All You Need is a Great Idea
In lieu of a better post on this Memorial Day, I’ll be discussing the current state of the web, where all you need is an idea to be set for life. Nothing has changed with me since I wrote How To: Cultivate That Killer Idea last year. There’s not a day that goes by that I don’t spend time thinking about services, web apps, tools or projects I could build (or startups I could establish) that could make a sizable impact on the web.
In a world where someone can make 6 figures with a viral Flash game and a single person startup can earn $5-$10 million per year, anything seems possible. All you need is a great idea. I may never come across a “great idea” in my entire life, so I document all the smaller ideas I could potentially pursue - complete with bulleted feature lists and a roadmap for future versions including all possible forms of monetization. I currently own 15 domains, most of which are related to those many smaller ideas I come across daily.
However, in the last few years venture capitalists, angel investors or whatever you want to call them have taken note of the fact that all you need is an idea, as Michael Arrington noted last week. Everyone wants to invest in someone’s idea. I could probably get a few million dollars of funding with a website that sold MySpace themes if I really wanted too. That is an example of how sour the web industry has become though - too many people are jumping on the bandwagon. First there was YouTube and now there are dozens of video sites. There was Friendster and now there are too many social sites. It’s hard to come across a unique idea these days and the ones that are interesting are usually very niche.
Take the SF startup Xobni for example. Led by three young guys backed by a lot of capital, the startup named after the reverse spelling of inbox is looking to provide users with detailed information of their email usage so they can become more productive. It aims to provide things like number of emails received daily, time spent on each type of email, etcetera. I think it’s an original idea even though it is highly niche and will likely only find users that are busy, tech-savvy business people - the only people that would actually benefit from optimizing their email workflow.
So then, what makes the ideal web app/startup/service/tool? I don’t claim to be an expert in this field, I’m just your typical I-don’t-wake-up-until-4pm-on-the-weekends college guy, but for me the ideal idea would attract a broad group of users, solve a problem or educate users, integrate into the user’s workflow (using the service becomes part of their daily routine), be easy to use, and be free. Just think of a site or service you use everyday and they have probably nailed that great idea - like OpenDNS. OpenDNS offers a technical solution with a candy coat. You don’t have to know how it all works, it just does and all you need to know is that it makes your net experience faster and smarter.
Of course, thinking up an idea that could satisfy all of those issues and lacks major competition is no small feat. That’s where plan B comes into play - the niche web service/app; something that serves a purpose for a small portion of the web’s users. For example, something like a community for programmers where they could sell their scripts for points and purchase others’ scripts with those points, or a social network for your dog.
I’m not exactly sure where I was going with this post but I started thinking about life beyond college this evening after having dinner with a smart friend of mine in the same shoes/boat as me. Our discussion also touched on a financial article I read that calculated how one could retire (and live off interest) at age 41 if they started working at age 20 and saved 20% of their moderate $60k salary.
Speaking of ideas and money, I’ve been reading Timothy Ferriss’s book, The 4-Hour Workweek, in my downtime and it really fills you up with the concept that you can do something incredible. It has a bunch of tips and stories from 21 year olds driving Lamborghinis to a guy who easily spends $1 million every time he visits Las Vegas. (For those interested, I have also been reading O’Reilly’s Essential PHP Security and O’Reilly’s AJAX Hacks.)
Also related, the Atlanta Web Entrepreneurs will be having a meetup on June 21st, which I’ll likely attend.
So yeah, I’m still looking for that great idea, what about you?
Hey Paul, I have been reading your blog for quite some time now. Though, this is the first time I have commented. I have a similar stance on life and the visionary view points that you share and I am glad you shared some of yours in your post. One thing I have come to realize is if you have the heart to do something then you can do it, regardless of your education or the money. Maybe some day you and I could have a beer and share our ideas. I think you are already on your way to making your first million.
Good luck bro!
Have you seen/read Berkun’s new The Myths of Innovation? Seems along the vein of your current state of mind:
http://www.oreilly.com/catalog/9780596527051/
What about free services with ads? Google seems to do well with this concept. I admit I was surprised that you didn’t have ads on the flickrSLiDr page- though it is userfriendlier to go ad free, perhaps?
Then there is the free (really cool) service yet pay to upgrade (for even cooler service) model- like flickr. The trick is finding a service you can provide that’s great at free level and even better to pay for it? (unlike shareware crap)
Good luck with the ideas, Paul!
Hey Paul! you are awesome. I love what you share and what you write.
I have a great idea. Very useful. Not gonna change the world, but a great idea. I woudl love to talk some time.
