Entrepreneurship
So here's the issue. I thought of an idea for a Web 2.0 application. I don't know what exactly to do. I had thought of the idea just before waking up a few days ago, and immediately it struck me that it may possibly be extremely useful. I will not divulge the details of the idea, for obvious reasons. So now my question is this: Where do I go from here?
Issue 1: Exposure. My intuition tells me that first I need to talk to someone, most likely one of my best friends, about the idea. There are certain issues I have with this. First, I don't know the actual protocol about how to introduce the idea to my friends. Am I expected, after I tell them, to give them equal claim and responsibility? Am I suddenly partners with them even though it is my idea? Obviously this is all under the assumption that it is a good idea, but these are the questions I have, as a selfish, ignorant, and I guess you can say, cynical college student. Currently I don't know what exactly I want or need from my friends, so is it even necessary to ask them in the first place? This is the first issue with coming up with an idea individually; I don't know who to tell and whether I should tell anyone. I'm pretty sure the answer is 'yes, you should tell someone," but who?
Issue 2: Execution. Since it is a computer science related idea, do I begin to start coding? Obviously I don't nearly have the experience in programming to code the idea that I have in mind. So do I consult my friends who would possibly have this experience, or do I start looking for people to fund the idea, and then begin looking for coders? Or do I start reading ridiculous amounts of code and practicing to become the coder needed to actually execute this task?
Issue 3: Progress. This is another issue. In order to sell your idea/product to a venture capitalist, at what stage does the idea need to be developed? In this instance, do I need to have it fully coded, or can I give them the conceptual foundation and then tell them I need more people to help me execute the idea? Bottom line: Will they fund an idea based on just the idea, or do they need the idea fully - or at least mostly - developed already?
My next intuition - by the way, all of my instincts may be completely wrong, and frankly I wouldn't be surprised if they were; I literally know nothing - would be to begin talking to EE, CS, and business professors about possible collaboration and whether they know any venture capitalists in the area? There are plenty of VCs in Silicon Valley, namely Sand Hill Road, but now I need to find people who have networking with these VCs. Or can I just call a VC up one day and tell them I'm a measly kid from Berkeley who has this really cool idea that I want to pursue further (yeah, that's probably not going to work.)
Alas, these are the questions I have about entrepreneurship. I certainly have the motivation and communication skills necessary to sell an idea, but I just don't have the technical knowledge or wherewithal to sit down, code, and voila, have the finished product write there in my terminal.
Hopefully this IEOR190A class on engineering entrepreneurship that I am taking next semester will be helpful in my deciding how to advance the idea. But right now, I need to move quickly if I want to see my name under the trademark instead of someone else's.
Please comment on this and provide your opinions on how to take an idea and make it a reality. It would be much appreciated.
P.S. I'm sure people are thinking, "Oh, this guy has an incredible idea," but I'm sure it's not great. I just don't know how to get the brutal criticism I need without revealing the idea to a lot of people.
Issue 1: Exposure. My intuition tells me that first I need to talk to someone, most likely one of my best friends, about the idea. There are certain issues I have with this. First, I don't know the actual protocol about how to introduce the idea to my friends. Am I expected, after I tell them, to give them equal claim and responsibility? Am I suddenly partners with them even though it is my idea? Obviously this is all under the assumption that it is a good idea, but these are the questions I have, as a selfish, ignorant, and I guess you can say, cynical college student. Currently I don't know what exactly I want or need from my friends, so is it even necessary to ask them in the first place? This is the first issue with coming up with an idea individually; I don't know who to tell and whether I should tell anyone. I'm pretty sure the answer is 'yes, you should tell someone," but who?
Issue 2: Execution. Since it is a computer science related idea, do I begin to start coding? Obviously I don't nearly have the experience in programming to code the idea that I have in mind. So do I consult my friends who would possibly have this experience, or do I start looking for people to fund the idea, and then begin looking for coders? Or do I start reading ridiculous amounts of code and practicing to become the coder needed to actually execute this task?
Issue 3: Progress. This is another issue. In order to sell your idea/product to a venture capitalist, at what stage does the idea need to be developed? In this instance, do I need to have it fully coded, or can I give them the conceptual foundation and then tell them I need more people to help me execute the idea? Bottom line: Will they fund an idea based on just the idea, or do they need the idea fully - or at least mostly - developed already?
My next intuition - by the way, all of my instincts may be completely wrong, and frankly I wouldn't be surprised if they were; I literally know nothing - would be to begin talking to EE, CS, and business professors about possible collaboration and whether they know any venture capitalists in the area? There are plenty of VCs in Silicon Valley, namely Sand Hill Road, but now I need to find people who have networking with these VCs. Or can I just call a VC up one day and tell them I'm a measly kid from Berkeley who has this really cool idea that I want to pursue further (yeah, that's probably not going to work.)
Alas, these are the questions I have about entrepreneurship. I certainly have the motivation and communication skills necessary to sell an idea, but I just don't have the technical knowledge or wherewithal to sit down, code, and voila, have the finished product write there in my terminal.
Hopefully this IEOR190A class on engineering entrepreneurship that I am taking next semester will be helpful in my deciding how to advance the idea. But right now, I need to move quickly if I want to see my name under the trademark instead of someone else's.
Please comment on this and provide your opinions on how to take an idea and make it a reality. It would be much appreciated.
P.S. I'm sure people are thinking, "Oh, this guy has an incredible idea," but I'm sure it's not great. I just don't know how to get the brutal criticism I need without revealing the idea to a lot of people.
Labels: 2.0, applications, berkeley, business, company, computer science, entrepeneurship, funding, idea, money, silicon valley, startup, technology, venture capitalist, web