Founders Path - Part 1

This article reflects our first crashcourse-hackathon on how to build a startup. It first took place in Nov. 2024 with the support HOIV(Home of innovation). Due to organizational challenges we had to condense a 2 day workshop into a 2x 3hours session. The result of it was a startup crashcourse that focuses on the essentials of what needs to be done to push an idea into reality

The difference between a startup and a regular business

What is a startup “A startup is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model” – Natalie Robehmed

Key properties of a startup

Innovation and Disruption
Challenging the status quo with new products, services, or processes. Innovation sets startups apart and gives them a competitive edge
Scalability
Rapid growth with minimal additional investment in resources Business model that can accommodate exponential growth
Adaptability
Pivot when necessary, adjusting business model, product offerings, or target market based on customer feedback, market conditions, or other factors

Startups solve problems

You have to be passionate about a solution for a problem
Making money should not be your motivation

How to find a problem?

Identify frustrations
Observe:
Frictions in fast-growing markets Pain points in processes people hate doing People create their own workarounds or "hacks" to get something done
Explore niche communities
Monitor regulatory and industry changes
Check app reviews and competitor feedback

I found a problem, now what?

Clarify your MVPs requirements

Part 2 link

Build a team

Having a co-founder is like marriage
Maximum recommended number of co-founders is 3

Explore Financing options

Bootstrapping (Self-Funding)
You maintain full control and equity in your company without external pressures.
Friends and Family
Often involves flexible repayment terms, and investors are likely to be supportive and patient
Grants and Competitions
Grants and competition prizes do not require equity or repayment
Angel Investors
Angels often bring valuable industry experience, mentorship, and connections.
Venture Capital (VC)
Access to large sums of money, mentorship, industry expertise, and a network of resources.

Execute and start with developing your MVP

BMC & Build-Measure-Learn

Approach your audience

Don’t waste money on advertising from day 0
Proactively approach your customers
Be resilient

Ideation workshop

Split into teams
Process
Figure out which problem you want to solve
Refine the idea and think about all angles
Create BMC
Present your idea in 2 minutes at the end of the session
You can use pen and paper or our platform (https://mystartup.studio)