PS I’m not trying to post the flickrslidr on my new wordpress… and it’s not showing up…
Mike Hedge
@Akshay - It’s always great to see a long time reader comment for the first time, now I know what to write more about. :-) If you ever find yourself in the same city as me, beers for sure.
@Joost - no I haven’t seen that. Thanks for the link!
@titanium_geek - re: flickrSLiDR it doesn’t have ads because it is using a non-commercial flickr API key. I can’t monetize it before I attain a commercial API key which requires me to change a few things. (which I’ll be trying to do later this summer)
@Mike Hedge - There are a few possible cases - one being you use the visual editor (uncheck the box on users > you) and it tries to fix what it thinks is bad code and the second being “fix invalid xhtml” is checked in the options > discussion settings. A few people say this doesn’t work for them, in which case I don’t know what to say - works for me. Check the comments of the flickrSLiDR post to see what others say. Oh, one question are you referring to WordPress.com or a custom wordpress installation on your server? If it’s WP.com, they might restrict some of these things..
wordpress.com thanks for the ideas.
Thanks for sharing Paul!
I’ve been having similar thoughts lately… so I guess we’re on the same wavelength!
Good luck
Well written Paul. And motivating to boot!
Hey man good post! I’m a semi frequent reader.
Thoughts after reading in no particular order:
VCs
Where do you find VCs?
Where do you find VCs that share the same passions as you?(same faith, same objectives)
Where do you find VCs that are interested in ideas where only part of it is “online”?
I do have an idea thats why I ask.
Money
Is the idea to get rich or really offer something of value?
Money = problems. I want it as much as the next guy but I don’t want to be artificial. I want to be authentic.
Well written - but it doesn’t stop there.
As someone that ‘retired’ at 42 and spent years firefighting underperforming companies for investors in my experience it as much about a ‘workable’ idea as a ‘great’ idea.
Investers looks at:
1. Is it an idea that could work
2. Is there a market for it
3. Are the guys in front of me the right people to make it work.
So don’t stop at the great idea stage and forget to focus on how will I make it work. Very rarely does the guy with the idea actually see it succceed without some great resources to help.
I have a couple of killer ideas bubbling away at the moment. I think they have so much potential with the right marketing, they really could change a particular industry niche, and together, they will create a powerful synergy.
I guess I really need to take off a couple of months from my consulting/contracting work to do some development - either that, or outsource the coding to someone else.
Sometimes I think it can be frustrating having so many ideas. It’s not possible to execute all of them, and often, just when you get going on one, you have another that distracts you from the first, etc… ;-)
Great read as always.
You know me, I’m always looking for that next big idea ;)
I have a killer bar tour idea… just can’t program it.
When you find that idea, Paul. Give me a call. CFO, VP of Ops, whatever you need… ;)
I think daily about a way I can really impact the world. Best cases, I’ve only got about 60-70 years left to do it. I find that by reading blogs (including pstam.com!) and news about upcoming services and product really motivates me to continue my search.
Regarding the money aspect and where to find coders as Randy mentioned, I didn’t really touch upon that as it seems these days, with the nature of VCs/angel investors, that finding money isn’t hard. I have even been approached by a few of those types of people asking if I’ve got any ideas I want to pursue.
I would say make a killer demo, and go to as many BarCamps, tech meetups, or anything you can. Your word will get out there and you’ll meet people with connections.
As for your second point Randy, I think the point is to offer something of value. I would rather have a product that works well than a product that people remember as “the one laden with advertisements” or “not free”.
“Sometimes I think it can be frustrating having so many ideas. It’s not possible to execute all of them, and often, just when you get going on one, you have another that distracts you from the first, etc… ;-)”
Brian, I know exactly what you mean. Last year I started working on a little event planning web app on the side, got a few months of work on it then I got sidetracked and started coding other things.
As for those who mentioned where to find people that can make it happen - for me, I’ve met some extremely smart people while being a student at Georgia Tech, while working last summer in California and through talking to active readers of this site online, so if I ever find a great idea, I know who to bring on board. But for others that don’t know these kind of people, you could also soul search on 37signals job/gig boards and places like that. Smart developers seem to hang around those types of job boards.
“1. Is it an idea that could work
2. Is there a market for it
3. Are the guys in front of me the right people to make it work.”
@Chris Marshall - I think a “great idea” embodies being realistic and wholeheartedly if anyone will use the product and what that target audience is as I mentioned with the broad/niche ideas. Finding the skill to make it happen is another challenge in itself though.
Hi Paul,
I have pretty much the same mind state/spirit you have: always spending sometime everday thinking of out of the box.
As everyone, I also have lots of insights, ideas, but just a few survives after first serious analysis (S.M.A.R.T - Specific, Measurable, Achievable, Realistic and Time-Bound). One of them is worth to talk about.
