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A Summary of

The Hidden Patterns of Great Startup Ideas

by
Pete Flint
NfX
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At the initial stage of a startup, the core idea makes a huge difference. Small changes in your initial idea/direction will make a big difference to where you end up. Five Frameworks to Refine Startup Ideas:

Innovate Just Enough

  • Novelty is a risk.
    • The biggest ideas often strike a balance between what has been proven to work and something totally new. 

Leverage Technological Shifts

  • Without a big tech shift underlying your idea, it’s less likely to be a breakout hit.

Take More Risks

  • Contrarian ideas allow you to compete in a less crowded market.
    • This is particularly helpful in network effect businesses and in consumer businesses.
    • The biggest ideas are not consensus ideas

Solving a Problem vs. Creating Opportunity

  • When evaluating ideas, you should certainly think about how much they are solving a clear problem.
    • Think about what new opportunities they might be creating. 

Market Risk vs. Execution Risk

  • Market risk is when you don’t know if anyone will want what you are building.
  • Execution risk is when you don’t know if you can execute at a world-class level on the idea.
  • Evaluate your ideas to see how much of each of these two risks it takes on and which you are better suited to solve.
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