Evaluate Startup Ideas in 5 Minutes
ฝัง
- เผยแพร่เมื่อ 11 มิ.ย. 2024
- In this video we’re going to find out if your Startup Idea is good or maybe even great - I will show you a system that will let you evaluate a Startup idea in less than 5 minutes. Anyone can use this very simple system.
We use 5 factors, you answer 5 simple questions. The factors are:
- Product
- Acquisition
- Market
- Defendability
- Buildability
I will walk you through every single question. After this simple exercise, you actually have a score that tells you how good your startup idea really is. Get the right score and you might just have a great Startup Idea!
Raw Startup Blog:
rawstartup.co/
Chapters
0:00 Introduction
2:33 Product
3:25 Acquisition
4:15 Market
4:51 Defendability
5:48 Buildability
6:38 Startup Idea Score Calculation
Raw Startup T-shirt:
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#EvaluateStartupIdeas #StartupIdeas #Startup
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One of the most important videos I have seen on this platform. THANK YOU!
Tested 2 ideas score 18 vs. 72(108) . I made a tweak to the last one. This is a brilliant framework for quick validation, really like the questions
Thanks glad you liked and got a good score!
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@rasmustchristensen how you doing 2 yrs later
@@fgboii4687 haha exactly! good question
72 😮I wasn't even feeling optimistic before the test. LET'S GOOOOO!!!
I really like your videos man ! Short , Strong and very qualified videos !!! learn alot from you !
Fantastic, yes no time to waste ⌚😎
Three founders. Proud to say the most sceptic founder got 24 points, the realistic strategist 36 and the visionbearer original founder 72 (of course 🤪) Excellent then to move on to product market fit video as brainstorm inspiration for our next mvp. Mega appreciate your videos Heini. Cudos
That is a SOLID score with a credible spread between the founders. Thanks!
Incredible quick test. Thanks a lot.
36. You've created a brilliant method. Thank you!
Amazing content Heini! Thank's for all your good work
Thank you very glad it was helpful!
Thank you. You break it down to its simplest common denominator
Thanks yes trying to make things less complicated
Great quick tool thanks
Thanks mate. Very well articulated.
Glad you liked it
This was very helpful in helping me to more objectively evaluate my idea and give me things to think about to improve.
Thanks, glad it was helpful!
I saw this video some time ago, but I kept some of the tips in my mind. The concept if my product is 10 times better, encourages me to make my best candidancy to Vivino.
Thanks!
Love this. Missing one parameter though: Do you love this and will you love working on it for a decade+. Case in point: Vivino vs BullGuard. Love the channel. ✨🚀
You are right you have to do that check before or after, check for love, passion and fun! That is really important too. Thanks!
Totally agree - you need the passion to keep going!
That's a good point, particularly in fringe cases where th escore is around the 20 mark, the founder team's passion for the subject matter can carry a long way.
Dear Heini Zachariassen, Excellent video and analysis system. Very much encouraged by our very conservative scoring that still gave us a 108. Thank you from Rowland Reeves and the US Space Team
Spot on! I hope you post this on other social networks to see more people share their score result!
Thanks, yes, will try and get it out there!
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The most insightful video I’ve seen !!
Thanks, very much appreciated!
Very informative video and i give it over 100. Thanks!
Thanks, glad it was helpful!
This is just perfect 🤩
I like your framework a lot - I will save it and use it in the future!
There are some very sharp ideas embedded in it!
Glad it was helpful!
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Thanks for your business insight tutorial
Very welcome!
Also consider a red ocean vs a blue ocean. Fantastic stuff you put out, I’m subscribing!
Thanks, I appreciate that. If you look at the product and whatever you do being 10 times better then that should say something about the competition. If it is a red ocean it probably isn't 10 times better than what everyone else is doing. Thanks for the comment!
Good video, yes the first Idea and final build tend to be so drastically different
Thanks yes very true.
Thank you so much for the validation; 172 (and yes, I was pessimistic in my scoring).
Hi Raw startup,You are building a great content along with a great startup.We are also working on a idea in proptech and we score 48 ,Again thanks for such amazing content.
