Learn Startup For SSI: How To Turn Your SSI Idea Into A Viable Business

Learn Startup For SSI: How To Turn Your SSI Idea Into A Viable Business

Tuesday 5M

Convener: Timothy Ruff

Notes-taker(s): Randy Warshaw

Tags for the session - technology discussed/ideas considered:

Discussion notes, key understandings, outstanding questions, observations, and, if appropriate to this discussion: action items, next steps:

Build value incrementally; minimize early costs

• Start with compelling story that projects a visionary future state that is better and credible:
  • Everyone is going to have a digital wallet. These can be shared directly, immediately and privately with others
  • Direct, peer-to-peer relationships will become the norm for secure digital exchange: credentials, money, data
  • No more usernames/passwords
  • This is the way the world is going to work
  • Big players are getting behind this now (Mastercard, Microsoft, IBM…)
  • Most of the world doesn’t know this yet
• Use your story to attract experts you can speak with. Get them engaged. Get them to make your story/vision better: how this can be done for different use cases, in different verticals
  • The better the experts, the better the feedback, the more the story improves
• Talk with prospective customers. Tell them your story. Refine your story. Talk to experts more. Talk to prospects more.
• When you’ve refined your story to the point that prospects say they’d pay for it if you could give it to them, get the people you need to build just that.
• Make a plan to build; go back to prospects and seek confirmation of their willingness to buy. Get Letters of Intent. Even better, get Pre-Orders.
• Raise needed money to build/grow based on above: 
  • expert advice and design
  • customer commitment
  • a highly qualified team that can deliver a focused and needed solution
• Explored above investment options from Angels, Strategic Investors, and Institutional

investors