Warning: Idea Thread

[wade1mil]

No, not that kind of idea. This is better. In the Entrepreneur Technology class that a few people on this forum are enrolled in, we had an assignment to come up with five good startup ideas and five bad startup ideas. The next assignment was to take someone else's bad startup idea, figure out a way to make it good and create a commercial selling their product or service. The funny thing is, I could come up with a way to turn almost every single "bad" startup idea into a business. Our team picked the most ridiculous startup idea and made something that I could actually see existing. It's a game that is placed in toilets at a bar that gives you points based on your accuracy. We tied it into a leaderboard shared by multiple bars, and you pay per use with a preloaded card (similar to how you pay for go-karts). Prizes are awarded when milestones are hit. Because there are tens of thousands of students, there are thousands of ideas in the class.

What "bad" startup ideas have you had? List some of them here so others can see. Even if nobody does anything with the idea you think is a bad one, it gets your creativity flowing like crazy. It gets you thinking about possibilities you never would have thought of. Some of the "bad" startup examples in the class were:

1) Air conditioning system for polar bears
2) Selling moon dust or real estate on the moon
3) Umbrellas for cars so they don't get dirty when it rains
4) Hamburger flavored ice cream

I bet you somebody could come up with a good business even from these bad ideas. For example, I bet there is a market for the ice cream because Jelly Belly's have nasty flavors like that. Can't you see an ice cream parlor selling 2-3 gross flavors and people daring other people to try it? Add some ants for toppings? Do you think your ice cream parlor would stand out from the other 50 selling vanilla and chocolate? USP and unconventional at the same time.

What bad ideas have you had in the past?

 

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[PatrickP]

How do you know when you have changed a bad idea into a good one?

 

[wade1mil]

How do you know when you have changed a bad idea into a good one?

In the class, there is no right or wrong answer. Other classmates are supposed to "rate" your idea. In real life, I would say once you get a customer

 

[PatrickP]

hmmm I am not seeing the real usefulness of this IN the classroom setting for teaching real world reality.. To me it re-enforces what many of us already do too much of which is coming up with more and more and more 'great' business ideas but never see them through to see if they really have any quality at all.

 

[wade1mil]

What I got out of it was inspiration and expanding my creativity. Reading someone's bad idea can spark an idea that I can implement in my current business, or for a new business altogether. Using the bad idea of hamburger flavored ice cream...if your business is selling food in convenience stores, it could spark a new product/packaging/marketing idea you can test in your current business.

 

[JEdwards]

What bad ideas have you had in the past?

When I was 20 I thought I could sell auto warranties on cars for $40 a month. But ran into having to be real insurance company after I sold 5 deals and had to shut it down.

You have to hold insurance licenses to sell auto warranties.

So I tried to get around that, by creating a network of shops, ( a shop can warranty work). so if they took it to our shops it would work.

Never moved it past that though.

But the idea was great, cause you know how many people would buy a warranty for 40 a month?

 

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[andviv]

hmmm I am not seeing the real usefulness of this IN the classroom setting for teaching real world reality..

I see where you are coming from. In this particular class, the assignments are all 'real' and you have to actually do customer surveys, create a website if needed, try to get a paying customer, etc... looks like a great way to push you to actually 'test' the idea in the real world. They follow a methodology on how to create companies and a support network for their students.

I can see why Stanford alumni create that many companies.

I am positively surprised with this class so far.

 

[wade1mil]

But the idea was great, cause you know how many people would buy a warranty for 40 a month?

$40 a month sounds cheap and a lot of people wouldn't blink at $40 a month when they're talking about a $300 car payment. What's funny is I think a factory warranty is right around $800 cost and they usually sell them for $1k over, so even if you financed that into a payment over 60 months, it would only be $31-32. Do companies that sell aftermarket warranties market the monthly payments? All I remember seeing is a big number.

I am positively surprised with this class so far.

Me too. I thought it would be more philosophical and hypothetical, but the rest of course is revolved around a startup that you're supposed to have. They're forcing you into action whether you're ready or not. I can see why they start so many companies as well.