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For Profit Organisations

You have a startup idea doing the rounds in your head and now you are wondering whether to take the plunge and spend the next few years working on it? We got you covered. We have designed a systematic process to help you evaluate your idea and assess organisational readiness as you start working on it.

 

The good idea checklist provides you an easy to use template to assess if you have picked a high potential idea and provides helpful questions to progress as you discover your billion dollar idea. 

Good Idea Check-list (GIC)

 

  • Deep problem understanding: Have talked to at least 10 people/orgs who face the said problem

  • Customer Identification: Clear identification of who the customer is. 

    • Is the user and buyer the same? If not, identify each.

    • B2C: Have clear demographics of customer/user; 

    • B2B: Type/size/Vertical of company; Which level/position within company is user/buyer

  • Lifetime value of Product/Service: Does it generate enough value for customers to buy and pay sufficiently. (LTV>CAC)

    • Is it painkiller (addresses critical pain point) or vitamin (just an add on) 

    • How much will the customer be ready to pay?

    • Repeat Use: 

  • Solution provides substantial value, compelling repeat use 

  • The problem is recurrent and solution will be used periodically

  • Have you talked to 10 customers to validate solution and paying capacity

  • GTM and Customer Acquisition Cost (CAC): Is there a standard sales approach to this kind of product/service. What is it?

    • What is CAC: Understanding of comparables/industry benchmarks

    • Understanding of customer acquisition channels for B2B and B2C

  • Competition Analysis:

    • Identify direct and indirect competitors offering similar solution to the same problem

      • Understand the positioning used by competitors in the market

      • How big are these competitors, what is their market share?

      • What is the pricing model used by the competitors

    • Identify the gaps or unserved segments you can target or a niche segment you can excel

    • Identify if your technology or business model offers competitive edge over the competitors

  • Market Size: What is size and growth potential of the target market

    • Is market size enough for sustainability and scalability

    • Is the target market growing? At what CAGR

  • Product Idea Clarity: Clickable MVP Demo tested with 5 potential users

  • Team Idea fit: Team has skills, expertise and passion to execute the idea

Organisation Readiness Checklist (ORC) 

  • Team: One Business and one tech co founder

    • Business founder: Drives Sales, raise funds

    • Tech founder: knows coding and build product

  • Hiring plan for next 2 months: hire interns for frontend/backend, product etc.

  • Budget plan for next 3-4 months 

  • Company incorporation:

    • Have you started your incorporation process?

    • Have you fixed your cap-table/ equity distribution between founders?

    • Are founder agreements in place? 

Download the Good Idea Checklist and Organisation Ready Checklist 

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