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Do I need to have a business idea I plan to pursue prior to apply?

November 09, 2020

No. We’ll have a process to help you come up with ideas through some of the pre-work and first few days of the program, though we emphasize the value of solving a real problem over the specific idea. The process will guide you in keeping an open-mind as you search for opportunities that fit within your passions, skills, and current market trends. We’ll teach you how to critically assess these opportunities and adapt your chosen opportunity to improve viability and value. You may come in with an opportunity you have already started, though other students will have to want to pursue it in order for a team to move forward with it during the program.

It’s important to remember that while it might be your original opportunity, you are now working with a well-equipped team of brilliant peers with whom you need to find a common vision of success—both for the summer and for the continued growth of the company. Ideas are a dime a dozen, with most having been thought of or even worked on before, so success comes down to execution. To execute well, you need all the skill sets of your team.

If you do come to LaunchX with a business idea, keep an open mind and be willing to adapt in response to new market research and new ideas. Almost all ideas change from their origination to actual implementation, especially in successful companies, and your teammates will be well positioned to bring a fresh perspective. Humility and openness to feedback is key.