Great, thanks and good luck!
Hey, were you able to execute your plan ? And did the score of 48 helped ?
Thank you so much !!!!
You're welcome!
I am happy i saw this
I like the approach you used. Tested a simple idea linked to our daily lives and got a 24. :-) One thing I would add is timing which can be an extremely valuable asset as well.
Timing is incredibly important, I didn't include it because it can be really hard to tell with regards to timing, are you early or late, often hard to say.
@@RawStartup Sounds like an idea for a video.
72, probably why I’ve had an easy time attracting very talented people. Thank you so much for your content by the way it has been very helpful in my investor pitches.
Great number and happy to be of help!
How you doing after 10 months
48 or 72. Lets spell it 48. Very informative video and well stuctured.
Thanks a lot 🙌
Always welcome
BRILLIANT
Thank you!
Great and useful content. Being a rational optimist we got 54 for our nordic SaMD/IoMT startup running currently on grants. We'll keep going :-)
Thanks, yes keep pushing! Good luck!
thanks a lot
Welcome!
2, 2.5, 3, 2, 2. Thank you, I needed this.
Glad it was helpful!
How you doing a year later
my product : sculpted furniture (the only thing that I have some expertise at )
> can the product be 10x better than the current ?
no, I would have to use the same tools and materials as everyone else
> can you find buyers and market ?
yes, but only if I pay for search result boosting
> is the market big and growing ?
no, they would have to be all rich old men to buy special boutique furniture, and there aren't many rich old men in this country (romania). classical art is also dying due to modernism and minimalism
> will the product have unique features that are hard to copy ?
maybe! there are very few artists around, they would have to have at least the same skill as me, or operate a CNC mill which is also a rare skill. so there isn't much competition (in this country at least)
> can you get the team, knowledge and capital to make it ?
I have no idea how many artistically inclined people are around, and most people might run away when they see how tedious and demanding sculpture is. they might lose enthusiasm and it might take them years of practice, like a musician. you have to be very autistic to invest time in artistic skills.
the knowledge is on youtube tutorials already
the wood is expensive though, especially walnut and oak ( due to government shenanigans )
the capital? that's why I'm watching this :)
yea, I'm probably not gonna make it, am I ?
You might well make it, but it doesn't feel like a high growth fundable business. Still it could be a great business.
We came up with this framework in the past:
Value/differentiation
Market size
Skills/resources
Feasibility
Time horizon
Risk
Financial prospects
Excitement
We scored them quantitatively from 1 to 10, then computing the average.
But deciding qualitatively.
Great, thanks.
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36...rolling with it
Go for it! Good luck 🤞
Startup guru 😍😍
My idea scored 162 however it also scored 88 out of 100 using Josh Kaufmans framework so the idea definitely has merit.
Are you Zuckerberg?
We have a subject at my university where we were tasked with finding a startup idea and explaining how we would bring it to fruition. My idea received a score of 36.☺
108 score, except my truck broke and repair cost me $10,000.
Funding isn’t necessarily an issue for me, I would have put being able to afford it down to a 2 just because of my truck problem I paid for before starting my app, but I know I’ll have the cash for it soon enough so I’ll give it a 3. Damn truck😅
Now I’m dedicated, so I’ll never give up. I believe in this.
Keep pushing! Never give up!
Went through the exercises twice with my business partner. On the 1st pass we scored a 72, we went double pessimistic on the 2nd pass and scored a 24. Now to find a Hustler to join the team to up the score of questions #2.
Thanks, great, good luck!
Amazing! I score 12.
Great! Maybe you should play around with it a little bit...
Love the idea. I had mine at 48 to 124. depends on the product maturity.
Solid scores!
Thank you sir it was worth to learn
My turn out to be 72 points
Thanks that is SOLID
Wow, that is GREAT content.
My original idea was 18 points, but a better way of doing it came right on the heels of that 18 pt score.
Thanks great!
