Rustam Gilfanov is a co-founder of an IT company, IT businessman and an international investor with extensive experience in the field of technology startups. In this article, he shares the key insights of finding breakthrough business ideas.
Common Features of Strong Ideas
Strong ideas for startups share three common traits:
- The founders of the project genuinely want to implement the idea
- The founders are competent enough to build the project
- Few outsiders understand what and how to do in this niche
Startup ideas change over time. Airbnb initially was a site for renting inflatable beds in other people’s homes. Over time, this idea evolved into all types of vacation rentals. If you have a good starting point, even if your initial idea was not very good, it just needs to be tweaked to get a great product.
Where to Start
Try to start with introspection — analyze your strong and weak points, interests and hobbies. What are you good at? What do others think you are good at? It often happens that others notice some hidden talents of yours better than you.
Which important service, in your opinion, is not yet present on the market? For example, you are looking for a specific application or solution and realize that it does not exist. This is your chance! Another way to approach this subject is: which problem needs a solution right here and right now?
The Sources of Inspiration for New Ideas
Look for inspiration in the world that surrounds you. Study the experience of well-known entrepreneurs. It would be hard to imagine where you are going if you do not know where the world-famous business stars have been. Read their autobiographies and learn from their experiences.
Refer to social networks. People openly share their problems and pains regarding the existing goods and services. By reading the complaints, you can better understand other people’s problems that you can solve.
Do not let yourself be misguided by the belief that startup ideas are difficult to find. They are easy to find because there are still too many global problems in the world. If you are having trouble finding one, it means you have not learned how to search yet.
A Brief CV
Rustam Gilfanov is a co-founder of an IT company, IT businessman and international investor.
In 2006, Rustam Gilfanov together with his partners opened an international outsourcing IT company in Kyiv. Today, this company is the largest developer of software for the gaming, marketing and finance industries.
A few years ago, Gilfanov retired from operational duties in his IT company to devote himself to international investment in IT projects in the field of financial technology, gaming and video streaming.