How do you know if your startup idea already exists?
How do you know if your startup idea already exists? And does that matter, because what if you can do it bigger and better? Thanks in advance for your input!
It doesn’t matter how your business idea is gorgeous , if the market is not ready for it, or niche is full - you will not get any profit, at least not now. To check idea on the "strength" we must give it to the public.
The first way is to try out the idea “offline” . One of the most effective offline methods is pitching ideas.
The essence of pitching - to tell all the features of your idea during 2 - 5 minutes. The benefits of this method are: experts give you advices; the audience is involved in the discussion; you can find potential investors for your business; you will get community support and find like-minded people. For example, Pitch NYC (http://pitch-nyc.com/), Flash Pitch, (https://www.flashpitch.nyc/) The Biggest Startup Pitch event in the USA – 850 start up pitches for 150 Expert DOJO Member (https://expertdojo.com/events/... and good article from Forbes 7 Startup Competitions You Need To Know (http://www.forbes.com/sites/il...
The second way, of course, to try out the idea “online”. Probably the most effective method to identify opportunities online - to use crowdfunding platforms and B2B, B2C marketplaces for your business ideas.
1. Crowdfunding. The great thing about this process is that you are forced to go with your idea "to people" much earlier than usual. At the same time you are getting feedback and can correct your project much faster. It is very useful for early stage startups, because it can save entrepreneur’s time in the future and money that he could spend on the "Debug" project. The feedback in the process of crowdfunding can help to understand if the campaign will be successful, or unsuccessful. Examples: Kickstarter (https://www.kickstarter.com/), Crowdfunding for Small Businesses (https://www.fundable.com/), and recommendations from Forbes Top 10 Crowdfunding Sites For Fundraising (http://www.forbes.com/sites/ch...
2. B2B, B2C marketplaces.
-The presence of members in the form of "internet community" allows to share information among all market participants.
-Online reviews and ratings can be good feedback tools of risk management for companies.
-Easy selection of proposals, the speed of decision-making, the way of communication via electronic channels help simplify communication.
For example, one which can be usefull for small- and midsize companies - Opporty (https://opporty.com/). Its B2B and B2C approaches help gain a strong foothold on the local market, appealing to local customers in the specific niche. Or if you want to compete with large and stable companies you can try large platforms, such as Magento (https://magento.com/).
The combination of these methods will help you to create a complete picture of "readiness" the ideas for implement.
That would be great if you share your startup idea so that better insights are shared with you in this thread. Though, it is very simple to check if your startup idea exists or not.
Search its related information on search engines and check what type of information is appearing. You can share your startup idea on discussion threads and communities to check audience response.
It's not about the idea, it is about the marketing of the idea. Just about anything can be done better. Nobody has the funds or power to make mass markets, they already exist, the best anyone can do is craft and harness their product to an already existing market.
Competitor research. Start by Googling or Binging your most relevant keywords.
At the risk of trying to sound sarcastic, but the first two moves, would be to look in your local paper, and your telephone books.
The next move would be to look up the Business name on the Companies House Web-site (www.companies-house.gov.uk).
If you find a company/business in the same vein as you, see how they are doing. With Limited Companies that is easy: look up their name on Companies House, only beware of Holding Companies that may have several trading names.
Speak to your local Chamber of Commerce and similar Governement operations to see who is registered with them; even looking down the High Street, will give you an indication.
Wishing you all the best and success.
First of all one must always assume that in a parallel universe of human existance someone has come up with a similar idea to the "new big thing" you are working on. Otherwise you are not keeping it real. Their are 7 billion humans on planet earth. And at least half of them have access to some reasonable level of information, or capable of heuristic insight. That is the greatest value of Periodic Table element "Hu"...lol. And also when you first create your business plan to obatin funding, one chapter is "competition". Bottomline, do your research. Also remember, having the same idea, is not the same as carrying that same idea to successful market achievement.
In my experience, there is always something out there that models the idea you may have. Even though this may be true for you, it is very important that you take time to learn about the various aspects or components to your idea so that you can identify how your concept can become unique. Lastly, it may serve you well to have some kind of involvement with the business or person that you share similar ideas with to observe how they are developing their concept and learn the pros and cons of it as well. For more information, please feel free to contact me to further discuss.
You want to perform a thorough search in your major search engines. Also search your local city clerks for information, your states database to perform business name searches, and federal databases for trademark & copyrighting on the companies you find similar to your innovative ideas. Even though there are companies that have similar ideas, if they are not copyrighted or have trademarks, you may still have opportunity to develop yours with the right foundation, uniquely defined, and with enhanced features.
Keep in mind that if their product is similar and it is not selling you may want to understand what your target audience is really looking for to solve their pain point.
Hi Whitney! I think if you can dedicate your time doing market analysis and concentrating heavily on competitive analysis then this should not be difficult and if you find out that your idea does not exist then you should copyright it before someone else does and makes money out of it.
Steps to know:
1. Identify customer, and problem
2. Identify current solutions
3. Research market depend on 1,2
No matter if your startup idea already exist. But it makes you change the way you define your product, core values and strategy. After that, you should make the most important decision "do you want to continue?".