The majority of Founders that apply and enroll in the Institute do not have a polished business idea. The first 30-45 days of the program is dedicated to ideation, where Founders are pushed to refine and defend a set of ideas that they are passionate about.
In the following 17 minute video, Adeo Ressi presents a five step process to develop a great startup idea. The premise is that great ideas are raised rather than born.
See the video here: http://vimeo.com/12428461
The five steps are quickly outlined below:
- Step 1 - The Seed: Find a passion or pain point as a seed for a bigger idea.
- Step 2 - The Project:Launch a project where you start to collect information and ideas about the potent ial business.
- Step 3 - Quiet Time: Take quiet time to reflect on your projects throughout the day.
- Step 4 - Board of Friends: Develop a Board of Friends to give you honest feedback on the projects.
- Step 5 - Expand: Identify your favorite project and try to expand the scope to make it larger and more meaningful.
The video includes other tips about when you know that your idea is right and how to contextualize your idea. Enjoy!