Recipes for Ideation

Recipe 1

Start with what your team is especially good at and take advantage of your expertise.

Co-founded by Demis Hassabis, Shane Legg, and Mustafa Suleyman, DeepMind started with a team deeply rooted in artificial intelligence research. Their expertise in AI and machine learning led to breakthroughs in areas like deep reinforcement learning and healthcare applications.

Recipe 2

Start with a problem you’ve personally encountered, ideally one you were in an unusual position to see.

The founders of Monzo experienced frustration with traditional banks and the lack of transparency in banking services. They leveraged this personal experience to create Monzo, a digital bank known for its user-friendly app and transparent fee structures.

Recipe 3

Look for things in the world that have changed recently that might have created a new opportunity.

Founded in London, Deliveroo took advantage of the changing consumer behavior towards food delivery, especially in urban areas. They capitalized on the trend of people wanting restaurant food delivered to their homes quickly and efficiently.

Recipe 4

Find companies that have been successful recently and look for new variants of them.

Founded by Patrick Collison and John Collison, Stripe identified the inefficiencies in traditional payment processing systems for online businesses. They created a platform that simplifies the process of accepting online payments, providing a more developer-friendly and seamless solution compared to existing systems. By addressing the pain points in the payment processing industry, Stripe has revolutionized the way online transactions are handled.

Recipe 5

Talk to people and ask about problems they have.

Citymapper started by addressing the common urban commuter problem: navigating complex city transport systems. By talking to commuters and understanding their pain points, Citymapper developed an app that provides real-time transit information, route planning, and even integrates with ride-sharing services.

Recipe 6

Look for big industries that seem broken.

Recognizing the difficulties small and medium-sized enterprises (SMEs) face in obtaining loans from traditional banks, OakNorth focused on filling this gap. They built a platform that uses data analytics to provide faster and more flexible lending decisions to SMEs, disrupting the traditional lending market.

Citation: Y Combinator. "How to Get Startup Ideas."

More Top Tips

Think Creatively

Encourage creative thinking and brainstorming sessions. Consider unconventional solutions or approaches to problems that others may have overlooked.
Validate Your Ideas

Before fully committing to an idea, validate it by talking to potential customers or stakeholders. Understand if there's a genuine need or demand for your product or service. Check out Customer validation.
Iterate and Refine

Be open to iterating on your ideas based on feedback and new information. Rarely does a perfect idea emerge fully formed; it often evolves through iterations and refinements.
Consider Scalability and Market Potential

Evaluate the scalability of your idea and its potential market size. Is there room for growth, and can your idea be scaled effectively? Take a look at Market research .
Seek Inspiration from Successful Companies

Study successful companies and startups to understand how they identified and capitalized on opportunities. Look for ways to adapt their strategies to your own context.
Collaborate and Network

Engage with others in your industry or entrepreneurial community. Collaborate with diverse individuals who may bring different perspectives and insights to your ideation process. See Networking for more info.

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⬆ Infographic designed by the Edinburgh Innovations Student Enterprise Team.

Videos

https://youtu.be/Th8JoIan4dg?si=RncpCWhQfjwApsNg

https://youtu.be/bEusrD8g-dM?si=5c161szXlaqD4l7X

https://www.youtube.com/watch?v=_r0VX-aU_T8

Extra reading

How to Get Startup Ideas