Home – New Forums Starting your journey Getting your idea out there globally

  • This topic is empty.
Viewing 15 posts - 1 through 15 (of 18 total)
  • Author
    Posts
  • #995063
    johnnycashflow
    Member
    • Total posts: 98
    Up
    0
    ::

    ignoring the traditional model of business of bricks and mortar etc.

    im actually referring to the more modern Ubers, and facebooks etc. etc.

    question:
    it seems these million/billion dollar ideas popup over night

    for example, if you had a bricks and mortar store, or a even an online hobby shop, to get your name out there and regular folllwing up to global will take you 3-20 years ,

    do these modern ubers etc need multi million dollar investments and 100s of people working full time including marketers, sales agents etc. etc.

    I use wotif as an example of an older business, it seems to have simply popped up and has penetrated every corner of hte world that has the internet.

    so if I have an idea, hypoehtically, lets say another wotif or airbnb site or a craigslist type model,

    how on earth do they get out to every corner of the world??? I doubt a salesman goes to every hotel in the world and says . hey im from wotif a new company, will you be interested in signing, up? ill come back and take your forms?

    ive got absolutely no idea and would love to see how a model goes international within months

    so for example, like a new style interntaional dating site, or a new style accomodation site

    it seems the tradtional method of business wont work, eg set it up, advertise on tv, etc. etc.

    #1199787
    Robert Gerrish
    Member
    • Total posts: 1,274
    Up
    0
    ::

    Interesting post JohnnyCashflow. Most of the businesses you mention are far from overnight successes and I think their success comes from a unique idea, that has been researched and tested AND that has been presented to a number of very savvy investors who have then put in considerable funds and knowledge to ensure rapid growth.

    This article gives a good insight into the funding that Uber attracted.

    I imagine a funding round that yields $1.25 billion has got to help get the word out.

    Robert :)

    #1199788
    johnnycashflow
    Member
    • Total posts: 98
    Up
    0
    ::
    Robert Gerrish, post: 236535, member: 5 wrote:
    Interesting post JohnnyCashflow. Most of the businesses you mention are far from overnight successes and I think their success comes from a unique idea, that has been researched and tested AND that has been presented to a number of very savvy investors who have then put in considerable funds and knowledge to ensure rapid growth.

    This article gives a good insight into the funding that Uber attracted.

    I imagine a funding round that yields $1.25 billion has got to help get the word out.

    Robert :)
    great reply,

    whats stopping someone copying an idea that you put up for crowd funding?

    thats what I find amazing? iamgine you have a whiz bang business idea and then you tell the whole world what it is in order to attract funding?

    Obviousy uber is a huge company that probably didnt popup over night, however until 12 months ago I had never heard of uber (maybe im just naive)

    #1199789
    Rohan@TD
    Member
    • Total posts: 164
    Up
    0
    ::

    How depends on what you’re offering, your preference for risk and your target market. For a lot of these companies, its a deliberate process where founders are supported by experienced entrepreneurs to get their idea to market. A lot of these companies are also founded by serial entrepreneurs, launching company after company. Timing is another key factor for how these businesses are put founded.

    What’s stopping people from coping? Nothing really. Airbnb has competitors, Uber has competitors and so does every other business. Being first to market has its benefits, but its not the be all and end all.

    Ideas are rarely funded nowadays by serious VCs. They increasingly tend to fund businesses with actual revenue, signed up users and then identified potential to capitalise on market opportunity. Other factors, such as the founders personal traits, also heavily impact on the VC funding process.

    We have spent the last 2 weeks working with an entrepreneur developing their business model to disrupt an established and very profitable industry which has lacked innovation for the last 20 + years. After passing a stage 1 VC funding round, they reached out to us to support developing their business model prior to heading back to stage 2. Now they now have a very defined strategy to deliver their product to market at the right time. They recognised their own shortfalls as a team and came to us to enable them to attract funding. Attracting funding in itself, is a very deliberate process.

    #1199790
    Dave Gillen – Former FS Concierge
    Keymaster
    • Total posts: 2,566
    Up
    0
    ::

    [USER=79207]@johnnycashflow[/USER] one of my favourite articles gives an insight into how these companies started out. It discusses AirBnB specifically.

    http://paulgraham.com/ds.html

    I doubt a salesman goes to every hotel in the world and says . hey im from wotif a new company, will you be interested in signing, up? ill come back and take your forms?

