Pal the knob so he’s asking how do you
validate the idea before spending time
building it I think yeah first of all
come up with an idea and it’s normally a
pain point there’s a lot of examples
where you in your lives will know a
frustration of a consumer you look at
actually which Richard Branson we’ve
just announced emphasized summit he’s an
innovator easy disruptor he’s probably
one of the greatest world’s
entrepreneurs and he’s tried a lot of
ideas some have failed and he’s left
them behind he’s fell fast and then
moved quickly but he always looks at
kind of wears a gap in the market it
whether it’s travel whether it’s music
what is it that we can create with our
idea that it’s going to change the world
and it comes back to what value we
created who we serve in what problem we
solve it and I think that the key thing
is as a guy as well Richard Reid who I
started a big smoothie company called
innocent and he said you know all you
need to do is be seventy percent sure of
your idea and then just crack on and and
get your idea out there is a business
because you will evolve it and I think
the worst thing you can do is sort of
analysis paralysis try and come up with
the best idea in the world and because
that’s not real what you need to do is
shape your idea sufficiently go and meet
friends me buddies maybe angel investors
what I’m vain to invest in a lot of
companies people have said look I don’t
want you to invest today but I’ve got an
idea I might come back to in six months
time when I’ve got a kind of couple
trial customers and I ask you to invest
but today I just want to test drive the
idea and kind of you you kind of found
it around you reshape it and you let me
think about it and then I’ll go away
build a business based on that so I kind
of think the key thing is think about
those key questions those trends like
what’s the audience you serve in what
value providing how are you going to
make a difference and kind of what is
the thing that about your idea that is
going to be life-changing and provide
massive value for hopefully millions of
people I love it I it’s never been
easier to test drive an idea with with
services like
out there where all you need is an idea
or a prototype and then make a video and
tell people about it it’s never been
easier to go and get customers before
actually having the launch and then
going to manufacturing I just ordered a
little nano drone that fits in the palm
of your hand and that uses GPS to follow
you around while you’re like running or
skiing or whatever and it records it and
then uploads it to the cloud and I
bought that off of an IndieGoGo campaign
and they raised over 3 million dollars
to create this nano drone and they may
not have known if it was a good idea or
not they may have you know jumped in too
soon they may have had the test and
tweak along the way but this is
validation and now they have the money
they need you know that’s that’s all
marketing dollars that’s not even
getting investors into the business
they’re not giving up any equity and
there is 3 million dollars in money to
be able to build their product and so
it’s never been easier to use a
technology today to test drive and see
if there’s an appetite for your product
if not then maybe you need to tweak it
because rarely is the idea that you
start with where you end up there’s
always tweaks and changes and so having
market feedback as soon as possible so
I’m just creating a vacuum can be really
helpful yeah I agree on Kickstarter you
know what they’ve raised two billion 2
billion dollars 10 10 million backers
now 100,000 projects and I think you’re
right ever not only is there’s never
been a better time to have an idea
there’s never been a better idea to do
things like crowdfunding and then the
key thing is you need to own your idea
you need to end it comes back to Evans
tank life believe you never want to have
the key kind of responsibility for your
idea but don’t be kind of too precious
about your idea because take feedback
especially from early customers and
improve your idea all the time improve
your product improve your service
because as Evan said I again I’m in
angel investing a lot of companies and
what I’ve seen the first business plan
and some of these companies are grown to
like valuations over 100 million the
first business plan and what they ended
up with was pretty radically different
but boy oh boy did they test drive and
find out what worked before they really
scaled it up and then they iterated it
all the time and I think the world is
perfectly tuned to that
uh in terms of speed of execution the
speed of now yeah you know you look at
BWW they started as an airplane
manufacturing company that’s why their
logo is a propeller still a Lamborghini
started off in tractors yeah and then
one into cars when he bought a Ferrari
and Ferrari told him you know don’t tell
me how to make a car you stick to making
tractors and he said I’m going to make a
better car than you’ve gone two
Lamborghinis and so it’s a great point
and your business will change my
business has changed I don’t know how
much stages business has changed from
the start point to where it is now I
know you just made that huge
announcement and you’re all in on the
cloud and you know business will change
from the original idea to to where you
end up going what will make you
successful
