Ok. Now that you know the process for coming up with ideas, it’s time to develop your own.
This week I want you to prepare a one-minute (for real!) video pitch of your business idea and the problem it solves.
To be successful at this Lab, it is critical that you read Paul Graham’s article on Finding Startup Ideas.
Paul is a venture capitalist and the founder of Y-Combinator, the most prestigious startup incubator in the country. He’s seen a lot. He’s seen a lot flame out. So listen to him!
(Background on YCombinator: http://www.nytimes.com/2013/05/05/magazine/y-combinator-silicon-valleys-start-up-machine.html?pagewanted=all&_r=0)
You must structure your video in the problems/solutions structure that Paul Graham discusses.
Think about it like this: I see problem X in the world. It is a problem for reason Y. My idea will solve it by doing thing Z. Let me tell you a bit more about Z and how it’s the perfect solution to Problem X.
Rambling videos that just talk about a business idea — and not the problem/solution construct — will be given zeros.
Another tip: You will want to script yourself before you go on camera. Really think through what your solution is and what you are pitching. One minute will go by fast! And I will stop watching at 60 seconds.
I prefer your videos be uploaded to YouTube or Vimeo. Those can be password protected for those of you, like me, who don’t want random videos of themselves floating around on the Internet. On YouTube, set your video to “unlisted.” If you set it to “private,” then I won’t be able to view your video.
For those of you who prefer to do a written assignment: Please write a one-page, single-spaced document with your business pitch. Again, it must be in the problem-solution construct that Paul Graham talks about.