#WeeklyContest #StartupHunters #Expertise Here is another fe | Idea factory

#WeeklyContest #StartupHunters #Expertise

Here is another feedback on this week ideas

Today we’ll give an insight into Socio by Ritwik Dimri @Ritwikop104.

What is the idea about?

‘Socio’ is described as a metaverse of social media. We should mention that it would be better if you provide a broader explanation of the idea, so that we have a more detailed picture.

Pitch quality

In the video we can see Ritwik himself. However, due to his movements, it is a bit difficult to focus on the information provided. It shows that the startupper is nervous, which is a common thing, while pitching.

We would advise Ritwik and other startuppers to practice speaking in front of the camera, so you can cope with the stress.

The idea was almost clear but we haven’t received the following information: who the target audience is, how this idea would generate profit and what tools you will use to implement it.

Competitiveness

Metaverse is a trend nowadays, so a great deal of companies start restructurizing their products to meta and conquering this industry. Despite the strong players, like META (Facebook) and Microsoft, there are a lot of startups, which try to catch the attention of investors.

Socio is considered to be one of them, however it lacks some unique features, which would differentiate it from other startups. Probably, you should rethink the idea to have an advantage on the market.

Advantages

The industry, where Ritwik is planning to develop his startup, is highly popular. It may bring him additional ‘boost’ to find cofounders, team and tools to implement this idea.

Disadvantages

Implementation. Unfortunately, we have not heard how Ritwik will implement this idea and if it is possible. If Ritwik explains his strategy, we might change our perspective. But meanwhile we do not have enough information, which may show the potential of this idea.

Revenue model. The startupper did not mention the ways he would generate profit. If it has not been done yet, you should definitely think about the model.

Pitching and Information. We would like to point out that pitching is highly important to attract viewers and make them believe in your idea. Try to practice more to provide all necessary information confidently.

Market Potential:

Since there was not enough information about this startup, we cannot state how promising this idea is. Theoretically, Socio may become a breakthrough as one of first social media, based upon MetaVerse. But currently we find it as common as other startups in this industry.

Nevertheless, we wish Ritwik good luck and motivation to keep working on his idea! Hope our critique helps your project become another star