I don't have any specialized industry knowledge for the sector I want to go in.
I've had an idea for a while about a startup that could decrease the amount of overhead a restaurant owner would have to incur especially during the times of a pandemic. The problem is that i am neither a chef nor restaurant owner. I do not have specialized industry knowledge. How do you approach ideas in industries that you are not familiar with?
I have begun working in a startup organization in my city and beginning some market research. I havent seen anything like my idea and think it could really takeoff.
I work in Healthcare and have a side gig doing IT work (self taught). I've previous small business ownership experience but never a traditional startup.
Start a podcast interviewing people in the industry. I am not joking, I just quit my job to start a company in a radically different industry and 2 months earlier I started a podcast in the new industry, reached out to guests on LinkedIn, did 10 pages of research on each guest and now have 6 episodes recorded and I am 10x more knowledgeable about the industry. They come out every 2 weeks and the total effort using off the shelf services for editing, hosting etc is 10 hrs of my time and $250 a month. You also have the added benefit of 10/20/30 episodes in, someone googles you and you come up as an expert in the industry.
I had a similar issue a while back. It's not easy getting around the lack of inside industry knowledge...
Even though I ended up working on something else, I discovered that the best and most reliable way is to find someone experienced in the industry to have some serious discussions with. You could partner with the person if circumstances are right but at the very least discuss as thoroughly as possible issues around your solution and so on...
Careful though, an unscrupulous person might take your idea and run with it...
If you cant get a trustworthy person to work with, just start. Build it, get it running in some form and get a restore two to sign up as your pioneers or something and use them to get the experience you need. It ain't easy but until you do it, its difficult to really understand it.
Question asked by
June 29, 2020, 2:22:08 AM