BUSINESS IDEA | STARTUP

Crowdsourced Decision Software 🗳️

The wisdom of the crowd

Available Domain: inforum.ai

1. Problem/Opportunity❓

The Problem/Opportunity: Netflix is a pretty incredible business. Incredible at ruining my sleep schedule.

But back in 2011 Reed Hastings nearly killed the business. He tried to split Netflix into 2 companies (Qwikster for DVDs, Netflix for streaming) but customers hated it so much that Netflix backtracked. After the error, he designed a new system to help the company to make better decisions by engaging their employees in these big decisions. So let’s create a product to allow any company can do this.

Market Size: In 2023, the software as a service market is estimated to be worth approximately $197bn. That’s about the best proxy we’re gonna get here.

2. Solution ✅

The Idea: A platform which enables businesses to consult their top employees about big decisions facing the company

How it Works:

• The business signs up for the platform and decides what employees they want to be involved in making big decisions. For Netflix it was the top 50-100 employees

• When a big decision is being considered, like a large shift in strategy, each employee receives a description of it and they rate the idea from -10 to 10

• Scores are aggregated and AI summarizes findings which are fed back to senior leadership who can use this input to inform their decisions

Go-to-market: Start by focussing on mid sized businesses with a few hundred employees, prove it works and move to enterprises then

Monetisation: monthly subscription fee per user

Startup Costs: Minimal

3. How You’ll Get Rich 💰

Exit Strategy: Sell to a large player in this space, like Typeform

Exit Multiple: As of April 2024, based on the size of the company, you’d likely exit for 10x - 15x EBITDA or around 5x revenue

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DRUNK BUSINESS IDEA

Fitness Media Player

Are you trying to get shredded for summer? Struggling to keep up your intensity while exercising?

Well not any longer. Our new app links to your media apps like Spotify, TikTok and Netflix and if it doesn’t detect you’re moving, it stops the app playing.

So get a move on or you could be left alone with your own thoughts for more than 20 seconds, a terrifying prospect!

JUST THE TIP

Trend 📈: Deepfakes of the Deceased are Booming

In Chinese culture there is a long history of communicating with the dead. Which is why the market for deepfake versions of deceased loved ones is exploding in China.

Companies offer to take video and audio clips of your deceased loved ones and to create a digital version of them for you to communicate with.

One company that offers this service is Silicon Intelligence. The company has made digital replicas for over 1,000 clients since March 2023 and charges $700 to $1,400.

This market for "digital humans" was worth 12 billion yuan (£1.3 billion) in 2022 and is expected to quadruple by 2025.

Will companies start bringing this service to the west? Only time will tell.

THE MONEYSHOT

Building a $15k p/m Business in 12 Hours

You have 12 hours to kill. What could you do?

You could fly from London to San Francisco (11 hour flight).

Or you could watch the entire Lord of the Rings trilogy (11 hours and 36 minutes).

Or you could be like Louis Pereira and build a $15k per month app that completely changes your life.

Louis works full-time in his family business, but moonlights as an indie hacker. He’s built a number of projects; nicheless.blog, readsomethinggreat.com and audiosurvey.ai to name a few.

But his most successful project began in March 2022.

Back then Louis had an idea. He wanted a tool that could transcribe his voice notes into text so they could be shared.

So he built Audiopen.ai, a tool that does exactly this.

He designed the app in figma and built it with Bubble, a no code app builder. All in, it cost him just $200 to start the company.

He also live tweeted the build which also generated attention on Twitter.

The result?

Just one year later the business is generating $15k per month in revenue from selling subscriptions to AudioPen Prime.

Just goes to show you that you never know what could end up being your big break.

HALF BAKED RECOMMENDATION

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