What To Do After Startup Ideation

Startup Ideation is radically different to other university subjects, and many students reach the end curious to know how they can continue on with their entrepreneurial journeys.
Fortunately, there are a lot of good choices to explore.
Let’s look at some of your options and you can see what takes your interest… 

Stages of Development

After your pitch and assignments, there are a lot of opportunities for growth.
None of these are “good” or “bad”, they are all excellent under the right circumstances.
You’ll probably get to experience most of them if you stick with entrepreneurship…

Making your next prototype
Taking on the feedback you received from the judging panel, mentors and customers, it might be the right time for the next round of prototypes.
These might include new mock-ups, physical versions of your products, a demonstration of your services, a wireframe of your app, etc.
You’re not committing to a full production run, but you can incorporate new thinking to make your offers clearer, stronger and more engaging.

Organic Growth
If you have a good menu of products and services, you can start approaching customers and making sales.
The record for a Startup Ideation alumni is $57,000 in the first 4 months after the program.
Organic growth, unlike paid growth, tends to start slowly but is cheap to kick off, and you earn while you learn.
This is ideal for businesses that aren’t dependent on costly technology, network effects or economies of scale, whereby you don’t need a big audience to get started.
Winning ten customers is a huge step.

Funded growth
You might find a funder, investor or donor who can supercharge your growth.
By raising money, you can hire a team, run larger campaigns, place more economical orders with suppliers and skip parts of the development curve.
Money always comes with strings, it might need to be repaid or you’ll have shareholders to keep happy, but it can give you a massive advantage and instant momentum.
For some people, this is necessary for their industry to have a fighting chance of scaling up, whereas for others this creates costly headaches and tense relationships.
Remember, money doesn’t change your idea, it magnifies it.
Money can make a good idea into a good business, or a bad idea into a bad business, but it won’t fix issues with your model.

Pivot
A pivot is when you change part of your idea, but not everything at once.
Like a physical pivot where you lift one leg but keep the other planted, you’ll change your direction but keep a lot of your essence.
As Eric Ries said “A pivot is a change in strategy without a change in vision”.
e.g. you might sell similar products to a new market, strip back your menu to 1-2 core offerings, or change some features to solve a more interesting problem.
Pivots are good in theory but are challenging to do, and you might second guess yourself on bad days.
Interestingly, most people who pivot their model are happy with their decision in the long run, but they all talk about how they had to hold their nerve while they changed.

Totally new startup
You might get to the end of the program and decide that you don’t want to pursue your initial idea.
Great!
You’re in a good position to assess it, and if it doesn’t excite you, go to the next project.
You’ve likely spotted new ideas and opportunities that are worth exploring, and will find all of the steps feel faster and more natural the second or third time.
Entrepreneurship doesn’t have any membership requirements, you can change your business whenever you like.

Work experience
It might make the most sense to seek out work experience, to learn more about a particular field, to work with different sorts of teams, or to build valuable skills.
Paid work is a tough adjustment, but it brings stability and a good routine that will help you set up a good financial system.
You might choose a day job and a side-hustle, or work that you can do before you have lots of obligations and dependents, like a mortgage, a long-term relationship, pets or children.
It might be early in your career, but this can be the easiest time to take on work that involves overseas travel, late nights or a decent amount of risk.

Navigating The Ecosystem

Our industry is like an ecosystem; featuring a broad range of people, companies, government departments, institutions, movements and communities.
Different groups fuel and support other groups, so you’re going to need to know who’s who in order to understand where you can go for guidance.
Some people might become lifelong friends, some people can make a huge impact on your career in just a brief conversation or introduction.

Keep this in mind: you’ll hear a lot of stories, and in almost all of them, the other person is telling you their truth.
That doesn’t mean it will be your truth, or that your circumstances will be similar.
e.g. they found a particular organisation hard to work with, and they are right, but that same organisation might now have new management and new pools of funding.
They found great support from a certain advisor, but that person might be a terrible match for your work.
They had a bad experience at an event, and you might not.
It’s good to hear lots of these stories, but please don’t accept them all as fact – they are circumstances that are unlikely to be repeated, for better and for worse.

Networking
People do business with people, and with people they know, like and trust.
Networking is great for helping people know who you are, and hopefully liking you/your work.
It can feel random and unpredictable, and you’re sure to have a few awkward moments, but in exchange you’ll also meet people who will shape your career.
Your city will have a range of networking events, either groups in the CBD, local councils or through different startup support programs.
Networking is great because it rewards people who make the effort to show up and be good conversationalists, and both of those don’t cost very much.

