Idea Generation

• [ ] Get idea together — passion / interests intersection

Idea Evaluation

• [ ] Do napkin math calculation. Profits must make sense
• [ ] Estimate market size — initial market and competition analysis
• [ ] Confirm that idea is either big enough (there are competitors with the same business model that are large private companies or public companies) or cash positive from day 1.

Thorough competitor landscape check. Locally and Internationally

• [ ] Annual/quarterly reports checked (if available)
• [ ] Define your competitive advantage and MOAT
  • [ ] Short-term vision
  • [ ] Long-term vision

Idea Validation

Temperature check #1 — users have strong interest

• [ ] Build a landing page (preferred but depends on where your users are) or an MVP
  • No features, only core offering conveyed on the website / mobile app
• [ ] Get 150-500 random users visiting the website / mobile app. These are not 3Fs (friends, family, fools)
  • [ ] Ads, or
  • [ ] Marketplace listings, or
  • [ ] Social outreach in random groups
• [ ] Register initial interest. Find a way to capture emails
  • [ ] Conversion numbers are at 10-40%, or
  • [ ] Users left emails or phone numbers (preferred), or
  • [ ] Users made phone calls
• [ ] Business model still makes sense considering a user acquisition cost estimate obtained through the previous step
• [ ] If registered emails, follow up with survey or set up calls, so users can answer your biggest assumptions about the core value
• [ ] Refine core value
• [ ] Second and final iteration with email users - convey refined value, gauge interest

Temperature check #2 — users have even stronger interest AND are willing to pay

• [ ] Refine landing page (still preferred) or an MVP