Idea factory

2021-10-08 11:50:09 Open / Comment

2021-10-08 11:50:09 Welcome everyone!

We see there are many newcomers. So, let us tell you about who we are.

We are Idea Factory — startup accelerator 2.0. Our channel seeks to help those who want to start and develop their own business. In order to achieve it, we have the following rubrics:

- Startup stories. We post inspiring business cases from which you can learn something new. Before doing your own business, you must be aware of other startups’ experience and mistakes. This rubric tells you about how startups reached great success. Must read for all business beginners. Check it out here and all the other articles using the hashtag #StartupNews

- Business education. In order to build a successful startup, you have to be knowledgeable and competent enough. Here our rubric can help you out. We post material about business terms and share recommendations that can help you when doing business. Check out one of them here. #BusinessEducation

- Trendy industries. If you want to increase your chances of business success, it’s better to choose trendy areas. We tell you about the industries that are relevant and likely to grow significantly. Check out the latest trend here. #Trends

- Video from our experts. People with extensive business expertise share their experience with you. In order to establish a profitable startup, it’s essential to listen to someone who went through it. You can learn useful recommendations on how to become a successful entrepreneur. Check out one of the videos here.

However, you will not get far just on theory. That is why we stick to a practical approach and make contests for the best invest ideas.

We arrange weekly, monthly, quarterly, and yearly contests with prizes $500-$15,000. You can watch Monthly Pitch stream here.

How to participate?

1. Generate an idea
2. Submit it to our support
3. Make a presentation and 1-minute video (idea, problems, potential). View an example here.
4. Wait for us to post your idea on the channel

Any idea that attracts our subscribers and investors may win. We don’t have strict criteria.

The main thing is creativity and profitability. All the other details are up to you!

Finally, we are willing to create a powerful business community. Therefore, we discuss any business stuff and help with your ideas in our chat.

This is a space where you can ask anything you wish with a hashtag #AskIdeaFactory, tell others about your idea and get recommendations.

We will be happy to see any of your ideas on our channel. Idea Factory rewards the most active participants! Let’s make your ideas happen together Open / Comment

2021-10-08 09:48:07 Hello, everyone

As you remember, Paul Lupi is our mentor. He is an expert at entrepreneurship and can share his precious expertise with you.

In this video, Paul tells you how to build a prototype, which is essential to do before launching a product.

Check it out! And comment below what a prototype is Open / Comment

2021-10-07 19:28:34 #AskIdeaFactory

Tonight Vlada is answering your questions that you asked in our chat

The first question is from @nikitakuydo

‘Hi, how to attract investors for an abstract idea?’


In order to see more answers from Vlada, join our chat https://t.me/ideafactorychat Open / Comment

2021-10-07 17:51:03 #Trends

Digital healthcare

In order to develop profitable business, you have to build it in a profitable field. In this rubric we tell you about the most trendy industries and areas to develop in. A fast growth rate, surge in demand, and good future prospects - these are all about the spheres we write here about.

Today’s trend is digital healthcare

What new technologies are going to bring billions of dollars to MedTech industry? What is telemedicine? How startups are trying to conquer the digital med market? Learn more https://telegra.ph/Digital-Medicine-how-to-prolong-human-lives-and-earn-USD-billions-10-07 Open / Comment

2021-10-07 15:15:06 #PitchYourIdea #WeeklyContest #ElevatorPitch

Medical device by @Anaisland
Idea:
The idea is designing a medical device which can diagnose, monitor, and detect preterm birth early

Problems:
The problem is currently there is no any comfortable, non invasive, and accurate medical device which can detect preterm birth early in our country.

Potential:
The device has a high marketability potential. There is a high demand of such a device in our country, all Africa, and even in abroad. Open / Comment

2021-10-07 12:23:38 ​#StartupNews
EdTech startup for kids: $4 million investments

IntellectoKids is now one of the largest developers of learning apps for kids in the world. In a year the company managed to increase the revenue by 5 times. IntellectoKids attracted $3 million investments at the end of 2020. Let’s delve into the roots of the startup success.

How it began
Michael Kotlov is the co-founder of the project. He used to work for investment banks in Moscow and handle IPO deals in London. Suddenly, Michael realized that his job was dull and didn’t bring any joy. Though it was uneasy, he quitted the financial industry.

