Ask HN: Have some funding, need idea | Hacker News Reader

Ask HN: Have some funding, need idea

7 pointsquarantina30 comments

Hi! I'm a repeat entrepreneur who recently raised $150k from friends & family for my next company. I spent a couple of months looking into building trading tools for defi, but have concluded now is not the best time to do that and want to pivot. I have a CS background, and have spent most of my career in finance and healthcare tech, but am looking at my next opportunity with a wide open mind.

So I turn to the brilliance of the HN collective for ideas. Any and all suggestions welcome!

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90+% of startups fail. Just because you made it with one doesn't mean you'll make it with another. So many things can go wrong. Even if you do everything right, you're still rolling the dice.

Do your friends and family understand that they have a very high chance of never seeing that money again? If you value your relationship with them, give the money back.

VC investing is not for the faint of heart. You probably convinced them to invest because you've done it once, and were decently successful -- but not successful enough to have a seed round for your next one.

Yea the original post doesn't compute.

Successful history of launching companies

FFF gives 150k without a business plan, PoC, go-to-market strategy?

and OP doesn't have a list of ideas worth pursuing that are better than asking HN?

This is weird. If it's real, then it looks like a disaster waiting to happen

> If it's real, then it looks like a disaster waiting to happen

For sure, and I forgot about domain/sector/field expertise. If you're asking HN for literally any idea, that means you're going to be jumping into a new domain with only a few weeks of "research" via Google. You can't hire a good domain expert who will help you avoid all the pitfalls with a total budget of $150k.

The easiest thing in the world is to find plausible reasons why a given startup won't succeed. Even easier is finding reasons why any startup won't succeed!

Just as easy as blowing your friends and family's money, I suppose.

The odds are certainly in favor of your scenario. But, creativity works in mysterious ways!

Would love to get the story on the last company you started, and whether you were able to beat the grim statistics!

When it comes to your daily life, what are your pain points?

Examine each pain point, document why it's a pain, who else is likely to have that pain, how it might be fixed by software.

Analyze existing software that attempts to address the pain point. Do any of them address it adequately? If so, strike that pain point (you could compete, but it will be harder). If it's addressed, but not adequately - or not addressed at all, then you have a candidate. If not addressed all, think long on whether there is a reason for that, and what it could be.

Interested in software for a particular group (e.g. bicyclists)? Make friends within the group, then find out their pain points, and repeat the above procedure.

Once you have ten 16 candidates (if you can't come up with 16 using this process, then add a new group or switch), pick the best 8 based on the following:

- how executable your idea is

- how crowded the market space is

- your skillset, or the skillsets of the team you are confident you can put together

- how long it might take you to get a product to market

- how much investment is needed, and what your runway would be

Then do the same for that 8 to pick the best 4, and then the best two.

Do a MVP for each of the best two and see what traction you can get.

It's possible all four of your top ones are viable idea.

As for a Twitter alternative, that's like saying an Office alternative. Pick one facet of Twitter (e.g., doing polls) and analyze as above. You're better off with something else though, as the market for Twitter alternatives is already over-saturated. And in the next two-years it will become even more so. Someone will create the next big social media thing though, so who knows.

Thanks for the thoughtful and detailed response. I wonder how many entrepreneurs actually follow such a systematic approach and end up with a company on the other end?

More context would help with answers. What was your last company?

Cleantech — sorry, I mean ClimateTech — is big at the moment. YC just posted a fairly comprehensive list of what they see as opportunities.

https://www.ycombinator.com/blog/rfs-climatetech

I did see that list, thanks. My last company was in healthcare tech.

Don't pivot. Go ahead with your original plan for creating trading tools for defi. There are endless amounts of gamblers in any market.

The only ethical option is to give the money back, or give it to charity/food bank.

They don't want the money back. They want to be a part of whatever I do next.

How about a Twitter alternative?

Understand the sentiment, but I think that's much easier said than done!

The platform is the easy part, you can even just fork Mastodon. Content moderation is the hard part.

Everything is the hard part.

I think the hard problems in social media is the social and business aspects.

The business side is figuring out a revenue stream. Choosing ads constrains your business models. But there may not be viable alternatives.

The social problems are trickier. Network effects, ensuring bad submissions are removed, etc. are all tricky problems in their own right.

how about something in generative deep learning? It's booming atm. Lots of ideas, pick a simple one like generating custom stickers for chat or social - would be a nice aquirable venture.

There is no moat with generative deep learning, and the space is already super crowded.

How did you raise money without an idea?

I'm guessing they have a successful track record, and are trustworthy.

Just based on history - the investors are a small group of close friends and family who know me well.

Congratulations and best of luck with whatever idea you go with :).

Thank you...

He should give the money back.

Invest. 150K is a sizeable amount to fund a couple of early stage founders and help them succeed, given your track record.

I think early stage investing is a tough market in which I couldn't effectively compete (for deal flow, etc.).

Here are 25 unconventional and creative startup ideas that you may find interesting:

A service that creates personalized, 3D-printed dolls based on customers' physical appearances.

A platform that connects people with similar allergies, sensitivities, or dietary restrictions to share recipes and tips.

A virtual reality escape room company that allows players to solve puzzles and mysteries in immersive, themed environments.

A social media platform that connects people with disabilities, chronic illnesses, or other unique challenges to form supportive communities.

A company that offers custom, made-to-order clothing that's produced using sustainable, eco-friendly materials.

A service that helps people plan and book personalized, off-the-beaten-path travel experiences.

A startup that provides a subscription service for monthly deliveries of locally-grown, organic produce.

A company that offers personalized, online language classes taught by native speakers.

A platform that connects small business owners with affordable, professional legal services.

A startup that offers a subscription service for monthly deliveries of artisanal, small-batch food products.

A company that provides a marketplace for buying and selling unique, one-of-a-kind vintage items.

A startup that offers a subscription service for monthly deliveries of handmade, natural beauty products.

A platform that connects people with similar hobbies or interests to form communities and plan group activities.

A company that provides a marketplace for buying and selling unique, handmade home decor items.

A startup that offers a subscription service for monthly deliveries of artisanal, small-batch craft beers.

A company that provides a marketplace for buying and selling unique, rare, and collectible books.

A startup that offers a subscription service for monthly deliveries of artisanal, small-batch spirits.

A company that provides a marketplace for buying and selling unique, handmade jewelry.

A startup that offers a subscription service for monthly deliveries of artisanal, small-batch wines.

A company that provides a marketplace for buying and selling unique, handmade furniture.

A startup that offers a subscription service for monthly deliveries of artisanal, small-batch tea blends.

A company that provides a marketplace for buying and selling unique, handmade art pieces.

A startup that offers a subscription service for monthly deliveries of artisanal, small-batch coffee roasts.

A company that provides a marketplace for buying and selling unique, handmade musical instruments.

A startup that offers a subscription service for monthly deliveries of artisanal, small-batch sauces and condiments.

Credit to ChatGPT

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