CLUBS
QUT
STARTERS
Create an Uber, not another Taxi
Right now, you are part of an
incredible time where innovation is
happening faster than ever before.
The best part is, there are no
reasons why you cannot be part of
it. These new exciting startups are
shaking all industries and forcing
change at a rapid pace.
What’s the difference between Hilton Hotels
and Airbnb; Uber and Taxis; Amazon
and Woolworths; or Google to Bing? The
difference is in how the customer values
service, how easy it is to get started, and
the appetite for growth.
So, you have an idea you’ve been sitting
on for a while but never giving it the chance
to ripen. Here are 4 proven building blocks
of a successful startup – think of them as
the building blocks to ‘the next big thing’.
Element 1: Idea
The idea comes first. It’s the core to any
startup. The way we look at it is through
the question “what is the problem worth
solving?” Every good startup exists to
make a difference, without solving a
problem why does the world need your
product? Starting a startup is risky, that’s
why no one cracked it yet. However, we
can minimise risks by using the lean
methodology, which encourages you to
validate every assumption you make. From
who else experiences your problem, to
design, to price-point. Ideally you speak
with potential customers but in reality,
you could speak with any random person
walking down the street.
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Element 2: Product Element 4: Execution
From a great idea builds a great product.
Your product is what makes or breaks your
startup. It could come in form of a physical
product, digital product or a service. As the
lines between product and service become
blurry, the question customers still always
ask before they paying (or subscribe) is
“what value does this add to my life?” It is
convention in the startup world to identify
your first few users and get the product
right over rapid growth with a half-working
product. You want to create something
that people love - make it ‘sticky’. In result
people will keep coming back and be your
free marketing campaign. Now that you have a great product it’s
time to show the world. We understand
it’s really scary the first time you speak
with customers for the first time but it’s a
necessity! A clear roadmap and steps to
reality. When designing strategy a viable
business is better than a viral strategy. Now
it’s time to go out into the world and hustle.
Develop a strong pitch, in general you have
under 30 seconds to capture the attention
of a random person or investor. Lastly,
grow, grow, grow through execution by
delivering value and iterating your product
Element 3: Team
Behind a great product is a great team.
A great team is works like a well-oiled
machine. The entrepreneurial journey is
tough, often described as a rollercoaster,
and the team is along for the ride. If you
are seeking investment, it is no secret that
investors invest in the people not just the
idea or solution. From our experience a
startup does much better when the team
has complementary skills, where each
individual brings a different view of the
world. If you are a solo-founder and looking
for co-founders, go out and network. Get to
know the people you are about to work with.
It is becoming more common for startups to
outsource their development. Outsourcing
is appropriate for some situation but not
every but a rule of thumb is you should keep
crucial elements of your business close to
your decision making hub.
QUT Starters launched from the basic
principles of startups and like a startup been
adding features as we grow rapidly in our
community. 2016 was an incredible year
where we ran Startup Hatch, engaged in
corporate innovation, launched startups, and
disrupted the legal fraternity. In 2017 we are
running our proven month long pre-cellerator,
Startup Hatch. Startup Hatch is a series of
workshops, roundtables and socials held
on campus and around Brisbane’s rapidly
growing startup ecosystem.
So, what’s stopping you from giving that
idea a shot, developing your side project,
or developing your business model to be
globally scalable? While you’re a student
brainstorm ideas and meet potential co-
founders!
connect with us
QUTSTARTERS
WWW.QUTSTARTERS.COM