Idea Factory

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Number 1 worldwide startup community.
#WeeklyContest for the best ideas with cash prizes. Expert assessment of your idea and affordable training from mentors.
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2022-09-12 20:35:45#BusinessEducation
MVP: notion, benefit, stages

The main factor of business success is the understanding that your product is going to be in demand. Let’s work out how MVP can boost product efficiency.

MVP (Minimum Viable Product) is the earliest version of a product. It has a minimal set of functions, which is adequate for going public and testing on consumers. However, such a product must demonstrate a sufficient value for consumers.

MVP differs from a prototype in that it’s a work product which must perform a particular function in the best way. It can be a beta-version of company’s site, whose functionality will be enhanced further.

Business use
MVP provides direct and indirect financial advantages, which allow businesses to:

⁃ get a feedback from the target audience in order to finalize a product before entering a larger market;

⁃ release a product faster and get profit even before finishing its development;

⁃ convince investors of more serious funding for finalizing;

⁃ save money on the analysis of market and target audience.

MVP stages
In order to make up a successful product, you have to create a detailed plan. Reaffirm basic MVP principles, which your team is going to follow throughout the whole process. There are the following stages to verify an idea and turn it into a product:

1. Identify the problem for a solution. Think of why the product is needed.

2. Define your target audience and narrow it as much as possible. Prepare a precise client description: identify their age, sex, kind of job, and income.

3. Analyze the competitors. Find out the strong and weak points of their products in order to define the functionality of your own.

4. Identify a user flow. This is a path which a customer goes through when interacting with a product.

5. Define MVP volume. First, it’s necessary to create a product with essential functions.

Why do you think MVP is important? Share in comments
3.1K views17:35
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2022-09-11 23:22:37 #BusinessEducation
Principals of efficient Pitch

The aim of a pitch is to present a business idea successfully and to help attract necessary resources, like investments, partners, or employees. Though there is no single formula of how to make a selling presentation, there are important principles you should follow.

Prepare more than one versions
It’s preferable to have several pitch variants as sometimes there is no possibility to communicate with investors directly. Frequently you have to speak through a third party: their colleagues, partners, or even a personal driver. It’s important to convey your pitch to all of them.

Bright start
According to scientific research, a human brain processes information primarily via instincts. Therefore, in order to attract one’s attention and make people listen to you, come up with an interesting and creative beginning. Additionally, formulate striking statements and jokes in advance. This will help you perform charismatically.

Rehearse the performance
Test different versions of your pitch. You can present it to your relatives, friends, or colleagues. It’s necessary to feel more assertive and less nervous.

Choose the frame
Frame is a point of view that creates a communication tone. There are 4 frame types: a power frame, time frame, analytics frame, and reward frame. If you own the frame, you run the communication.

Speak about competitors
Competition is everywhere. It’s important to tell the investor about your competitors. Otherwise, when saying you don’t have any, it signals businessmen that you have not examined the market thoroughly.

Bet on your team
A team is the chief asset of your project. You should tell the investors about the team members: what experience they have, what projects they have participated in, what way each of them is unique. It’s worth sharing not only achievements, but also mistakes, specifying how the team corrected them.

Mind the time
As the saying goes, in order to draw one’s attention, it’s better to speak less. You may use a 7-word strategy within which it’s possible to formulate an idea in 7 words. Remain only the main message of your speech. Don’t overload an investor with details in attempt to tell them everything. It’s better to set concrete examples and memorable statements.
2.8K views20:22
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2022-09-10 18:45:58 ​#SuccessStories
Gautam Adani: Story of the Richest Man in India

There are only seven people on earth richer than Gautam Adani, an Indian entrepreneur. According Bloomberg, his fortune exceeds $100 billion which makes him the wealthiest person in India.

However, Adani didn’t inherit all these riches from well-off parents. Indeed, he was born in a poor family of textile sellers. His life is also far from peaceful — it rather resembles a crime drama.

How did Adani manage to overcome all the challenges and become a famous entrepreneur? Let’s find out.


Adani was born in an Indian town Ahmedabad in 1962. His dad was a modest seller of textile who wanted to develop a family business. But at the age of 16 Adani claimed he wouldn’t run the textile store and set off to Mumbai to establish his own company.

Soon, he got a job as a diamond sorter at Mahendra Brothers. Having understood the product, Adani tried his hand as an intermediary in the sale of precious stones and acquired good deal-making skills.

