeping a pulse on technology trends happening globally and analyzing growing (or emerging) market segments. These approaches are interconnected and can provide a wealth of opportunities.
Here’s a few strategies for staying current:
Follow tech news sources: Regularly read publications like TechCrunch, Wired, or MIT Technology Review.
Attend tech conferences and webinars: These events often showcase cutting-edge innovations and future predictions.
Engage with tech communities: Participate in forums, social media groups, or local tech meetups.
Experiment with new technologies: Hands-on experience can provide insights that mere reading cannot.
At the same time, while technology trends can indicate where innovation is happening, analyzing growing markets helps you understand where there's potential for significant business growth. You’d want to be serving large and growing markets (hopefully both!) vs. very small or stagnating markets or audiences. Here’s a few approaches:
Follow market research reports: Sources like CB Insights, Gartner, or industry-specific reports can provide valuable perspectives on .
Monitor investment trends: Look at where venture capital firms are investing their money.
Analyze demographic shifts: Changes in population, age distribution, or urbanization can create new market opportunities.
Keep an eye on regulatory changes: New laws or regulations can open up entirely new markets.
Just to name a few startup examples:
Uber capitalized on the intersection of smartphone adoption (technology trend) and convenient urban transportation needs (growing market).
Beyond Meat tapped into the plant-based protein trend alongside growing health and environmental consciousness across several demographics.
GCash leveraged the smartphone adoption trends locally to address the sudden need to transact and transfer money to anyone during the global pandemic.
From tapping into your own daily experiences to analyzing market trends, these approaches have helped countless founders, including myself, identify opportunities that are ripe for innovation. Whether you're a first-time founder or a serial entrepreneur, hopefully these approaches will help you navigate the crucial ideation phase of your startup journey. At the very least, they’re good practice to establish a more entrepreneurial and problem-solving mindset. The key is to always stay curious, observant, and ask yourself: "Could this be done better?"
