Launching a Startup in a New Domain

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Markets shift and change, creating new startup opportunities.

Founders seek new markets in which to launch a startup.

For those launching a startup in a new domain, here are some key steps:

Read several books describing the domain and how it works.

Talk to domain experts in the space to learn the details of the market.

Look for unmet needs that must be addressed.

Identify experts in the domain who can advise you.

Ask one or two to be a mentor.

Create several ideas for a business and test them out.

Try dressing up the solution as a ready-to-buy product and see what reaction you get.

When you find several people ready to pay for your solution, sign up three of them as anchor customers.

Use the revenue from these customers to fund the initial product.

Experiment with entering the market at different places in the value chain.

Look for the position that provides the most revenue and costs the least for the value offered.

New markets provide new opportunities to launch a business.

Consider these steps for launching a startup in a new domain.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let's go startup something today.

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