Developing Business Ideas

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If you're looking for some way to kick off a brilliant entrepreneurial idea, or some advice to guide you in the right direction to find a business idea that has a greater chance of success, there are several options available. The first is to check out what it is that VC companies are looking for in the businesses that they get involved with.

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1 Web-based Support Tools
2 Ask the Experts
3 Recent Startups
4 Tips

Web-based Support Tools

There are a number of web-based tools that can help you to evaluate your idea and provide support for developing it. One such example is the VentureNavigator. The site is free and impartial and is funded by the UK government. Another example is the social networking site, YouNoodle, which, in addition to connecting entrepreneurs with like minded people, allows you to register your venture as a startup. Once you have done this, other YouNoodle users can monitor the progress of your startup, and can offer support in response to needs posted by the startup team. YouNoodle also offers a startup predictor, which will analyse information about pre-funding startups and provide a predicted valuation and as well as a YouNoodle Team Score. Following this, the predictor will use match-making algorithms to find people within the network who can add value to the startup.

There are also several web-based assessments that can provide you with feedback and direct you towards the resources relevant to your venture, as well as community area where you can ask specific questions are receive answers from experts.

Ask the Experts

Another option, which might seem more obvious, is to turn to the experts. They can help you learn to identify problems that can present you with a business opportunity, or suggest some ways to increase the creativity of your business ideas.

Some examples of such resources include the following:

Guy Kawasaki (Garage Technology Ventures): "10 Ways Silicon Valley 4.0 Will Not Happen" in Stanford Entrepreneurial Thought Leaders Lecture (video)

John Hennessy (President of Stanford University):"The Way to Predict the Future is to Invent It" in Stanford Entrepreneurial Thought Leader Speaker Series

Robert I. Sutton (Stanford University): "What Is Creativity?" in Stanford Entrepreneurial Thought Leader Speaker Series (video)

Robert I. Sutton (Stanford University): "Two Weird Ideas That Work" in Stanford Entrepreneurial Thought Leader Speaker Series (video)

Tina Seelig (Stanford Technology Ventures Program): "Every Problem is an Opportunity" in Stanford Entrepreneurial Thought Leader Speaker Series (video)

Morgan Stanley - Internet Trends 2008 (pdf)

Shift Happens (video)

Recent Startups

Of course, when you need to be inspired to create a business idea, one of the best places to look is at those who have come before you. Research recent startup companies and see what business ideas they had. This will not only inform you of what opportunities are out there, but will also show you what opportunities have already been capitalised on.

Have a look at some of the startups in Edinburgh and Scotland

Or, if you're not based in Scotland, check out some UK and International startups

Tips

Here are just a few helpful pointers for developing a business idea. While you are brainstorming, researching startups and VC interests, and getting advice from experts, keep these ideas in your head, too. It is a good idea to return to these tips frequently throughout the startup process as well: this will help your business idea to evolve as needed, which is something you should be encouraging.