I have an idea that I believe has a huge potential and I am all in to put everything to make it success. I am not sure if funding at this early stage is a real possibility; if I can get a funding of around $50k I would be able to get started and the chances of success are a lot higher. I am just evaluating my options for now and wondering what should I do next if I am unable to get a funding.
I have developed a rough high level actions/stages in both case (with and without funding). Appreciate any advise and directions on how to go about the idea.
3) Gap Analysis
1) Develop (I myself is well versed technically but developing this entire product will take some time and I might lose first mover advantage).
2) Find co-founders (not easy to find the co-founders)
4) Gap Analysis
Next step is to tell people about it. You need to validate your idea by putting it through trials. Think about the market. Think about yourself—whether you can turn it into a business. Do you have enough passion, do you have enough experience? Talk to people about it and see if others also think it’s a good idea. Don’t worry, nobody’s going to steal it. It takes so so much more than an idea to build a business. People will only steal your steal your idea once it is successful.Your step after would be to map your ideas into a more concrete flow. You can do this using the Business Model Canvas (search for it on Google). It’ll help you think through the details needed to build a viable business.
There's no definitive answer to that question as it depends on many things but the fact that you're asking it would suggest that you might be best off first trying to find someone with the skills and experience to not only to help you answer it but also complement your skill set in the areas your weakest. Feel free to reach out; I'm happy to offer a few pointers. Cheers.
In no particular order -
Build a proof-of-concept
Test the market with potential customers
Build your business plan
Protect the idea
If you can manage to get to a proof point without the funding, then you will be in a stronger position when you do need to raise capital. If you want funding straight away, based on an idea only, then you will probably struggle to find investors, and if you do, you will be giving away a significant amount of equity for the "privilege".
First mover advantage is certainly something to be cogniscent of, but if someone else moves faster, yet your product is better, or proposition is more compelling, then it's not always a problem. IP is something to be aware of in that case.
I'm a developer myself and looking to work on great ideas! maybe I can help you about that ? let us have a little chat about !
I would say to first write a business plan and then get feedback from a targeted market. If they respond well then build the product and test the actual product, make adjustments as the consumers speak and then to ramp up growth seek funding. Protecting the IP is significant as well obviously but not necessary immediately, more so before sales ramp of to a high extent.
+1 what @Craig Rich said.
The first thing to do is not to build it, but to create a prototype as a proof of concept SO THAT you can test it with your potential customers.
You will not get it right the first time around, which is why building a throw-away prototype for your proof of concept is better than building in actual code.
Essentially, at the end of the day, do whatever is the cheapest and quickest for you to test your idea.
If possible, get an actual commitment (sign up, prep-pay). These would provide real proof that there's demand for your idea.
From there, you'll have a higher chance of getting funding.