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The existence of a good idea will not yet make the startup successful, startup development specialist Anil Chhikara (India) told Armenian News – NEWS.am on Thursday.

Many startuppers focus on finding good technical solutions but according to the specialist, more attention should be attached to the issues the given product can solve and how well it is made.

“Even if you create an incredibly cool artificial intelligence, the investors won’t invest money in it simply because it is well-made. The investors and potential clients are interested in what issues the Artificial Intelligence created by you can solve and how effective it can be,” the specialist said.

Anil Chhikara pointed out to three questions, which any startupper striving for success should be able to answer:

1. What issue does your product solve?

2. How important is the solution of that issue for the client?

3. Will that product simplify the life of client?

If you cannot say what issue your product solves, it is perhaps not as successful as you think. If the issue your product can solve is not that important for the client, he may be able to do without your product. And, finally, if that product doesn’t simplify the client’s life but, on the contrary, creates new issues, he will most probably not need it. According to the specialist, both the potential clients and investors always pay attention to these three factors.

Apart from this, no less important is to present the potential clients and investors not only the good idea but also—if possible—the final product, which can be tested.

“Nobody will invest in your ideas unless you are, of course, a famous person like Elon Musk. If you have already had famous and successful startups, investors will be ready to give you money for implementing new ideas. But if nobody knows you yet, you shouldn’t hope to find investments easily, not having the ready product or its prototype. Some people think that if investors give money to people like Elon Musk, they will be able to find investments easily as well. Such people forget what path Elon Musk and others passed to achieve what they have now,” the specialist said.

Anil Chhikara has arrived in Armenia to take part in the annual Sevan StartUp Summit, which is held on the beach of Lake Sevan from July 24 to 31. Over 1,000 participants, including 100 startups and teams of developers, investors, venture companies and mentors from over 10 countries of the world, take part in the event.

The format of the summit is unique: during seven days all the participants, including the mentors and investors, share their household, communicate and participate in different competitions and events. Consequently, new companies will be established and many projects will be able to find investors and enter the market in the near future. Moreover, there will be competitions, whose winners will get over 20 monetary and other prizes.

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