Do I Need A Startup Idea?
By LaunchX Team
November 25, 2020
LaunchX students are eager to start their own companies. They often wonder how they can choose the best business idea, and what their company and offering will be.
Will it be their own idea? Should they already have an idea for the company they want to build before they arrive at LaunchX? Might they work on one of their peers’ ideas?
We’ll run through some of the most frequently asked questions, helping applicants prepare their applications, as well as prepare for their onboarding and the first week of LaunchX.
Do I Need To Have An Idea When I Apply?
No, you do not need an idea to apply. We have a process to help you identify potential business opportunities and problems to solve through the pre-work and first few days of the program.
Can I Work On My Own Idea Or Business When I’m At LaunchX?
You might be able to work on your own idea or business at LaunchX, though there are some things to keep in mind. All work is done in teams of 4-5 at LaunchX. These teams are co-founded around the ideas which students find most interesting. This means that you may come in with an idea or a business you have already started, but you’ll only get to work on that idea if your team is interested in working on it. Also, the process at LaunchX encourages that you start with a problem instead of a formed idea, since the best businesses start by solving a problem for their customers, so this is also something to keep in mind as you come together with your team.
How Are Ideas And Teams Decided At LaunchX?
It is a combination of input from the students and the LaunchX staff.
The process is as follows:
- Students perform some creative process to generate some potential problems to solve during pre-work.
- LaunchX sets up some (optional) discussion groups and speed meeting sessions sessions for students based on similar types of opportunity interests.
- Students submit a list of their top opportunity interests and potential teammates.
- LaunchX takes these lists and forms well-balanced teams of complementary skills and personalities, with similar interests, drives, and time zones.
If We Work On My Business Idea, Will My LaunchX Teammates Be My Employees Or Co-Founders? How Will We Split Equity?
Work done on any of the companies at LaunchX is considered to be for academic purposes. This means that there is no explicit or implicit agreement about whether teams must share their intellectual property or equity in a new venture that comes out of the program. Teams make these decisions, though we will provide you with some guidance for navigating these discussions. Founder’s Dilemma, by Noam Wasserman, provides some helpful guidelines.
Ready to apply? Submit your application now!