Firstly, I would like to thank you for sharing your knowledge, your videos are helping me a lot in framing my startup idea into reality. My score came to 54, looks like I have a good chance here :-)
Very welcome, yes sounds like a solid idea!
hey! may I know what niche is your idea around?
"Be pessimistic." Great advice for an optimist for this exercise. However, the questions are worded optimistically enough that I'd rate many successful companies zero on a number of factors if I'm being pessimistic. Humans aren't great at estimating probabilities, though, anyway.
Thanks, yes true we suck at probabilities!
I got a 36! This isn’t my invention, I’m bringing the tech to my community.
Solid score, good luck!
Amazing content, thank you. I thought 36 would be an abysmal score but what did I know :)
Great, yes that is a solid score.
That was great, I have just missed the problem valuationit's kinda implied on the acquisition, but for me, is important to think problems first.
Maybe something like:
How likely is that the problem is so strong that people would use regularly for even a beta / unfinished version of a solution?
0 - No, it needs to be perfect for people to use.
1- Yes, if it is free
2 - Yes, if it's cheap ($1-$10 or small % fee)
3- Yes, even if the price is close to close to $100 or large % fee (~20%).
*for B2B, price x 10
Thank you some good ideas here
Got 48 Thank you.
Welcome 48 is solid!
Thank you for this great content that will be very helpful to me. I am working on a project that scores 12. I think I can improve this score with a thorough knowledge of the market. I want to launch this in 2022 :)
Great, best of luck to you!
How's it going
I got a score of 12.
Willing to step-up my startup
Maybe you change it a little bit to get a higher score.
that was quite clever way to be objetively deterministic
Thanks!
Thank you for this video. Pls share some tips on good execution ideas.
Thanks, I'm not sure I have those, you probably need to find them.
Excellent content, thank you.
36
Thanks sounds like a good Startup idea
Multiview Media score 48. Thanks for the info Heini.
Solid score!
@@RawStartup 👍
@@raymeadham1753 hey,
What's that idea, am from India!
I'm a 29. Great test. Thank you.
Nice, go build it!
My score is 18. Thank you
Welcome, that is ok, maybe you can do some small changes and improve it even more.
162 Thanks for the great videos!
Welcome! Solid score!
Great video, thanks! I came up with 108 on my project but it’s a one hit wonder product (hopefully) in the pet (dogs segment) industry. I have marketing experience in social media which could help make it viral.
Sounds good, good luck with it!
@@RawStartup thanks, we will need it, nothing is guaranteed.
Exc Video as Always!! But I have one request, marketing? How important is marketing for a product? Budget? Frecuency, content? Can you make a video explaining this topic?
Thanks in advance; I’m a huge fan and working on my site using all your tools!
Thank you very much, very glad you like the content. I may need an expert to help me do that video, but I agree it is a very important and interesting topic that I should look into.
That would be great, for example, I’m curious about how marketing strategy was implemented on vivino app!!
Heini, I’m on my way with my online site and let you know when success arrives!
Great channel, thanks for the very practical advice. One question on defendability what if this is a new product category and I have a patent, But it is not hard to build?
Thanks, I guess it is good to have a patent, but I wouldn't rely on it. Always build fast, move faster than anyone else that way you won't have to rely on the patent. You will just be better as you build faster.
Great video and framework. Using this system, being very hard on each, I scored an 18. Second time, scored a 108.
Question, if you don’t mind. What’s your thoughts on building a micro saas that depends on data that is freely available? U.S. government data.
Hey Heine, i am loving the content, awesome work.
Do you have content on real estate listing website startup? If yes pls share the link otherwise guide as i am doing some research on it. I would apprecite your kind response.
Thanks that is a little bit outside what I normally do
For buildability especially for a startup, it could be a great idea but a team and all the resources may not immediately be available and hence, bring down the start up idea score
Yes very important
awesome 108 plus the bonus 100 ya
Nice go for it!
Thanks for your videos. If you want to build a personal brand, is it a good way to make surveys and speak in business events or startup conferences?
Not so sure about surveys, but yes speaking on all kinds of stages can help.
24, right where you were.
Good, solid score.