I live in Brazil and would like to talk to you.
By the way, you do a great job with this blog.
José Henrique
@Paul - no issue with that.
The reality is that a lot of ‘things’ have succceded commercially that many of us would say ‘but x is so much better’ so force of will and personality are big factors.
You reference this in another comment you make - that you have been approached to see if you have any ideas that could work. The key ingredient in that scenario was you, the individual.
“great people” can make mediocre ideas successful. “great ideas” stay just that, an idea, without someone to make them work :-)
Great point Chris.
@Paul - :-)
Funny!! Is Midnight here and I am just heading off to bed too!
Actually that’s just an older twitter, its only 6ish pm here.
Hi Paul,
Nice read. About ideas.., when you actually have a great idea and have been pondering on it for a few days/weeks, has it ever happened to you that only a short while later you see that very same idea of yours being implemented by someone else, even though you never told anyone about your idea?
Besides competing for resources, could it be that ideas are competing for the brains of smart individuals who actually have the gut to implement them?
Excellent write up Paul, I think there’s many people that are in the same boat.
Here’s the next great idea: Why don’t some of us that are in this similar state of mind put on an “unconference” type of an event at the end of summer, so that everybody can interact and maybe launch that next killer idea.
An event that everybody is involved in, with some exercises that’ll lead to more networking, interaction and sharing. Maybe with some people that have succeeded for inspiration. And see what kind of magic happens.
Nice post. Phil Freo and I have discussed this exact topic at length when pursuing our projects.
The real problem we encountered was not just coming up with an idea that sounds good to you - the entrepreneur, but Joe Average - the mainstream intended user.
Your app can have the best user interface, the most efficient backend, and the most innovative processing techniques, but if Joe doesn’t understand why he should use it, you won’t get past an alpha launch.
Also, I hear you loud and clear on the domains: http://jbryanscott.com/res/1and1-domain-count.gif
I currently have 82 registered (This costs almost $500 per year; I’m aware). Most of these (upwards of 60) are related to ideas I’ve come up with at one time or another.
I keep a log of ideas similar to the one you described, but I also try to actively rank mine based on three categories: speed of development, market size, and market ripeness (strike while the iron is hot).
I’ve been busy with LSAT studying, but following June 11th, I’ll hopefully bring some of these ideas into fruition.
Nice with the domains JBS! I know my 15 is rather modest, my paypal account which I usually buy domains with has been rather low these last few months, heh. As for Andre’s unconference idea, I’m almost led to believe that such a thing already exists.. it just has to - what haven’t California people not thought of? haha.
On the subject of the ‘unconference’ - a few of the startups here at UF and Inflexion Capital got together at the end of the semester and had something like this.
Have you heard of Open Coffee Club movement (good description by RWW here: http://www.readwriteweb.com/archives/the_open_coffee_club_movement.php) ?
I think they are trying to encapsulate something like this, but the focus seems to be more on forging VC-entrepreneur relationships.
The problem inherent with a meeting like Andre describes is intellectual property disputes. I’d be fine with it on a peripheral level, but we’d need some pretty creative and broadly written NDAs / NCAs.
One trait I have found ubiquitous among entrepreneurs - even college-aged kids who simple ‘dabble’ - is the reluctance of talking about a new idea with others for fear that they will steal it. In my experience, even ideas that seem utterly stupid to me after their disclosure are nonetheless closely guarded by their keepers.
If participants in an ‘unconference’ wrote up their ideas (to define a clear scope to each idea) and signed disclosure & competition agreements with each other prior to disclosure, I think it would be problem-free and overall an awesome experience.
Damn it, I followed your links to DTD and I just played that for the last 20 mins =\
Long time reader, thanks for this post. Very uplifting!
Paul, are you gonna go the way of the entrepreneur who teaches people how to become entrepreneurs? That’s a pretty played out field, but there seems to be no end to the amount of money to be made from it, selling books especially. That’s when the cash really starts to flow. Good luck!
I thought I would add, I didn’t get much from your article. I have read articles like it in the past, that filled me with a sense of wonderment and adventure. Then I realized, that’s all these kind of articles do.
You get a very small amount of really LUCKY people who make it big, and they talk forever about how easy it was, and how sorry they feel for people who don’t have any self motivation to succeed financially. It’s just an empty psychological build-up to nothing for most people.
But hey, how could so many people be wrong? After all, becoming filthy rich and having the time of your life doing it is pretty damn enticing. It sells almost as well or better than sex. Next time throw a pic of a hot chick in the article, that will really keep us salivating.