Career rise

In 1988, he founded a trading company, which served as a basis for his further business empire. Adani started by importing PVC and therefore needed a permit, the so-called LoAs. Then he collected LoAs from small plastic manufacturers and made bulk orders.

Nevertheless, PVC prices fluctuated greatly, and if they soared, competitors offered the customers to pay more than stipulated in the contract. Adani kept his word and sold PVC at a pre-agreed price even at a loss.

Therefore, he gained a good reputation, which helped to find new customers when expanding the range of goods. Agricultural products, textiles, and metals were added to PVC.

Government influence

The economic liberalization of 1991 in India turned out to be a real boon for Adani. Among the measures was the reduction of export-import barriers which contributed to his Adani Group development. Moreover, the state authorities launched a program of public-private partnership and port development. This enabled Adani to complete the project for exporting salt to Japan.

In 1999, the entrepreneur became involved in the coal trade. A few years later, a special economic zone was opened near the port of Mundra. In 2006, Adani engaged in the construction of coal-fired power plants, having experience in this field.

The energy business was turned into Adani Power, while renewable energy sources became Adani Green Energy. In total, Adani Group has seven "daughters" listed on the stock exchange and Adani Enterprises has included such businesses as coal mining, road construction, airports, data centers and more.

Dangerous accidents

Interestingly, Adani's empire could have been left without a founder twice. In 1998, Adani and his friend were abducted by a group of men. Luckily, a few days later a ransom of $2 million was paid, and the guys were set free.

In 2008, Adani was also on the verge of death, when terrorists shot civilians at public facilities. Fortunately, he was able to escape.

Success secret

Adani managed to create a business empire because he always strives to take big risks and at the same time can hold a punch. Adani's traditional strategy is to get loans, establish a new business and, as soon as he shows a small profit, get into debt again for the sake of a new startup.

Another important feature is the ability to win people over and the desire to maintain good relations with everyone. When some of his employees made mistakes, he took this understandingly without scolding them.


In 2015, Adani founded Adani Green Energy, a renewable energy company that won a state contract for the development of solar energy.

In 2020, Adani acquired a total of 74% of shares in Mumbai International Airport, the second busiest in India. Now his holding already has eight airports providing at least 20% of the total passenger traffic across the country.

What do you think helped Adani succeed? Comment below
2.9K views15:45
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2022-09-09 16:28:12
#PitchYourIdea #WeeklyContest

NoQ by Shuvam Paudel @Devbyv

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2.9K views13:28
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2022-09-08 18:33:21 ​#Books
Top Spirit Raising Biographies of Businesspeople

Being full of ups and downs, entrepreneur’s life is akin to a roller-coaster. You never know where it will get you tomorrow and this might intimidating. But those who pull off this journey, reap great benefits like money and fame. Here are 4 inspiring stories of success that will definitely motivate you.

My Life in Advertising — Claude C. Hopkins

The author is a copywriter, sales expert, and pioneer in the field of advertising. He created hundreds of memorable commercials and released a bulk of trademarks that are still thriving today. Moreover, Hopkins has developed effective methods of selling advertising and testing it.

His business memoirs were published in 1920, have been reprinted several times since then and have taught several generations of marketers to be smart. Hopkins did his best to include the maximum of practical lessons to help colleagues. As a result, the book became a real best-seller telling about the vast experience of the genius marketer.

Jack Welch and the G.E. Way: Management Insights and Leadership Secrets of the Legendary CEO — Robert Slater

"I was lucky to have worked at GE for more than 40 years. And every day my mind, heart and intuition served one purpose — to move the company along the path set out that day," writes General Electric CEO Jack Welch.

How the legendary manager was able to create an immaculate system of working with people and managing the company? To answer this question, Welch released this autobiography after leaving GE in 2001.

The book walks us through the manager’s career milestones while surprising with its frankness. The secret of achieving the success is to constantly strive for the best, to believe in employees no matter what, giving them the opportunity to prove themselves again and again. In turn, you need to be the most strict and demanding boss, first of all to yourself.

Soros: The Life, Ideas, and Impact of the World's Most Influential Investor — Robert Slater

The author is a journalist, writer, and political scientist who has written 16 biographies of prominent public figures, politicians and businessmen. However, it was the preparation of a book about George Soros that resembles the adventure spy detective.

