How to find new ideas for a startup?

Watch where existing markets end.

You can come up with great startup ideas by observing where existing markets end and expanding that ending.

Photo by Chris Leipelt on Unsplash

Let’s look at the automobile industry for an example. The cheapest brand-new car available in the US right now is about $15,000. This is where the market for a brand-new automobile ends. If someone has less than $15,000 to spend, he/she would buy a used car and not be interested in the brand-new car market by default. This is a great opportunity for someone to come and offer a brand-new car for less than $15,000. This way you can bring many people who were excluded from the brand-new car market to the new market extension created by you.

Expanding the end point of a market doesn’t necessarily mean offering the cheapest product. For a long time, the air transportation market offered services from and to destinations on the earth. Companies like Virgin Galactic & Blue Origin extended this limit by including space as a destination. Virgin Galactic announced that 400 people already put down deposits to fly on the tourist space plane in the future. The cost of one full ticket would be $250,000. That’s 100M in revenue already!

So, look around. See where existing markets stop catering users. There are a lot of undiscovered startup ideas beyond that end point.

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