This is the first step towards our primary goal: finding a viable startup idea. An ideal idea should possess the following characteristics:
- alignment of idea with 4 U’s
- A problem the founder has personally encountered
- An idea that remains largely undiscovered – A Secret
To be honest, I’ve already launched my own venture, and I acknowledge that this might introduce some bias when exploring new ideas, but I’ll do my best to counteract that. So let’s get started and learn from the available sources.
Resources
Idea
I skimmed through this blog post. Lot of new content there (At least for me ) with links to lot of resources.( it just does not provide direct link to content ) So basically you need to search for it (wonder if it’s a feature or a bug ).Here are some content i liked and watched
- Global Silicon Valley : The Biggest Ed-tech conferece in the world
- 20VC : Read this post by CPO of Canva. On creating great product.Takeaways are to focus on the product by
- Working On Details
- Making the experience Magical for users
- Talking to users
- 500 Global : Demo Days by promising startups . Intrestingly metaverse fashio n is a $50B industry. I would have never guessed that
SparkToro: Helps you find top influencer on a topic
Value Props : Creating product that people will actually buy
Picking Industry
Picking an industry: Find similar companies with at least $1B USD in revenue and unsatisfied customers
Research
Based on what we’ve learned, we’ll explore potential ideas in a specific industry. To start, I need to conduct a SWOT analysis of myself.
| Strength | Weakness |
| – Can Code – Can ship production level products – Expertise in edTech, Telecom domain – Have built and sold a product from scratch. | – Learning Business – Less Networks – Time Delays |
| Opportunity | Threat |
| – AI/ML – Availability of funds – Single | – Existing Solutions – Lawsuits – Dependency on renderer |
Based on this the best Options comes out to be
1. EduTech Industry.So the ability to generate lecture videos from AI. With Professor AI Avatar + Script + EdTech Animations Resulting in Video Content .
2. AdTech: Create dynamic hyper-personalized Advertisement Videos Using AI.
EdTech
Leveraging my existing domain knowledge and successful track record of selling the product to companies gives me a competitive advantage with this idea. Some of the key features include:
- Avatar Generation
- Voice Clone
- Text or ppt or pdf to script genreation
- edtech related animations and content
We will now evaluate the idea on 4U’s i.e
| 4U’s | Description | Relevance |
| Unworkable | Something that if does not work it would get them fired . Its like the impact should be huge if we don’t solve the problem | for specific instructors who teach online if the videos or content is not created would render the business unworkable |
| Unavoidable | Something that will always happen like tax and death | Education has been there since ages and will continue to be there irrespective of delivery mechanisms |
| Urgent | Is it needed urgently ? atleast by a subset of users | Yes, those educators with knowledge but lack video editing and creation skill can too create content. |
| Underserved | Do they have similar afordable solutions ? | Educators are underserved as there is not tailor made tool to help them create lectures |
The idea is intriguing, and I already have clients interested in it. Additionally, there are no tailor-made software solutions currently available for this specific domain.
Let us now see
AdTech
Advertisement is the actual business which keeps our social media machine running . The market size is big and it is a complete innovation and creativity driven business.
| 4U’s | Description | Relevance |
| Unworkable | Something that if does not work it would get them fired . Its like the impact should be huge if we don’t solve the problem | No |
| Unavoidable | Something that will always happen like tax and death | Yes, ads digital will be there in till we have digital equipments |
| Urgent | Is it needed urgently ? atleast by a subset of users | No , Lots of similar solutions |
| Underserved | Do they have similar afordable solutions ? | No , existing solutions |
Let’s see the existing companies in AdTech domain
I found a nice collection of all adTech companies on productHunt . Out of these only some were relevant wrt ad creation e.g.
- CleverAds
There are some mainstream companies doing the same such as
- Adobe
- Canva
Seems like there are already a lot of companies working in this domain with abundant innovation and designs which will make it a red ocean. Evaluating on the three points discussed above we have :
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