    In the early days yes they start by doing exactly this – as [USER=5]@Robert Gerrish[/USER] mentioned above there is a lot of groundwork that goes into testing their idea and discovering the exact needs of their customers. This learning and testing is a critical ingredient for the crazy adoption rates you see later on.

    Dave

    #1199791
    johnnycashflow
    Member
    • Total posts: 98
    Up
    0
    ::
    Rohan@TD, post: 236563, member: 78618 wrote:
    How depends on what you’re offering, your preference for risk and your target market. For a lot of these companies, its a deliberate process where founders are supported by experienced entrepreneurs to get their idea to market. A lot of these companies are also founded by serial entrepreneurs, launching company after company. Timing is another key factor for how these businesses are put founded.

    What’s stopping people from coping? Nothing really. Airbnb has competitors, Uber has competitors and so does every other business. Being first to market has its benefits, but its not the be all and end all.

    Ideas are rarely funded nowadays by serious VCs. They increasingly tend to fund businesses with actual revenue, signed up users and then identified potential to capitalise on market opportunity. Other factors, such as the founders personal traits, also heavily impact on the VC funding process.

    We have spent the last 2 weeks working with an entrepreneur developing their business model to disrupt an established and very profitable industry which has lacked innovation for the last 20 + years. After passing a stage 1 VC funding round, they reached out to us to support developing their business model prior to heading back to stage 2. Now they now have a very defined strategy to deliver their product to market at the right time. They recognised their own shortfalls as a team and came to us to enable them to attract funding. Attracting funding in itself, is a very deliberate process.
    thanls fpr the responses both of you,

    so how do you get VC funding or even a consdieration.

    or is VC funding etc only for huge business ideas that have already taken off?

    for example, lets say a already established idea such as restaurant review websites or restaurant bookign websites, or even hotel booking sites (yes saturated I know but assuming its not saturated)

    how would you go abouts doing this?

    sorry for the completely amateur question,

    I think that a site like FB (obviously before it was invented) is a brilliant new genious idea,

    however I dont onsider a new accomodation website, or a air bnb or a trip advisor or zomato or urbanspoon to be genious at all,.

    #1199792
    Rohan@TD
    Member
    • Total posts: 164
    Up
    0
    ::

    The funding process is different depending on which type your exploring, with the most common being VC, Crowdfunding and angle investing. Each have different expectations and require different approaches from Founders to gain funding. But, it also depends on the product / service you are providing.

    Increasingly investors (VC/angle) want to see initial results (market traction) and how a business generates revenue. However, some also want to see crowdfunding results – as they also talk to market traction.

    Crowdfunding expectations vary, site by site, product by product. Launching a crowdfunding effort shouldn’t been seen as an easy fix to startup capital rather a significant activity a business undertakes.

    If you have an idea, you start the same way you do every business, by doing some detailed product development and business planning, including extensive market analysis, to develop your concept into a functional business. Part of that planning, maybe the building of your idea or suitable models/mock-ups to prove or demonstrate your concept.

    Another two key factor are marketing testing and competitor analysis. Whilst you may think your idea is great, the market may not want it or somebody else may already be providing a superior service.

    #1199793
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
    Up
    0
    ::

    Y Combinator Demo Day stories are fascinating and give an insight into what start ups go through in the States to get funding – having real customers is normally a huge factor.

    #1199794
    johnnycashflow
    Member
    • Total posts: 98
    Up
    0
    ::

    thanks everyone so far
    I guess the fact Im asking these questions makes me think I simply dont have what it takes to become one of these ventures using VC or crowdfunding (happy to admit that)

    to me no amount of research can predict the future,

    eg when the hotel websites such as agoda wotif had started, a few came along a bit later, I dont know how they would research market penetration, since thye have the exact same model/product

    I also noted that the coupon websites such as groupon scoopon really took off very quickly,

    My friend has an idea to do a similar thing in countries( admittedly not first world countries) where he thinks the coupon system could take off, but like me he has no idea on what to do

    he thinks its a good idea, but all the big coupon companies have to do is to enter that particular market, and since he has no leverage…….

    so confused

    #1199795
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
    Up
    0
    ::

    Hi Johhnycashflow,

    It is not only a tech venture, but a sales venture (literally pounding the pavement) and a P.R venture.