Coffee
A logical second interaction for anyone you’ve just met, or who you’ve been introduced to by a mutual friend.
Coffee isn’t about the drink, it’s a friendly format for conversations without obligations.
Neither you or the other person have to host the meeting, there’s no formal agenda, you get to ask each other questions and talk for 30-60 mins, and it costs a total of around $10.
Good coffee conversations are a learnable skillset, and it can open a wide range of doors and opportunities that don’t get listed on job sites.

Mentors
A mentor is anyone you meet with semi-regularly to talk about your work, how you’re going and what’s on your mind.
You can find good mentors through startup programs, networking events, colleagues at a graduate job, or friends with relevant skills.
You don’t need a formal arrangement either, it might just be a coffee every six weeks.

Coaches
Similar to a mentor but with some crucial differences, coaches are good listeners who nudge you to being a better version of yourself.
These are usually more formal arrangements, either through a startup program or as someone you’ve hired, with more structured sessions rather than coffee conversations.
They might help you with your overall startup journey, or focus on a specific area, depending on their skills and your stage of growth.

Intermediaries
An intermediary is any organisations that works with entrepreneurs and investors, usually to facilitate deals, increase the chances of startup success or to bring new people into the ecosystem.
e.g. Press Play Ventures is a new intermediary that works with women in corporate roles who want to create/grow their own tech startup.
These groups often have proper application processes and are selective, but they can provide great training, networking, events, introductions and sometimes funding.
There are lots of intermediaries, each with their own special focus.
However, the aren’t always good at marketing themselves outside of the ecosystem, so you might need to do some deliberate research to find out more.

Getting a job in the industry
Sometimes one of the best things you can do is to get a job in your field.
Yes, you’re working for someone else, but you’re being paid to learn and you get a deep understanding of your industry and yourself.
This is great for learning technical skills, decision making and how to manage a team.
You can call it a “day job” if you like, separate from your side hustle or new startup.
This provides financial stability, industry knowledge, and valuable relationships.

More pitch practice
Lots of groups run pitch events or startup competitions, in which you can win prizes while practicing your presentation skills.
You’ll find your stories getting stronger and more compelling, especially as you gather more momentum and reach product-market-fit.
Most importantly, frequent practice stops you from feeling rusty, constantly proving to yourself that public speaking isn’t something to be scared of.

More funder conversations
It is notoriously difficult to raise money in a hurry, let alone with people you’re only meeting for the first time.
It’s much easier if you start the process earlier – building credibility as funders watch your progress, offer feedback and trust that you’ll do what you say you’ll do.
If you create opportunities to talk to funders, you’ll develop a sense of what you will need to raise, what you’ll be expected to deliver, how long the process takes, and what sort of person you’d like to have a relationship with.

Grants
A grant, unlike a donation, is money given to you for a specific purpose or outcome, but with no expectation of you returning the cash in the future.
These might be offered by government departments or wealthy people (known as philanthropists) who want to support your work, and who share your vision for progress and success.
Grant money is not free money – it comes with strings and expectations.
Grant applications often take a long time to write, and your odds of winning them are usually low, so you’ll want to do some cost-benefit analysis before committing too much time.
Once you receive funding, you then have to give constant updates and progress reports, demonstrating that you’ve used the money for what you promised.
Grants are great for certain causes or initiatives, so long as you’re not dependent on winning more and more of them each year.

Programs
There are more startup programs than ever before, and there’s likely some that are perfect for each stage of growth.
These might be run by intermediaries, government groups, investment firms, NGOs or universities, often focused on a particular industry or demographic.
i.e. programs for tourism businesses, programs for women founders, programs for international students, programs for migrants and refugees, etc.
Some have a cost and some are free, some offer prizes and some don’t, some want to take equity in your business and some don’t.
There are pre-accelerators that help you choose a business idea, accelerators that help you grow an idea, and investment readiness programs that support you to take on large amounts of money as you scale up your operations.
Like dentists or mechanics, there are good ones and bad ones, and the best people to talk to are graduates or alumni of the program – they’ll give you a well-qualified opinion on whether it’s a good fit for you.

