Finding Problems Worth Solving

Finding the Right Idea for You
Finding Problems Worth Solving
Mar 2, 2018
Paul Fox – pfox@salleurl.edu

Who am I?
• Worked for Startups: Fan Asylum, intouch Group, Vision
Marketing
• Intrapreneur: MCI Systemhouse / Worldcom
• Consulting: Diamondcluster - creating web businesses
for big companies, DIMe Network – co-creation,
innovation challenges
• “Founder”: viajeria.com, allysguesthouse.com
• Director of Entrepreneurship Education at La Salle: over
50 projects/year
• Ph.D. from ESADE in technology platform governance
• Focus lean startup, design thinking, challenge-based
projects, blue ocean, open innovation, business model
innovation.

@profefox paulbfox
pfox@salleurl.edu

“Come back when you’ve created a few startups and
had at least one successful exit”
- every VC in history

What about Novice Entrepreneurs?

Applying Lean Startup to a crappy idea is the leading
cause of depression in Novice Entrepreneurs!
Crappy
ideas
http://impressiveresearch.com

Lean Startup starts late in the process!
Business Ideas
Contest
Inspiration/Ideation
Systemic search for targeted
opportunities in the form of new
features, products, services,
market
Launch
classes
Startup Labs
(workshops)
Technova Young Technova
Business Model
Generation/Dev.
ValidationSensitizing
4YFN
Tech Demo
Day
Seminars
Technova
Beertings
Hackathon
Technova Pre
Accelerator
Lean startup
begins here
La Salle – URL Entrepreneurship 2017-18

Problem: Unknown Solution: Unknown
Source: Eric Ries
The Lean Startup
Not enough
time spent
here!
Find a problem worth
solving before creating a
solution

Technology,
Environment &
Finance
Sciences &
Research
Learning Styles – most entrepreneurs are Converging
or Accomodating – who’s doing the research?
Business &
Management
Social Matters,
Arts &
Communication

The Golden Circle – Start with “Why”
https://www.youtube.com/watch?v=qp0HIF3SfI4

Why, How, What of Innovation and Entrepreneurship –
Start with Why!
What
How
Why
Why? Customer + Problem
• Who has the problem?
• What are they trying to do?
• Is it a must have?
• What are the alternatives?
• Why is the problem so hard to
solve?
How? Business Model
• Innovative
• Technically Feasible
• Financially Viable
• Scalable
• Differentiated
What? Solution (Product, Service,
etc.)
• What are the key features?
• How will we implement it over
time?
• How will we get our first users?

Key Questions
• How can you find the right startup idea for you?
• How do you know if it’s a good idea?

Watch out for “Plausible Idea Syndrome”
Plausible Ideas are the Enemy of Good Ideas!!!!
“The set of plausible sounding startup ideas is many times
larger than the set of good ones, and many of the good
ones don't even sound that plausible. So if all you know
about a startup idea is that it sounds plausible, you have
to assume it's bad.”
Paul Graham from Y Combinator
http://www.paulgraham.com/startupideas.html

What makes a good startup idea?
• Innovative – solve a problem
• Scalable and/or repeatable – plan for growth
• Large target market or profitable niche market
• Feasible (don't expect to invent a magic technology,
unless you really can!)
• Financially Viable
• (Sustainable) competitive advantage
• Targets current trends not fads
• Legal (or at least “alegal”)
• Fits with your team skills and desires

FEASIBILITY VALUE
MARKET
PERSONAL
Is it worth doing?
Financial feasibility
Can I do it?
What will it take to do it?
Whom else do I need?
ASSESSING OPPORTUNITY “DOABILITY”
Do I want to do it?
What turns me on about it?
Why do I want to do it?
Exit strategies
Is it doable?
Technological feasibility
Market feasibility
Economic feasibility
How can you find an idea?
http://www.effectuation.org/

Founder(s)
Skills/
Passion
Business
Opportunity
Customer /
User Need
Start Here!

WHAT’S THE RIGHT PROBLEM
FOR YOU TO SOLVE?