    To get funding, you need more than an idea, that is true.

    #1199796
    bb1
    Participant
    • Total posts: 4,485
    Up
    0
    ::
    johnnycashflow, post: 236638, member: 79207 wrote:
    I guess the fact Im asking these questions makes me think I simply dont have what it takes to become one of these ventures using VC or crowdfunding (happy to admit that)

    Never ever think this. The best thing any new venture can do is ask questions, ask 100’s of questions, the more questions you ask the more prepared you are. But asking questions does NOT mean you don’t have it. The people who fail are the ones who don’t ask questions (Just my opinion), knowledge is power.

    Having said that, don’t run the risk of asking to many questions, that you never get started on your venture, because you have just one more question to ask.

    Also be very careful there appears to be a lot of people around at the moment to quickly jump in and say, you don’t have the experience don’t start (even on this forum :(), we all started from nothing, and got to where we are by jumping in the deep end, sometimes with some experience sometimes with none.

    Just my pep talk for the day.

    #1199797
    Rohan@TD
    Member
    • Total posts: 164
    Up
    0
    ::

    Asking questions and getting support is an excellent approach to learning and developing your business. It’s a fundamental reason this forum exists, and why my business is there for our clients. Getting support from others saves us time and money, it helps us learn from what others have already invested in learning and their experience.

    Products don’t need to be different to make a business successful. Which is why so many similar businesses exist. Another important factor is the business model which deliver the product/service, they very regularly differ greatly behind the product itself. In fact, copying an existing product or business model and taking it to a new market is a common entrepreneurial model.

    Some general and brief guidance:

    • Learn about the specific industry you’re looking at disrupting/expanding. Understand how businesses generate revenue, their margins and any lessons you can learn about starting a business in that industry.
    • Develop your understanding of the specific market you are looking at. Look into their cultural use of the product/service, the terms they use (e.g. coupons, aren’t called coupons globally), what technology they use, its size, geographical distribution (look for high density areas), their disposal income, preferred products they buy etc. Try using google trends as a starting point.
    • Look for local competition, what they offer, what they don’t and what you can do better.
    • Examine the technological needs of delivering your product to the market. Specifically, noting your ‘not first world countries’ comment above, what the technological infrastructure is (can it support your product), and what you would need to get your product concept into a functioning business.

    There is a laundry list of other considerations and approaches which can be used depending on what you are trying to achieve. However, going through the above will give you a conceptual basis for a business model (depending on how much depth you go into) and rough plan. Finally, it is critical to remember you’re developing a business, not just a product.

    #1199798
    Rohan@TD
    Member
    • Total posts: 164
    Up
    0
    ::

    Speaking of learning from others – Check out this Stanford University lecture series ‘How to start a startup‘. It’s really tech heavy, however uses real Founders and companies throughout discussing what they actually went through to launch their business.

    #1199799
    johnnycashflow
    Member
    • Total posts: 98
    Up
    0
    ::

    thanks every one, appreciate your feedback, and comforting :)

    I understand that VCs and investors want to see plans and results etc etc etc

    thats what investing is all about, and anything before that would also be a gamble,

    so lets take uber as an example, I read the article psoted before (thanks for that)

    uber works becuase of its bglobal netowrk and ease of people getting into it and people knowing about it,

    if I were to start this from stratch or a competitor,

    I could have a gun business plan etc. but this only works if millions of people have the app and there are people in every corner of the country being drivers,

    so this is the chicken before the egg situation, not sure how you could get results before setting up the infrastrucutre,

    im loving this forum and similar ones,

    I found out what crownd funding was through forums!

    #1199800
    Rohan@TD
    Member
    • Total posts: 164
    Up
    0
    ::

    Your examination of the market and the feasibility of your idea (through examining the technical side of things among other – as outlined above) should lead to identifying an attractive value proposition you wish to develop your business towards.

    Depending on how you want to roll out your business, you can either stage your development or shoot to achieve your idealistic model based on resources, appetite for risk etc.

    Uber, Facebook, Airbnb didn’t start out with a global offering. They started in a particular niche and proved their concept (whilst fighting off competitors) prior to achieving global growth.

Viewing 15 posts - 1 through 15 (of 18 total)
  • You must be logged in to reply to this topic.