Ideas

How to Know Your Idea Is Unique

Overlooking the importance of a new idea is one of the biggest mistakes of startup founders. A new idea is infinitely times better than a spin-off of an existing idea. If a product that looks and acts almost identical to your idea already exists, how can you compete? New and unique ideas have a better chance to become the next big thing and establish real market presence. Here are three signs that your idea is unique:

1. The product has developed over time

Once you have a new idea to work with, understand that that idea will change over time! It’s easy for founders to become attached to the original vision of the product and ignore evidence that suggests they need to adapt. Do your research. Ask customers what they want. Figure out if your product is solving a customer’s needs. If it isn’t, change it so that it is. Never forget that satisfying customers is the ultimate goal. No matter how great your product is, if no one likes it, no one will see it.

2. Customers tell their friends about your product

To have a product that customers love, founders need to truly understand the target customer. Test your product to figure out which parts are attracting customers, which parts are exciting customers enough for them to tell their friends, and which parts are not satisfying customers wants at all. Founders need to know exactly why their customers use this product. The best products solve problems that consumers didn’t know they had in the first place.

3. Idea creates a new industry

Some of the biggest companies of today, started as startups with disruptive ideas and products 20 years ago. Often times, founders get so caught up in the hype of starting their company that they rush the ideation process and move onto selling their product. At the most basic level, founders need to understand the answer to the question, “What is different about your idea?” For a startup to be successful and create massive impact, founders need a new idea as their foundation. A startup becomes very interesting when they create a new industry.


About the Author:

Zackery Grymes

Zack is a business student at the University of Utah and a venture partner with Contrary Capital. Contrary Capital is a decentralized, university-focused VC firm. Learn more at contrarycap.com.


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