Great article Paul! There is not a day that goes by for me either where I am not building a web service or thinking of a new one. Fortunately, I promised myself that this summer time off to use the opportunity to settle down on one project and focus on it. Keep up the great work Paul!
@Paul - you know I knew that, just didn’t register for some reason!!! Anyway is that twitter ticker a self code job or a plugin? I used to have a twitter plugin but it sort of took up too much space :-(
Hey Paul,
I really liked this post. I’m on deployment and just got the 4-Hour Work Week and I am rather excited to try to implement some of the ideas. I’m currently reading the Principles of Beautiful Web Design and CSS: The Missing Manual as well. I also jot down every little idea I have in a little notebook, because who knows when I might feel squirrelly enough to take one and turn it into a business somehow.
Great post Paul. Funny thing about me and my need to fill up time with innovative and interesting things to do….When I read Tim’s book it probably didn’t have the effect that Tim wanted. It’s helping free up time so that I can do more stuff (with the idea of doing stuff later).
Paul,
I’m with you completely… I’m one to think that all you need is a “good” idea and to execute it well. While creating the next Google would be amazing of course, there are plenty of smaller opportunities that would certainly be worth pursuing. It’s been a tough thing for me to decide between creating free / ad-supported services or paid services (although a compromise seems to usually win). Also, does one create tools that solve problems or try to create a community which adds all the value to the site? Sometimes I struggle with myself that I can’t come up with some “great” idea, other times I just think I should go out and pursue the ideas that I do have.
We should definitely work together on something in the future though.
@Phil Freo - definitely. You, Me, Dimitry, Richard, etc… Super Startup. :-)
You NEED luck. A good idea is often unnecessary.
I have my great idea!
Andrew Swihart, my favorite definition of luck is “when opportunity meets preparedness” and opportunity is always there.
Paul, with your attitude and forward-thinking, I think you’re sure to be successful and happy no matter what. I’ve been reading your blog for several months now. I’m 2 months shy of my 19th birthday, a university student in Canada, and to me you seem remarkably accomplished already. I’m really interested in the web, applications, etc…but CS isn’t my program so I’m lacking in knowledge to implement my own ideas.
That said, this post has actually made me rethink my education choices somewhat. I’m a long way from making a big dramatic change, but you’ve got my gears turning. Thanks for the intelligent and thought-provoking post, and good luck with your endeavors.
Thanks for the comment David!
You know, I had a great idea once. It was a “Jump to Conclusions” mat. You see, it would be this mat that you would put on the floor… and would have different CONCLUSIONS written on it that you could JUMP TO.
lol… couldn’t resist.
Just so you guys know, there are developers out there (like myself) willing to provide services in order to get a fair share if an idea comes along. You can hire someone or you can save your money and go into business with a developer if he/she is interested enough in your idea as well.
I have great Idea that going to make major improvement in 21 Century, I would like to get some investor to bye my IDEA that no one has ever thougt of I have Wireless IDEA that is going to make major improvement can you please have someone contact me at my e-mail address mananbtripathi@yahoo.com. I also have some of the things that are going to make major 21 invention ……..
I don’t think that your services will be in line with what I need, but I am hoping that you might be able to provide me with information on where to look to get that information. I have two inventions what my wife, friends, close family and I feel are two very good ideas that I have turned into inventions. I have created a prototype for one of the inventions and created very detailed drawing on how to design and manufacture my other invention as well as a drawing showing the function of this invention. I am looking for help in finding out how I could get someone to look at my inventions (after signing a confidentiality agreement) and with no liability on their part say one way or the other if they felt my two inventions were marketable inventions. Secondly I am searching to find someone that would be willing to invest in either of my inventions to get the ball rolling so to speak. I have a great deal of confidence in my inventions one of which I brought to life 5 years ago and still feel is a good idea.
Thank you for taking the time to read my message and I hope to hear from you soon.
Sorry I did not provide and email address in the body of my post. Please contact Justin Freeman at deandra.m@juno.com, thank you.
I don’t think I fully agree that a great idea is necessary; just a simple one. YouTube is incredibly simple, as is Ebay. It also takes believing that this simple idea is so crazy that it just might work, and making it work.
Failing simplicity, there is plenty of room on the nets for copycats. Take a present idea and make it better.
Paul,
I have a great idea for a website. Cant promise it would be the next google, but there is a market for it both in the student sector and in the professional world. I am a financial analyst and i know the need for a website such as this would be desired by lots of people who jobs would depend on it. I have limited progamming knowledge and no experience in starting a web company. How do i go about starting such web site?
hey paul like what i read .i have a provisonal patent on a product for the home shower that will make life better for all who use it.but dont know where too find a invester .can you help