Is there any good startup idea that is yet to be implemented??
Flipkart is touching a valuation $15 billion, Snapdeal is close to $5 billion, Ola cabs is at $ 4.5 billion and all the companies are led by young dynamic entrepreneurs. This is the new achievement of young India in this decade and it has started creating ripples of entrepreneurship across the country. Indian youth is capable enough to leverage technology for solving a number of potential problems in the society. They have found out the funda of making money by utilising technology to improve upon the life of individuals. Startups are everywhere, you just name the service and you will find out that it is being serviced by several young vibrant professionals. In this background the aspiring youth has a very common question- Is there any good startup idea that is left to be implemented??
Appurv Gupta has also captured the same thought in his video which is getting viral these days. Watch the video below:
New startups are popping up on a daily basis for proposing various products and services. As I said they are everywhere, you just name it, online shopping, grocery delivery, food delivery, hotel booking, bus booking, mobile recharge, digital wallet, cab booking. Looking at their success and the kind of startup ecosystem that is flourishing in the country many other young individuals wants to participate in the grand festival of entrepreneurship. But the big question for them is “What should we do? Are all good startup ideas already taken? Is there any good startup left to be implemented?” and so on. The worst part is that you discover some new idea, discuss it with family, friends etc. even to the extent that convinced some friends to come along with you and in the end finds that idea has already been implemented by 2-3 companies and some of them have already raised their Series A funding. All dreams got crushed with frustration in mind.
Now I have written this article specially for the dejected souls who believe that there is nothing left for implementation. My point is very simple a successful startup is 20% idea and 80% implementation. Don’t believe it? I hope you know that Facebook was not the first networking site, Google was not the first search engine, Whatsapp was not the first messaging app. Now I think you got my point. Still not? Ok, let me explain to you why it is not necessary to have a new idea for your startup which is not implemented before.
- You have a new idea which is not yet implemented, it’s a good news but are you sure about the feasibility and the potential of that idea. Maybe you have a unique proposition but scaling up and monetization of the same is very difficult. The ideas which are already implemented and funded have already proven their worth. This is the reason why Private Equity investors are ready to put their money on ideas which are already proven in the West. Examples are Oyo rooms (similar to Airbnb), Flipkart (similar to Amazon), Ola Cabs (Similar to Uber),
- Ok ..so your idea has already been implemented and you believe that there are still some gaps in their proposition and you can add some real value to your customers. Then go for it!! If you have identified the gaps than differentiate yourself in implementation and create some good customer value. There was Orkut before Facebook, there was Yahoo before Google and there was google talk before Whatsapp. All these examples prove that the successors really added some true customer value and differentiated their offerings.
- Your idea is implemented, but the other company is also in the nascent stage. Just don’t worry about them, if you have the right set of people to undertake the task at hand, if you can manage your operations well than seriously you can catch up with them. It’s not a big deal.
Obviously, if you planning to build another Flipkart, Paytm or Ola cabs and take them head on then it will be difficult as they are big players with deep pockets. But competing with smaller players in the different segment and creating a differentiation for yourself is the key to success.
New Startups are coming up with different ideas and exploring new realms for their growth. It is very difficult to say that everything is already been resolved and we are living in an ideal world as there are still so many inefficiencies and problems that are still to be resolved. So just keep your eyes and brain open and God knows when you will hit your Jackpot idea!!