Startup Ideation
What is the first step in identifying a strong startup idea?
Focus on real problems that people face.
What does a business model cover?
What are user personas?
Groups of customer demographics for the product
What 2 tools did we introduce for prototyping?
Figma and Bubble
What is corporate finance?
The money side of companies
What are sitcom problems?
Issues that seem plausible but don't address real needs
Name 2 types of business models that we mentioned
B2B, B2C, Subscription-based, Freemium
What does TAM stand for?
Total Addressable Market
What is the primary purpose of prototyping?
To test and validate ideas
If you initially put down $75 to start a company and your friend put down $25, and now the company is valued at $1000, how much of the company ($ amount) do you own?
$750
Give an example of a startup that successfully addressed real world problems, and which problems did it fix?
Uber, Duolingo, Notion, etc.
What does the "Key Channels" section cover?
Methods of attaining materials, resources, etc. to build and also channels for delivering products
It ensures you focus on the right audience for the product
How does prototyping reduce risks for product development?
It lets you experiment and improve ideas with minimal costs
What is an example of a seed funding organization?
Y Combinator, etc.
What makes a problem a "well" instead of a "river"?
Well - deep, real need with paying customers
River - broader, but less specific
What is the main advantage of a freemium model?
Allows users to try a product for free, encouraging upgrades to paid features
What market size is estimated by the potential for expansion beyond the initial target?
SAM (Serviceable Available Market)
What is a unique feature of Bubble as a prototyping tool?
It allows you to build web applications without coding
What happens to ownership percentages when a company's valuation increases but no new investment occurs?
The percentages remain the same
What was Paul Graham's advice?
What are the 3 components of a business plan?
Executive summary, market analysis, financial projections
Who was considered the original SOM for Facebook?
College students within the initial launch regions
What is wireframe?
A basic visual guide representing the layout and structure of a product
If you initially put down $35 to start a company and your friend put down $25, and an additional investor invests $40. Now, the company is valued at $73,998. Do you and your friend together own a majority of the company?
BONUS: How much of the company do you yourself own?
YES
BONUS: $25,899.3