Slater did thorough research, relying on interviews and opinions of numerous friends, employees, like-minded people and opponents of the great financial strategist. As a result, he came to his own understanding of why Soros' middle name is money. Here is a vivid and fascinating explanation of this phenomenon, presented in a lively manner.

Think Big and Kick Ass: In Business and in Life — Bill Zanker and Donald Trump

It will be safe to say that Donald Trump is an entrepreneur with the biggest charge of energy in the world. He runs a lot of money. He's tough and demanding. He is positive and friendly. Starred in movies, TV shows and cartoons. Ruled the USA. And all this fits into one person!

This autobiography is based on the real–life stories of a mega-magnate, financier and the president of the United States. Each of them teaches you to think globally and never give up. The authors guarantee that this book will change your life forever. Give it a read to see if it’s so.

Which book have you read or would like to? Comment below
3.0K views15:33
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2022-09-08 14:00:02
#PitchYourIdea #WeeklyContest

Myrtlei by Goodness Chammang @chammang

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2.6K views11:00
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2022-09-07 14:31:16
#PitchYourIdea #WeeklyContest

Rentaa by Ireoluwa Akinrinola @this_ireoluwa

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440 views11:31
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2022-09-06 20:33:02 ​#BusinessEducation
How to Choose a Color for Your Brand?

Some mistakenly underestimate the importance of a startup’s logo. But, in fact, this is a crucial element of your business that can influence people’s minds. It may either persuade them to make a purchase or, oppositely, alienate.

One of the key logo’s components is a color. Its function is to induce needed association with the brand, whether it’s care, speed, or durability.

Logo designers are certain that the correct understanding of the psychology of your brand’s color is the dominant factor in its viability.

Surveys show that the key criterion for 60-90% of potential consumers is color. Therefore, it has been scientifically proven that people choose products based on color. But how to choose the right one?

It all depends on your brand’s positioning. If you want to reflect experience and traditions, give a preference to classic colors. In case you like to keep your brand strict and yet modern, use more lively shades. When it comes to young, innovative projects, pay attention to multicoloring or a combination of different shades.

The color of the corporate identity is very important, which means that before you launch an online logo designer, you need to master the language of colors. Let’s have a look at the most popular options:

The red color means a tandem of strength and passion, delight and love, but can signal danger as well.

Orange is a real godsend for those who design a logo online. The color is happy and sunny, awakening the appetite, appropriate in retail, encouraging action. On the other hand, it might look cautionary since this is a shade of red.

The yellow color in the logo is a symbol of optimism and creative orientation of the company. However, it may look too pale, so be careful with it.

Green is the color of freshness, tranquility, life, eco-friendliness, hospitality, kindness, and good quality. This is why so many eco-startups pick this color.

Blue symbolizes honesty and reliability, but it can be also associated with

The purple color combines grandeur with pomposity in an amazing way. Do you need them in your trademark?

Black has a special meaning — it is the flagship of authority, luxury, classics, high style, but at the same time, resonates gloom and even mourning.

Choosing the color that best reflects the essence of the product or service you provide is a meditative process. So consider the following:

The tastes of customers. Suppose you open a beauty salon. Its logo may be dominated by female colors. The provision of medical services, on the contrary, involves a complete rejection of flashy shades.

The presence of a background. In real life, the logo will necessarily be placed on some background. It can be a wall, a door – their "color factor" in no case can be discounted. You also need to take into account the color combinations of the environment in which the logo will "live".

Monochrome and multicolored. Do not rely too much on the color scheme. When choosing colors, make sure that the logo looks good in a single-color version. That is why it is better to make it in vector format.

What color is your brand associated with? Why? Comment below
679 viewsedited  17:33
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2022-09-06 15:35:54
#PitchYourIdea #WeeklyContest

Genius Skin by Mubashir Ali @mubashir91

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411 views12:35
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2022-09-05 20:06:15 #WeeklyWinner #WeeklyContest

It’s time to announce the winner!

After reviewing each of the finalists, our expert Leon and Alexandra made their final choice:

Winner — Near Me by Shishir Singhal by @therealshishir

Your prize is $350

Car Tyres Shield by Dinesh Qaneni @qaneni

Sprack Art Boutique by Neville Nyamhindu by @sir_nev

You guys receive landing pages specially designed for your startups! Our congratulations

Many thanks to everyone who pitched their ideas and took part in the voting!

Want to become the next winner? Present your idea to us through @StartupPitchBot
765 views17:06
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