(At least) 5 ways to find your big idea
1. Doability – look around you!
2. Big Challenges and Exponential Tech
3. Blue Ocean – under- or over-served non-customers
4. Inspiring Companies in other markets
5. Technology push – apply emerging technology to a
new market (e.g. touchscreens in smart phones)

Key Thought
What insight do I have that is not
yet conventional wisdom?

1. Look around you!
Marien and Miranda

1. Look around you!
PERSONAL CHALLENGES – triggering questions
“NECESSITY IS THE MOTHER OF INVENTION”
• Things that you are passionate about
• Things that annoy you daily
• Daily routines: did you ask why you do things the way
you do them…? Could they solved in an easier/better
way?
• What do you need but does not exist?
• What is badly resolved?
• With your specific knowledge and experience, what
would you do differently?

1. Look around you!
Superhero exercise from The Hero Plan
http://theheroplan.com/en/

1. Look around you!
Snapchat
• The idea for SnapChat
started when a buddy of co-
founder Evan Spiegel was
bummed about a photo he
regretted sending.
• After a search for any app
that featured disappearing
texts, photos, or videos
ended with no results,
• Spiegel and his co-founders
saw an opportunity. Spiegel,
along with co-founder
Bobby Murphy then built
the prototype.
http://nextshark.com/how-8-entrepreneurs-came-up-with-their-game-changing-startup-idea/

1. Look around you!
Airbnb • After quitting his job, Brian
Chesky drove to San Francisco to
crash with a college friend, Joe
Gebbia, who also recently quit
his job. They were both having
trouble making the upcoming
rent payment.
• Then they realized that the 2007
Industrial Design Society of
America conference was coming
up and that hotel rooms would
be hard to get. Gebbia, who had
three air mattresses suggested
they turn their apartment into an
“air bed and breakfast.”
• After setting up a simple website,
they managed to book out their
whole apartment in three days,
solving their rent problem.

1. Look around you!
RocketROI
https://services.rocketroi.com/en/

1. Look around you!
Happy Force
https://www.myhappyforce.com/en/

Meet Elon Musk – what’s the problem he’s solving?
Plan B!

How can you create something doable, but also
something great? THINK BIG, START SMALL!
Fantasy
(Big Vision)
Big Ideas!
(Global and
Exponential)
Hobbies Local and Linear
Ideas
Feasibility
Impact
Low
High
High
Invention /
Marketing
Growth/
Scale
©Paul Fox

Open Ideo
https://challenges.openideo.com/challenge

Horizon 2020
http://cerneu.web.cern.ch/horizon2020/structure
https://ec.europa.eu/programmes/horizon2020/

Singularity University
https://www.slideshare.net/davidorban/singularity-university-presentation-2015

Singularity University
The Power of Exponential: Take 30 Steps, you go 30
meters…
https://www.youtube.com/watch?v=E24kHgF6Il0

Exponential Technologies
https://www.youtube.com/watch?v=IaZOux1Qqwg
3D Printing Robotics Artificial
Intelligence
Internet of
Things
(Sensor Networks
Computers Synthetic
Biology

Examples of 10^9+ Companies – Help 1 billion people
in 10 years
Matternet https://mttr.net/
• Matternet: Matternet is building a
network of autonomous drones (UAVs)
to transport goods in cities as well as
places with inefficient or nonexistent
road infrastructure. In the developing
world,
• Matternet drones can carry 2 kg
packages such as medicine, documents,
replacement parts or other critical
goods for transportation. In cities, their
cloud-based navigation system is
revolutionizing transport logistics.
http://www.diamandis.com/blog/10-9-companies

in 10 years
MirOculus https://www.miroculus.com/
• MirOculus: MirOculus is creating a simple blood test that can
tell you, at the molecular level, the exact type of disease you
have and its severity before it presents any symptoms, and
then monitor the success of the treatment.
• They are also focused on cancer detection using microRNA
biomarkers, leading to routine cancer screenings that will
allow for early-stage detection and the prevention of millions
of cancer deaths.