Michael decided to do his own business. Initially, he wanted to create something like WhatsApp. However, the project was closed in 2015 because of insufficient market research. Michael learnt a lesson: before employing the first developer, it’s better to spend 2 months on market and target audience research.

Michael and his co-founder Andrew decided to look into what kids need now. They conducted surveys and came up with an idea of a mobile app that would combine gaming and learning.

Apps developing
Now the company has 4 apps. In the beginning, they created Safari School which included only one game. Later, Michael and Andrew saw the platforms with more content gaining popularity. Therefore, they launched apps with multiple games.

Markets
Initially, IntellectoKids developed in the US. However, they failed due to the expensive ads and shortage of experience. Then, the founders integrated several languages: Swedish, Spanish, and French. They succeeded and mainly grew for account of European and Latin markets.

Product development
Now the company has 37,000 subscribers and 350,000-400,000 users per month. Overall, the app has been downloaded 2 million times.
IntellectoKids has also learnt to sell yearly subscriptions which boosted five-time revenue growth.

Future plans
Now the company has a methodologist who has been developing a new project respective to American and British standards. Afterwards, IntellectoKids is going to release new game activities.

What do you think of EdTech industry for kids? Rate the startup concept from 1 to 10, where 1 is poor, and 10 is brilliant. Open / Comment

2021-10-06 20:37:49 Hey, everyone!

As you remember, we have launched a private group ‘Idea Formation’. It aims to help one generate an idea and present it properly.

Paul Lupi is a mentor in this group. He teaches our participants useful lessons about how to develop an idea. Paul also shares his extensive experience and valuable tips on business stuff.

Yesterday we had the first online chat with Paul. Our participants asked any questions that were interesting for them, and Paul gave detailed answers. We had a very fruitful discussion! Open / Comment

2021-10-06 19:03:02 ​#BusinessEducation
Mentor’s role in startups

Mentor is a person with more business experience than you. They advise entrepreneurs in order to develop their skills and boost business growth. However, many of us are not aware of how to select them and take the most? Let us tell you.

Mentors vs advisors
In a broad sense, a mentor is a trustee with considerable experience in entrepreneurship, investments or a narrow industry. They help other entrepreneurs turn their ideas into desirable results. Mentors do it for the public good without intentions to earn. They share their knowledge and experience to help startup makers remain focused on achieving their aims.

In contrast to a mentor, an advisor doesn’t work for free. They help you tackle vital problems as well. However, advisors take money for it. As a rule, this is a small share (up to 1$), $1,000 in advance for their services, and the pay for time spent on dealing with startup difficulties.

How to find a startup mentor?
Normally, an entrepreneur, that has some market experience, knows who should be addressed or avoided. Besides, it’s better to avoid those consultants who themselves impose their services. Ideally, it should be your decision to address this particular person.

The most helpful thing is to visit entrepreneur events. There you can listen to those who have already been doing business and who could give you precious advice.

One more way of finding a mentor is through an accelerator program like Idea Factory. For those who are taking first steps in entrepreneurship accelerator programs can be a brilliant start.

Questions to ask mentors
What mistakes have you made? It’s natural for everyone to commit mistakes when doing business. A mentor who can share their mistakes, help other entrepreneurs avoid them. Such a mentor is particularly valuable for startups.

What factors do you consider when planning the future?
It may concern both long and short terms. It allows you to find out mentor’s basic views, the problems you need to cope with, and skills you have to develop.

How do you spend you spare time?
It’s important for entrepreneurs to understand how to spend time wisely.

What should have you done differently?
If a mentor tells you about what they could have done differently, you can rethink your own experience.

What would you do if you were in my shoes?
If a mentor listens to you carefully and delves into your business situation, they will give you precious advice.

Recommendations
If you are a beginner, begin! You will never be fully prepared for making a project. Only through personal experience you can distinguish the advice that is worth listening to.

If you have a minimal business experience, join an accelerator program. So if you are not our subscriber yet, welcome!

Finally, create your own reputation that will allow you to attract the best people to your project as team members and mentors.

Is it important to attract a mentor? Why/why not? Share in comment Open / Comment