EP 038: How to come up with a “why didn’t I think of that” business idea

Wondering what happens when you immerse into a problem long enough to spot opportunities right in front of you eyes?
 
I sat down with Chris Riley from TIKD (@gettikd) to hear how he’s taking his team’s track record of success in the energy industry and applying it to a tech startup with massive opportunity in an area we can all relate to – traffic tickets!
 
Chris shares his biggest lessons as an entrepreneur, including:
– the importance of giving yourself permission to come up with bad ideas
– how to unlock opportunities that make people say “why didn’t I think of that”
– why having a keen eye on cash flow is a cornerstone to building a business model that works
 
Keep an eye on this Miami startup that has momentum and interest from top venture capitalists and others; some fantastic lessons to learn from Chris and his team at TIKD, not to mention a new and convenient way to save big on those traffic tickets and keep points off your record.
 
Highlights
 
1:45 – How Chris and his team have launched entrepreneurial ventures in area where they have no experience
3:40 – How Chris’ experience getting a speeding ticket spawned the idea for TIKD
5:45 – How he immersed into the intricacies of the traffic system to identify the areas of opportunity
7:00 – The importance of using data to validate the business idea
8:30 – Why to be okay coming up with bad ideas
9:15 – How he and his team evaluate ideas and decides which to pursue
11:15 – Why they aren’t seeking investors at the moment
15:00 – How TIKD makes handling your traffic tickets cheaper, faster, and risk-free
18:30 – How to evaluate the cash flow attractiveness of a business
20:15 – Thoughts on using an overseas developer versus a US-based one
22:15 – Who they view as the competition
23:40 – How they’ve decided on rolling out geographically – local vs national
25:45 – Thoughts on business model risk vs execution risk
29:15 – Closing questions: best advice received, book recommendations, pros/cons of doing business in Miami, what he’d do with $500 and brand new to Miami
 
Mentioned in this episode
 
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