How to Conceive a Unique Startup Idea

Sometimes it seems like something out of the blue when a startup launches with an idea so unique you’d have to ask yourself how come no one saw that? We’ve also seen highly successful startups that launched with  an already existing idea but found an entirely new opportunity to explore.

The truth is, the idea behind a startup can go a long way in either making or marring the business. This is why figuring out a winning concept is a must. “You’ll have to come up with a lot of ideas to be successful”, says Stephen Key, founder of Inventright.

Key, who has licensed more than 20 products in the last 25 years, says he generates ideas by finding different ways to engage his mind, from walking the aisles of stores to brainstorming about holes in the marketplace.

Stephen, who has patented more than 20 items in the last 25 years, says he creates ideas from walking the aisles of stores to brainstorming about holes in the marketplace.

Here are eight techniques from this serial startups founder that could help you find that big idea.

Think ahead

Successful business ideas are often ahead of the curve. Think about trends and technologies on the horizon and how you might move into those areas, says Sergio Monsalve, partner at Norwest Venture Partners, a Palo Alto, California-based venture capital group. He suggests, for example, thinking about innovations related to the living room and home entertainment systems now that companies like Apple are developing new television technologies. “What can that mean in terms of new ways to live in your house and be entertained?” he says.

Successful startups discover top trends early. They are usually ahead of the curve. This is how you must approach your business ideas. Find that gap that needs to be filled. For instance, with the COVID-19 disrupting virtually every industry, now is a great time to start thinking about solutions around remote work and social distancing.

Find solutions to problems that bug you

Jason Njoku, the founder of Iroko TV was inspired to create the multi-million dollar entertainment platform when he tried to get  Nollywood movies online for his mother and discovered how difficult a task it was.

You can find that great startup idea in problems you personally face on a daily basis. You’re actually at a point of advantage considering that you’ve encountered this problem personally and can totally relate to the pain points.

READ ALSO: Got No Money? Here’s How You Can Still Launch Your Startup

Create a New Niche

Your business idea doesn’t have to reinvent the wheel. Take a look at what some of the big players in an industry are missing and figure out if you can fill the gaps. 

Your startup doesn’t have to be based on an entirely new idea. Take a look at some of the top players in the industry, consider what they are missing and try to figure out if you can fill the gaps.

Take for example, payment gateway providers, Paystack and Flutterwave. Although these two startups are providing the same kind of service, they outshine each other in different areas. Dignited compares the two platforms highlighting their strengths and weakness. 

If you’ve got an interest in the fintech industry, you might want to leverage on the similar weaknesses of top players as these and create a product that stands out.

Certainly, this guide is not all encompassing but it can help you find that great startup idea that you’ve always pushed for. The key is not to give up and try all the steps provided and see which yields the most result for you.