How to find new ideas for a startup?
You can come up with great startup ideas by observing where existing markets end and expanding that ending.
Let’s look at the automobile industry for an example. The cheapest brand-new car available in the US right now is about $15,000. This is where the market for a brand-new automobile ends. If someone has less than $15,000 to spend, he/she would buy a used car and not be interested in the brand-new car market by default. This is a great opportunity for someone to come and offer a brand-new car for less than $15,000. This way you can bring many people who were excluded from the brand-new car market to the new market extension created by you.
Expanding the end point of a market doesn’t necessarily mean offering the cheapest product. For a long time, the air transportation market offered services from and to destinations on the earth. Companies like Virgin Galactic & Blue Origin extended this limit by including space as a destination. Virgin Galactic announced that 400 people already put down deposits to fly on the tourist space plane in the future. The cost of one full ticket would be $250,000. That’s 100M in revenue already!
So, look around. See where existing markets stop catering users. There are a lot of undiscovered startup ideas beyond that end point.
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