Conferences
Conferences are a good opportunity to meet interesting people and interesting businesses, who are all open to conversations.
People are ready to talk, albeit for a short time, but it’s a good chance to introduce yourself to good people from your industry or adjacent fields.
Many of the larger conferences offer discounted/free tickets for students or early stage entrepreneurs too, so you can potentially shrink the cost of attending.
Realistically, there’s as much value to be found in the hallways and trade stalls as there is from workshops and plenary sessions, some people even attend conferences without seeing a single speaker or panel.

Life stages

Your next steps probably depend on your stage of life; based on your idea, your age, your needs and your energy levels.
Here are some great stages of life, and when/why they might be right for you in the next season:

Apprenticeship
Robert Greene talks about the idea of a “10-Year Apprenticeship”.
His book Mastery highlights how many of the remarkable people in history started their work with 10 years of learning their craft.
In a lot of cases, they spent their first 10 years on a combination of 2-3 skills or career paths, giving them unique combinations of strengths that led to their success.
This is such a powerful way of thinking because you don’t need to find the perfect role or path – it might be a mix of experiences that each show you what you do and don’t want from your career.
10-year apprenticeships are perfect for young people, and it can give you a sense of stability and perspective as you take on some pretty odd roles and projects.
Apprentices work under a “master” – someone with the skillset you’d like to emulate, in exchange for some unglamourous work and sometimes underwhelming pay.
That’s the deal – it’s not perfect and it’s not always lucrative, but it turns you into a highly competent professional who has options and some insights into how they want to work.

Two imperfect opportunities
It is really hard to find the perfect opportunity, and even if you did, you’d be competing against a strong field of qualified applicants.
However, imperfect opportunities are everywhere.
Maybe the job with good money is dull, maybe the creative work is poorly paid.
Maybe the interesting work is for a limited time only, maybe the next startup offers very little security.
Could you choose a combination of imperfect opportunities that balanced each other out?
Could you get what you wanted from a mix of projects?

Sprints
Sometimes a startup needs a dedicated burst of time and effort, e.g. to build a working prototype, to run a pre-sales campaign, to run a well-advertised launch, or to create valuable assets.
These are sprints; seasons where you work for long hours in an unsustainable way, but only because the finish line is in sight.
These tend to be mythologised and celebrated in the startup world, and while they don’t work for long stretches, they might be exactly what you need to take your work to the next level.

Grace periods
A lot of creative people and founders have two “voices” in their heads – the creative and the manager.
The creative voice suggests new ideas, new possibilities, unusual improvements, and big visions.
The manager voice tries to reduce risk, prevent embarrassment, raise your standards, and meet your deadlines.
The problem is that these act like accelerator and brake pedals, and rapidly alternating between the two will give you whiplash.
This is where a grace period comes in; a deliberate decision to put the manager on the sideline for an agreed amount of time, e.g. two months, so that the creative voice can work without judgement.
At the end of the two months, you’re free to critique your work as much as you like, but now it’s had the chance to evolve and take shape.
You might then decide to pivot or do something totally different, but it’s good to at least let your ideas become tangible without squashing them too early.

Rest periods
Sometimes you won’t be in the headspace or stage of life to build a business, and that’s absolutely fine.
You might need a dedicated, intentional rest period.
Read, exercise, meet up with friends and mentors, recharging your batteries.
It’s helpful to give yourself the chance to rebuild your energy and your hunger for entrepreneurship.
You sometimes need a quiet season to see what you miss – do you start thinking about restarting an old idea, picking up an old hobby, or joining another project?

Helpful Resources

Very few books and resources are worth their price tag: some have a negative value, and some are worth 20x -100x what you pay.
Here are some examples that are likely to give you a high return on your investment…

The Mom Test – Rob Fitzpatrick
The Mom Test is so useful that we prescribe it instead of trying to teach customer interview techniques – just read this instead.
It’s already become a core part of our curriculum, helping founders to ask better questions to get to the priceless truths at the core of their customers.
You can download it instantly at http://momtestbook.com/ , you won’t regret it.

Testing Business Ideas – David Bland + Alexander Osterwalder
The third book from Strategyzer, this is all about the philosophy and methodology for running good tests.
They cover 44 styles of experiment, spanning every stage of growth, with detailed notes for how to run each of them.
This book will either save you thousands of dollars or massively improve your startup.

This Is Marketing – Seth Godin
A brilliant summation of Seth’s theories and principles from the previous 15+ books and thousands of blog posts.
Seth focuses on the idea that you are not a salesperson flogging a product, but rather be a brave creative who makes new things for your audience to enjoy.
It’s a nicer way to live, and is more effective than twisting arms and measuring things that don’t matter.
There are a tonne of stories and case studies, and it’s excellent in Audiobook form.