Hey Heini, thank you a lot for this great evaluation system, and I want to ask if this system was created by you? or if it's a well-known system between the investors which we can rely on it or even use to prove a part of the idea for angel investors.
Thanks, yes this is a system that I created based on my experience and research.
I have 72 points, because I gave my product 3 points for no 1.
But it was hard to say, that it is "10 times better" this might only possible for a few type of products and services. How would e.g. a car be like, which is 10 times better than the competition? 10 items cheaper to produce? 10 times more economic? 10 times faster? 10 Times safer? But when I understand it that I brings an enormous improvement with a novel technology ,then I can give it 3 points
A car for example isn't a typical Startup product. Usually startups are in disruptive industries where products can be 10 times better, not all products, but many.
Great framework but it might be missing one factor like „accessibility“: How hard is it to enter the market and realize the potential despite regulations, low awareness, high costs for sales and marketing, competition and so on. Or would you say these are contained in the other factors?
I made an app that should solve exactly this problem but with a different score calculation. I think I will add this formula too, it seems to be more solid 🤔
Great good luck with it
54 was my score easy to build with a small team but that makes it difficult to defend
Hmmm. I believe need to revise on build ability. for example If 4=1 and 5=3 it will give out better output with less good ideas.
I love all your videos,I am facing issues finding right people for my team who are passionate about start ups, i keep working on it myself… any advice?
I have one thing that I had to realize many years ago. Remember that nobody will be as passionate about your Startup as you are. Otherwise they would probably be doing their own Startup. So don't try and find people that are as passionate as you are , they just won't be.
@@RawStartup thats so true…. I hv to beleive in my dreams no one else can.. thanks for all your videos they hv been my mentor so far
@@gobeyondlife83 📥
Hi Heine! Thanks again for sharing such useful info!
I'm working on a feature that compares supermarket prices and I wanted to know which methodology does Vivno uses to get the pricing? e.g. is it based on partnership with retailers using their API // web scraping // price specifically negotiated by Vivno with retailers // partnership with existing price comparison?
Thanks in advance!!
Thanks, actually all of the above, user reports, scraping, APIs and other feeds.
@@RawStartup Great thanks! Internal scrapping or agencies? Did you start at first straight with API or web scraping? Could you give an example of what other feeds? Apologies for that many questions totally understand if you can't answer
I landed on 64 - but KISS DanishLanguage School was started long ago. Yes, it clearly could expand greatly, but I am actually thinking of retiring.
Thanks, good luck!
The acquisition part I found hard to guess. I fill that most ideas would be 2. It's hard to say if the product will be viral, even if it gets inherit virality such as social media apps.
For my context, I have adpt to this. I will text it tpo see if it helps.
Can you find and afford to market to the users of this product?
0 - No
1- Yes, however the CAC payback should take more than 6 months
2- Yes, however the CAC payback should take more than 3 months
3- Yes, and the CAC payback should take up to 1 month
I can probably get I estimate on CAC using google ads tool or researching. And the payback could be estimated based on expected price and costs.
It's all guesses on top os guesses though.
Thank you very much, this is good feedback you're also taking it one level deeper.
Hey Heini, great guide! I have a random question!
What do you think about the Asian tech startup market? In the recent years, Indonesia, Bangladesh and India has been seeing rapid growth of b2b & b2c e-commerce start ups that are really making an impact on the economy and job market. Their impact is especially ground breaking because people in the Asian region is becoming increasingly tech savvy whilst simultaneously having greater purchasing power every year as gdp is exponentially growing. Eg Bangladesh experienced a 8.2% gdp growth in 2019, 5.2% rise in 2020(COVID caused temporary fall ), and projecting a 7.5% rise in 2021!
Thanks, not really an expert, but what I hear from my friends out there I think we're only scratching the surface, this is the beginning there plenty of potential and a lot more growth to come!
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I have an awesome survey on my recent video for a big break through for Evolution of Conciousness and Quantum Entanglement. You can check it out and use some of the questions to answer in your upcoming videos if you'd like.
Thanks, I don't fully understand what survey you mean and you suggest I use it.
