The idea is very different from the work you'll be doing to implement it. So this #8("Expected Long-term Passion") is a REAL requirement.
For example: you love adventure sports and want to create a marketplace for adventure sprots. The truth is you WILL NOT be doing any adventure sports during the next 3 years. You'll be doing marketing, getting partners to give discounts, sales etc ... On top of that you might have to pivot to doing something only slightly related.
OR for another example: you want to create a nutritional tool that will help people lose weight. You think it will be getting together great nutrtional content and showing it to users is a meaningful way but instead it could involve creating better image recognition of foods.
Also as soon as you take money, your locked into the idea and need to see it through or your never going to work in this town again. Investors hate one thing more than anything else - low effort.
I've just been through all this so I've finally reazlied that "passion" is VERY VERY VERY necessary.
So in addition to all of the above requirements for an idea, it should also satisfy the following :
"If I do this and it fails - I'll still be VERY HAPPY that I spent the last 2 years of my life doing this."
For example: you love adventure sports and want to create a marketplace for adventure sprots. The truth is you WILL NOT be doing any adventure sports during the next 3 years. You'll be doing marketing, getting partners to give discounts, sales etc ... On top of that you might have to pivot to doing something only slightly related.
OR for another example: you want to create a nutritional tool that will help people lose weight. You think it will be getting together great nutrtional content and showing it to users is a meaningful way but instead it could involve creating better image recognition of foods.
Also as soon as you take money, your locked into the idea and need to see it through or your never going to work in this town again. Investors hate one thing more than anything else - low effort.
I've just been through all this so I've finally reazlied that "passion" is VERY VERY VERY necessary.
So in addition to all of the above requirements for an idea, it should also satisfy the following :
"If I do this and it fails - I'll still be VERY HAPPY that I spent the last 2 years of my life doing this."