Everything Is Figureoutable – Marie Forleo
The title really sums up the message of the book – how to approach and work through new challenges.
It’s based on three rules:
Rule 1. All problems (or dreams) are figureoutable.
Rule 2. If a problem is not figureoutable, it’s not really a problem – it’s a fact of life or law of nature (e.g., death or gravity).
Rule 3. You may not care enough to figure this problem out or achieve this particular dream. That’s ok. Find another problem or dream that ignites a blazing fire in your heart and go back to Rule 1.
If that resonates, you’ll love this book.

The E-Myth Revisited – Michael E. Gerber
An excellent guide on the difference between creating a job and creating a business.
You’ll learn how to think about your business as a series of systems, how to consistently delight customers, and how to be a better entrepreneur.

Passion, Purpose, Profit – Fiona Killackey
This is a practical guide for designing and building a business you’ll be proud of, in plain English, with really interesting case studies.
If you’re not familiar with Fiona’s work, start with 1-2 of her My Daily Business podcast episodes, if you find them valuable then this is the book for you.

Oversubscribed – Daniel Priestley
How does a new company attract an initial audience without begging, discounting or stressing? Daniel puts forward some practical steps for finding your tribe, and creating something that has a waiting list from day zero.
The stories are excellent, and his advice is hard to fault.
If you’re starting a new enterprise, these methodologies will change the way you approach customer acquisition.

The Practice – Seth Godin
A collection of insights, anecdotes and encouragements for developing and growing your creative practices.
We can’t believe they don’t teach this stuff at universities or design schools, it’s essential for anyone who produces creative work to serve an audience.
If you enjoyed any of Seth’s other writings, this is the book for you. 

Tools of Titans – Tim Ferriss
Tim can be quite polarising – he’s someone who treats life as a series of experiments that can be “Optimised”.
The book is essentially highlights from Tim’s podcast – long interviews with some of the world’s smartest people.
A two hour interview gets boiled down to 3-6 pages of wisdom, and that process has led to some incredible quotes and nuggets that will change the way you think about work, life and relationships.

Tribe Of Mentors – Tim Ferriss
The sequel to Tools Of Titans takes a slightly different format; a tonne of hyper-smart, hyper productive people answered the same eleven questions, and the book is their best responses.
Like prospecting, you’ll find some sections to be underwhelming, and others to be so profound that you’ll have to write the quotes down.
The small chapters make for easy reading in small doses, and the huge variety of contributors will expose you to some amazing people you’ve never heard of.

Shoe Dog – Phil Knight
A raw, funny, honest autobiography from the creator of Nike.
It’s a genuine contender for the best business biography ever written, a joy to read.
This would be a great present for entrepreneurs, runners or sneakerheads.

How To Start A Side Hustle – Kaylene Langford
A great re-introduction to every part of the startup process, from deciding on what you care about all the way through to creating and promoting your new brand.
Kaylene has a relaxed and realistic approach, and lots of good advice for new founders.

Branding (In Five And A Half Steps) – Michael Johnson
This is the best book on branding that we’ve ever encountered.
There are a lot of books on strategy, and a lot on logo design.
This book covers both, and explains the need for leaders to consider both the philosophical (what is the narrative behind our brand?) and the practical (How should we change our typography?)

What I Know About Running Coffee Shops – Colin Harmon
Colin runs a series of cafes in Ireland and comes out with a common sense approach to starting and running a business that customers, without burning yourself out.
His writing style is so clean and engaging (You’ll probably read it with an Irish accent in your head), and his modest approach sits in contrast with just how good of an advisor he is.
Great for those who run a small business, or who love a good cafe.

Obviously Awesome – April Dunford
April offers an incredible synopsis of product positioning, a field that most people claim to understand and also get wrong.
It’s a great listen (3.5 hours), full of real-world examples and crystal clear principles.
Highly recommend for anyone working out who their customers are and how to create a compelling Value Proposition.

Thanks for bringing so much of your creativity and energy to Startup Ideation.
We’ve tried to create a well-supported-yet-realistic introduction to the world of entrepreneurship, and hopefully it’s shown you more about yourself and your interests.
You have total control over your entrepreneurial journey; you can go at your own pace, pausing and restarting as you like.
It’s a skillset that you’ll continue to boost over your career, and one that is useful in almost every career path.
Good luck!