SUBLOCC HOW WE FIND & DEVELOP IDEAS
JUSTIN TABB FOUNDER & CEO SUBSTRATUM @OVERRIDEPRO
SPECIAL THANK YOU
NECESSITY IS THE MOTHER OF INVENTION UNKNOWN
LOOK FOR A PROBLEM STEP 1
STEP 1: LOOK FOR A PROBLEM Problems become opportunities The larger and more widespread a problem is the larger the opportunity The solution does not have to be complex, some of the largest companies in the world were started by solving the simplest of problems
PROBLEM
OPPORTUNITY
STEP 1: LOOK FOR A PROBLEM Opportunities are all around you Most people pass right by them without ever realizing they are walking by something that could change their life and change the world Solutions can be products or services
ANALYZE FOR SCOPE STEP 2
STEP 2: ANALYZE FOR SCOPE How big is the problem/opportunity? Is this a local, regional or global problem? What is the market? Is it growing or dying? Worse or better?
STEP 2: ANALYZE FOR SCOPE Problem: Internet Censorship Solution: Substratum Scope: As of 2016-2/3 of the world s internet users were subject to some form of internet censorship (The Verge) Web Hosting Market forecast to be $154B by 2022 VPN Market forecast to be $35.73B by 2022 Problem literally gets worse every day
STEP 2: ANALYZE FOR SCOPE Problem: Paying for Goods & Services Online using Cryptocurrency Solution: CryptoPay Scope: In 2017 1.6B people shopped online Global e-commerce market forecast to be $4.48T by 2022 More and more people shop online every year More people get involved with Bitcoin & cryptocurrency every year
COMPETITIVE ANALYSIS STEP 3
STEP 3: COMPETITIVE ANALYSIS Who else is trying to solve this? Can you do it better than they can? Can you be the best in your town, city, region, country, the world? Be honest with yourself!
WRITE THE VISION STEP 4
STEP 4: WRITE THE VISION Begin documenting at a high level what you want to accomplish & how you want to accomplish it No need to be too granular at this point Develop a list of questions you need answered in order to proceed: Legal Technical Financial Procedural Organizational
STEP 4: WRITE THE VISION Develop a core list of tenets/principles and order them by importance This is important before you get too far in so you can always reference what is most important Example: Substratum, CryptoPay, Product #3 Our #1 Tenet/Principle is Ease of Use/Security If at any point a question arises with how to do something and it violates our #1 principle we alter our approach until it is in line with our tenets
COUNT THE COST STEP 5
STEP 5: COUNT THE COST Limited Amount of Time in Life Is this worth sacrificing some of your time? Family Time Recreational Time / Hobbies How Long will this take? How much will it cost financially?
STEP 5: COUNT THE COST Everyone draws strength from somewhere - meditate / pray Discuss with people you trust - family, friends Sanity Check
STEP 5: COUNT THE COST Know WHY you are doing this What are your reasons? When times get hard (and they will), when people are talking bad about you, when they call you crazy, you MUST know WHY you are doing this so you can push through. CAN YOU SEE THIS THROUGH?
TEST YOUR THEORY STEP 6
STEP 6: TEST YOUR THEORY Take the list of questions you defined that you need answered Begin the process of getting those answers
STEP 6: TEST YOUR THEORY Research & Development (Spikes) Technical questions may involve development only to provide clear answers or at least questions that are more clear - iterate through this process. Legal questions may require consulting with an attorney or at the very least detailed research Seek the Counsel of Others
STEP 6: TEST YOUR THEORY Ask Yourself Again Can I be the best in the space? Can I see this through?
GET SPECIFIC STEP 7
STEP 7: GET SPECIFIC Now that you have determined at a high level what you need to get this done it s time to dig in and build a detailed plan of action
STEP 7: GET SPECIFIC PRODUCT / SERVICE What are the steps needed to bring this product or service to market? Obviously this will become more clear as you progress and become more detailed and may even periodically change Use your core tenets defined in Step 4 (Write the Vision) to ensure as you progress you never violate what is critically important to making your solution successful
STEP 7: GET SPECIFIC TEAM Your team is probably the most crucial element that will contribute to your success or failure Surround yourself with people smarter than yourself People of integrity People who believe like you do Appreciate them
STEP 7: GET SPECIFIC Financial Based on your research what will it financially take to get this off the ground Create a plan to fund this process until you are cash flow positive Self funding Private Funding Venture Capital Crowdfunding Traditional Lending
STEP 7: GET SPECIFIC Community / Market Who is the target demographic? Age, Gender, Location, Primary Interests, What Motivates them Build a profile of who you are trying to reach People who will help you reach your goal or who will ultimately be a consumer / customer / client How will you reach them? Social Media, Direct Mail, Cold Call, PPC, SEO Go to Market Strategy
TAKE ACTION STEP 8
STEP 8: TAKE ACTION If you made it this far you have a fully fleshed out idea and a plan of action to develop it and take it to market. Implement the plan a few things to remember
STEP 8: TAKE ACTION WHY? Remember why you are doing this In the hard times you need to know WHY and be able to draw strength from that Better life for your family Make a better world Help Others
STEP 8: TAKE ACTION Know Who You Are! As a person As a company As a team STICK TO IT!
SEE IT THROUGH
FIRST THEY IGNORE YOU. THEN THEY RIDICULE YOU. AND THEN THEY ATTACK YOU AND WANT TO BURN YOU. AND THEN THEY BUILD MONUMENTS TO YOU. Nicholas Klein
A DREAM YOU DREAM ALONE IS ONLY A DREAM, A DREAM YOU DREAM TOGETHER IS REALITY John Lennon