What to consider when generating your idea?
When developing your idea, it is crucial to think about not only the problem and solution but also your competitors, revenue possibilities and your market size. Our alumni Samir Musali was kind enough to share his startup ideas for learning opportunities, so that students could have a better understanding how to generate their idea.
In the end are some summarised ideas that he is willing to share and even mentor if anyone decides to use any of those ideas.
Here is one example of how to get your idea onto paper and what to consider about your idea.
RentPlace: Simplifying Apartment Rentals
Seamless communication platform for landlords and tenants
Integrated rental agreement digital signatures and documentation
Automated rental payment and deposit system
Enhanced search functionality for finding the right places
Social feature to connect with neighbours
Inefficient Communication: Poor communication between landlords and tenants can lead to missed rental opportunities, costly misunderstandings, and disagreements.
Complex Documentation Process: Traditional signing of rental agreements can be time-consuming and require physical presence, resulting in inconvenience and additional costs.
Payment Difficulties: Issues with rental payments and deposits can lead to financial disputes and unnecessary stress. Lack of automation in these transactions can cause missed or late payments, adding penalties for the tenants and income inconsistency for landlords.
Solution: RentPlace is an online platform that allows for accessible communication between landlords and tenants, streamlines signing documents, automates rental payments and deposits, and simplifies searching for new places. It also has a social feature that allows tenants to connect with their neighbours, fostering a sense of community.
Market and market size: All people from youth to adults who want to rent and/or rent out living space. In Estonia, for example, the volume of the rental market is over 100 million euros per year.
Competition: Unlike competitors including Zillow, Rent.com, and Apartments.com, RentPlace provides an all-in-one solution covering all aspects of apartment rentals. From communication, documentation, and payment automation to neighbour connectivity, it focuses on user experience and community building.
Revenue: RentPlace can charge a service fee for every successful rental agreement made through the platform. Additional revenue could come from offering premium features such as advanced search filters, rental insurance partnerships, and promoting listings for landlords. Furthermore, advertising revenue from local businesses wanting to target the tenant community could be a substantial income source.
Now you understand how to write your idea onto paper, but you still don’t have your own idea? We will help you out. Here are four summarised ideas to make you inspired.
TripTune: Tailored Travel Experiences
TripTune offers a comprehensive trip planning solution that tailors travel experiences to individual preferences and optimizes group coordination. The platform combats the challenges of information overload, inefficient group planning, and mismatched travel preferences by providing personalized AI-driven suggestions for attractions, accommodations, and dining. While it faces competition from platforms like TripIt and Google Trips, TripTune stands out with its unique focus on individual and group preferences, and it generates revenue through commissions on bookings, advertisements, and premium features.
EduFlow: Navigating Academic Success
EduFlow provides students with AI-optimized course navigation to create personalized academic pathways, addressing the issue of unclear academic routes. The platform ensures efficient resource allocation within universities, preventing unnecessary expenses and enhancing course support. With its dynamic curriculum planning tools, EduFlow allows universities to adapt to educational trends and workforce demands, ensuring relevance and improved student outcomes.
JobTrack: Streamlining Your Job Hunt
JobTrack offers a comprehensive solution for job seekers to organize interviews, share results, and record recurrent question answers, benefiting employers by speeding up their hiring process. The platform addresses challenges like the costly hiring process, repetitive interviews, and information overload companies and applicants face. While competitors mainly focus on the company's hiring perspective, JobTrack emphasizes improving the experience for job seekers, offering potential revenue through a freemium model and partnerships with job boards and recruitment agencies.
Hannah Kaarma, sTARTUp Lab Communications and Marketing Specialist, University of Tartu, +372 5400 5242, firstname.lastname@example.org