Startup ideas


Here are some key insights and strategies on generating startup ideas, as discussed on the "My First Million" podcast:

  1. Be Around the Right People: Surround yourself with people who entertain improbable plans, are optimistic, and creatively intelligent. They should have high "idea flux"; a continuous flow of ideas. This atmosphere can nurture fragile ideas that may seem silly at first but have potential for greatness. Being among such people can provide a fertile ground for innovative thinking 1.

  2. Identify Tectonic Shifts: Look for fundamental changes in the world that unlock new opportunities. For instance, the rise of smartphones led to the creation of platforms like Uber and Airbnb. By identifying these shifts early, you can capitalize on them before they become mainstream 1.

  3. Startup Studios and Idea Processes: Platforms like Atomic have generated successful startups by fostering a controlled environment where ideas can be tested and developed. They often keep new ventures under wraps until they secure significant funding, avoiding early competition and imitation 2.

  4. Entrepreneurship Mindset: Shaan Puri advocates for entrepreneurship for those who enjoy the process and are willing to persist long-term. He emphasizes that while many startups fail, persistent entrepreneurs tend to succeed over time due to their continuous learning and adapting 3.

    Generating Startup Ideas

    Shaan discusses Sam Altman's blog post on idea generation for startups. Sam suggests being around people with high idea flux and identifying a tectonic shift in the world. He also emphasizes the importance of understanding what you're well-suited for and testing a good idea by articulating why most people think it's a bad idea.

    My First Million

    Our Thoughts: Black Lives Matter, Renting vs Buying, & Housing Market | My First Million 06/01/2020
  5. Breakout Startups Framework: Mike Maples of "My First Million" mentions the importance of having a sequence that goes from a great insight, to a product breakthrough, and then a growth breakthrough. Each stage is crucial and requires different strategies and insights 4.

  6. Using Games to Spark Creativity: Ben Gilbert of "Acquired" discusses the use of creative exercises like "PowerPoint Karaoke" where improvisation with random startup ideas can lead to innovative concepts. This playful approach can stimulate creative thinking and unexpected viable business models 5.

Each approach provides a different angle on how to generate and nurture potentially successful startup ideas.