in 10 years
Aiopoly Vision https://theawesomer.com/aiopoly-vision/

3. Blue Ocean
Study of 108 companies by Kim and Mauborgne

3. Blue Ocean
Most companies either focus on low cost or premium
Yellow Tail – break the cost/value tradeoff!

3. Blue Ocean
Red Ocean vs. Blue Ocean
BLUE OCEANRED OCEAN

3. Blue Ocean
Three Tiers of non Customers
1st
2nd
3rd
There is a universe of noncustomers
which can be turned into customers to
offer a big blue ocean market.
1st tier: “Soon-to-be”
noncustomers who are on the
edge of your market
2nd tier: “Refusing” noncustomers
who consciously choose against
your market
3rd tier: “Unexplored”
noncustomers who are in markets
distant from yours
http://www.blueoceanstrategy.com/

3. Blue Ocean
Three Tiers of non-customers
Gym Example
1st
2nd
3rd
1st tier: people who belong to a
gym but go less than once a
week.
2nd tier: People who run or bike
instead of going to the gym.
3rd tier: People who exercise less
than once a week.

3. Blue Ocean
Three Tiers of non-customers
Wii – most people aren’t gamers, but like games!
1st
2nd
3rd
1st tier: Gamers who think
videogames are too complicated?
2nd tier: Families
3rd tier: Grandma!

3. Blue Ocean
Learn the tools! Strategy Canvas for Wii
http://samidob.wordpress.com/2010/06/23/case-study-blue-ocean-strategy-nintendo-wii/

http://samidob.wordpress.com/2010/06/23/case-study-blue-ocean-strategy-nintendo-wii/
Reduce
costs
Increase Value
3. Blue Ocean
Learn the tools! Four Actions Framework for Wii

3. Blue Ocean
Blue Oceans create a new market space and make
competition irrelevant – learn the tools!

4. Inspiring companies in other markets:
Rocket Internet
https://thehustle.co/rocket-internet-oliver-samwer
https://www.rocket-internet.com/
Started CityDeals
in 2010 and sold
it to Groupon for
$170 million just
five months after
starting the
company.
The Samwers
eventually had
over 300 CEO’s
working for them.

4. Inspiring companies in other markets:
Vkontakte, Russia’s Facebook

4. Inspiring Companies in Other Markets
BCN
https://fashiop.com/
USA
Trunk Club

4. Inspiring Companies in Other Markets
Hooch and Bida
BCN
USA
https://tomabida.com/
https://hooch.co/

5. Technology Push vs. Market Pull
Has low technology related risk
Has high market related risk

https://www.coursera.org/learn/innovative-entrepreneur/lecture/vwOIB/which-innovation-
strategy-technology-push-or-market-pull

Is it an improvement the market needs?
https://gizmodo.com/the-curved-tv-gimmick-might-finally-be-dead-1790743745

Need successful use cases for the technology to get
traction!

Modpow
https://www.modpow.es/en/

AWAAIT
https://www.awaait.com/

Conclusions
• Get out and find inspiration around you
• Watch out for “plausible idea syndrome”
• Focus on things where you like to spend your time
• Find challenges other people are working on
• Look for non-customers who are over- or under- served
• Learn new tools for analyzing opportunities
• Change context - Learn as much as you can from other
sectors, other countries, other people
• Don’t underestimate peoples’ resistance to change

https://www.eventbrite.es/e/entradas-tech-demo-day-40868902989

¡Muchas gracias!
@profefox paulbfox
pfox@salleurl.edu

More Links
Inspiration:
• http://www.businessnewsdaily.com/8337-inspiring-
business-ideas.html
• http://www.quora.com/What-are-the-best-ways-to-
think-of-ideas-for-a-startup/
• http://www.wired.co.uk/article/best-startups-in-
barcelona-2017
Startups to watch:
• http://www.entrepreneur.com/slideshow/237370
Trillian Dollar Challenges:
• http://joehas.tumblr.com/post/79187433229/the-
syllabus-for-trillion-dollar-challenges-the

Finding Problems Worth Solving

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