Heine, when you evaluated facebook and vivino using this model, did you consider them after they had become established platforms? It is relatively easy to "copy" a social network platform idea, before the content/users have arrived. Other ideas will seem better, at an early stage, if one assumes that the users/content is already present. I am asking because, I am pondering an idea which in its infancy will be easy to copy, untill it has build a moat, just like these examples.
Thanks yes a very good question. This is after you've reached some traction. It may be easy to copy in the beginning like Vivino and Facebook, but later it becomes really hard. You should rate a bit down the line, are you building a wall of protection that makes it hard to copy.
@@RawStartup Thank you. I really appreciate the advise you are giving,it's like having a mentor though I have never had the opportunity to meet you.
@@RawStartup I will now be using your method to evaluate deals, in a small angel fund I am setting up with other young Danish Founders
162.. being pessimistic with 3s and a 2 on the end…. as I still have to actually get the money not just the conversation. First impression was 3s all the way. unique patented product. Registered planned ready to go. Just needs the capital. Ex boss is a vc. I gave conservative projection of 40m over 5 years… wants to know the aggressive strategies projections, regardless of ridiculous numbers. So I Had to simplify from a 67 page by to a 27pg. Initial investment required tripled. I guess they what to know what they can see as a return rather than what is likely as a bottom line.
Hi Heine, am thinking of floating a small FinTech start up in Australia. Although, i got a score of 12 using a very pessimistic response to your metrics. Can you suggest a very affordable app. developer for a small time start-up with no investor?
That is tricky you go out and find somebody
Mine was 24 too seems to be a popular score...
Yes and a good score!
When evaluating market size, what constitutes big numerically? Is this more than 20 million/2 million/200,000/20,000 users ? I am not sure how to grade this point and would appreciate some advice.
Thanks it is all about the combination of how many people buyers/users and how much they would spend per year. So 20000 buyers is good if they spend $1 million a year. However if they spend $100 a year you need a lot more users/buyers. The total number should usually start with a B, being in the billions. More information here th-cam.com/video/hcFUHzMkGBo/w-d-xo.html
108. Woohoo!
Very high, now go build it!
@@RawStartup Already built! Starting to grow. Love your content. Keep it up!
ts a new way for order management through my app
at present people are using phone call or whats app message
so if they shift it will be not 10 rimes but 20 times more better
as of know dont how to give score for product
please help
Go and build it, good luck with it!
When you say the market is small ? Any numbers below to identify
Always tricky to find, but check this video, might be helpful th-cam.com/video/hcFUHzMkGBo/w-d-xo.html
Got 24, can sacrifice one thing and still getting 23, time to put the pieces together.
Yes for sure, go for it!
Video starts 1:56 (after self-promotion 'til 0:54, and generic corn flakes 1:55 ) ..and then , yes, bravo..thanks.
Thank you very much!
Currently, Vivino can leverage its 50 million plus user base, no doubt. However, going back to its conceptual phase, what would be its dependability score? In today's tech landscape, almost any app can be reverse-engineered.
Thanks prefer to build a business that has as little dependability as possible. Makes life a lot easier. We had almost no dependability as we built everything independently from the industry, data everything, no waiting for anybody just pushing forward.
can we add scalability as the 6th factor in it? in that case what will be the good score?
Good point, you have to be able to build at scale. It is meant to be in Buildability, but maybe it should be clarified. In acquisition there is also some virality. .
@@RawStartup thank you for your guidance
My sincere result was 48
Cool, go build it!
My score was 113. But is this applicable to a non-tech product such as an appliance ?
Yes, I think it can be!
I have a startup idea. It's a site for people to meet people to dine with
That could work, good luck!
Can you please do a video why you graded Facebook with a score of 169? I know it was 2004 launch but with MySpace already dominating with Classmates also lurking... 169 is extremely high score.
Thanks really it is just math they got a 3 on everything except Market where they got a 2.
I got 36 for my idea. I want to solve the problem of democratizing the allocation of generated streaming revenue for digital products.
Great good luck!