Weekly 🔥 #11: TikTok isn’t just for kids
Welcome to another edition of our new newsletter! You’ll receive the best practical startup advice straight to your inbox every week.
In this week’s edition, we discuss:
- Finding killer ideas for your next startup venture
- Making a million-dollar audience
- Why the current Web3 Ice Age is perfect for builders
Let’s get to it.
How to find a killer idea for your next startup
Many of us dream of starting a company. It’s a chance to create something impactful that could change your and others’ lives. But what is that next killer idea? Kateryna Bibik, Marketing Manager at Sweetcode Labs, shares 5 potential pathways you can choose;
- Solve a personal problem — It might sound obvious, but often entrepreneurs launch startups that solve false problems. Look for real pain points in your life, and if others share them, solve them.
- Follow your passions and interests — If you don’t love and don’t believe in your idea, you will likely fail.
- Improve an existing technology — Not every idea has to be ground-breaking innovation; think about what others are doing and what value you can add to current technologies.
- Bigger is not always better— Focus on solving a problem for that 20% of people who would love to try and use your product.
- Get creative — You can always throw caution to the wind and take the uncharted course. Think of how something “usual” could be applied in an unusual environment.
How this father & son TikTok duo make millions per year
Did you think TikTok was just for pre-teens dancing? You’re wrong. Mark Tilbury has 7 million followers masterminded by his son Curtis. They teach people personal finance and entrepreneurship and it’s clearly resonating. Here are some lessons:
- Storytelling is incredibly important, it’s what makes you stand out.
- None of us were taught when we were young how to build a business but the learning doesn’t stop when we become adults.
- Expand your team as soon as you can because entrepreneurship can be a lonely road.
- Never go 50–50 into a business. You always need someone in charge.
Why the Web3 Ice Age is the perfect time for builders to… build
Web3 is going through a bit of an Ice Age at the moment. But, even though this colder climate has collapsed the casino model, David S. Bennahum believes that’s a good thing — because it has changed the investment landscape and how projects are going to be launched.
In the Casino model, the equation to launch a project followed these steps:
- Set a big price for the project & get the money.
- Generate interest from the price & money.
- Use that price/interest equation to justify your web3 idea (attract the team).
- Create the project.
But, thanks to the Ice Age, the order got reversed. It looks like this now:
- Create the project (rally a team, do some work) before funding.
- Demonstrate the new idea (“show don’t tell”).
- Trigger investor/partner interest from the results of the initial work.
- Set a price, backed by data, to fund and scale the project.
This order is essentially the traditional start-up venture-backed method from the 1990s. Which if you’re a builder, is a good thing.
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