validate the idea before spending time
building it I think yeah first of all
come up with an idea and it’s normally a
pain point there’s a lot of examples
where you in your lives will know a
frustration of a consumer you look at
actually which Richard Branson we’ve
just announced emphasized summit he’s an
innovator easy disruptor he’s probably
one of the greatest world’s
entrepreneurs and he’s tried a lot of
ideas some have failed and he’s left
them behind he’s fell fast and then
moved quickly but he always looks at
kind of wears a gap in the market it
whether it’s travel whether it’s music
what is it that we can create with our
idea that it’s going to change the world
and it comes back to what value we
created who we serve in what problem we
solve it and I think that the key thing
is as a guy as well Richard Reid who I
started a big smoothie company called
innocent and he said you know all you
need to do is be seventy percent sure of
your idea and then just crack on and and
get your idea out there is a business
because you will evolve it and I think
the worst thing you can do is sort of
analysis paralysis try and come up with
the best idea in the world and because
that’s not real what you need to do is
shape your idea sufficiently go and meet
friends me buddies maybe angel investors
what I’m vain to invest in a lot of
companies people have said look I don’t
want you to invest today but I’ve got an
idea I might come back to in six months
time when I’ve got a kind of couple
trial customers and I ask you to invest
but today I just want to test drive the
idea and kind of you you kind of found
it around you reshape it and you let me
think about it and then I’ll go away
build a business based on that so I kind
of think the key thing is think about
those key questions those trends like
what’s the audience you serve in what
value providing how are you going to
make a difference and kind of what is
the thing that about your idea that is
going to be life-changing and provide
massive value for hopefully millions of
people I love it I it’s never been
easier to test drive an idea with with
services like
out there where all you need is an idea
or a prototype and then make a video and
tell people about it it’s never been
easier to go and get customers before
actually having the launch and then
going to manufacturing I just ordered a
little nano drone that fits in the palm
of your hand and that uses GPS to follow
you around while you’re like running or
skiing or whatever and it records it and
then uploads it to the cloud and I
bought that off of an IndieGoGo campaign
and they raised over 3 million dollars
to create this nano drone and they may
not have known if it was a good idea or
not they may have you know jumped in too
soon they may have had the test and
tweak along the way but this is
validation and now they have the money
they need you know that’s that’s all
marketing dollars that’s not even
getting investors into the business
they’re not giving up any equity and
there is 3 million dollars in money to
be able to build their product and so
it’s never been easier to use a
technology today to test drive and see
if there’s an appetite for your product
if not then maybe you need to tweak it
because rarely is the idea that you
start with where you end up there’s
always tweaks and changes and so having
market feedback as soon as possible so
I’m just creating a vacuum can be really
helpful yeah I agree on Kickstarter you
know what they’ve raised two billion 2
billion dollars 10 10 million backers
now 100,000 projects and I think you’re
right ever not only is there’s never
been a better time to have an idea
there’s never been a better idea to do
things like crowdfunding and then the
key thing is you need to own your idea
you need to end it comes back to Evans
tank life believe you never want to have
the key kind of responsibility for your
idea but don’t be kind of too precious
about your idea because take feedback
especially from early customers and
improve your idea all the time improve
your product improve your service
because as Evan said I again I’m in
angel investing a lot of companies and
what I’ve seen the first business plan
and some of these companies are grown to
like valuations over 100 million the
first business plan and what they ended
up with was pretty radically different
but boy oh boy did they test drive and
find out what worked before they really
scaled it up and then they iterated it
all the time and I think the world is
perfectly tuned to that
uh in terms of speed of execution the
speed of now yeah you know you look at
BWW they started as an airplane
manufacturing company that’s why their
logo is a propeller still a Lamborghini
started off in tractors yeah and then
one into cars when he bought a Ferrari
and Ferrari told him you know don’t tell
me how to make a car you stick to making
tractors and he said I’m going to make a
better car than you’ve gone two
Lamborghinis and so it’s a great point
and your business will change my
business has changed I don’t know how
much stages business has changed from
the start point to where it is now I
know you just made that huge
announcement and you’re all in on the
cloud and you know business will change
from the original idea to to where you
end up going what will make you
successful
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