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Ideas are the Only Currency in the New Economy

Build a Company in Two Days: Speed in the IdeaEconomy

January 6th, 2010 · No Comments · Collaboration

With inexpensive access to technology and a talented team, the costs and time required to build a new business from nothing are essentially zero. Here are two recently examples of companies conceived and developed in a weekend.

Mingly

ReadWriteWeb recently wrote about the universal address book startup Mingly.

In November of last year, more than 50 people came together for Startup Weekend Los Angeles. They pitched 45 different entrepreneurial ideas, eventually narrowing them into seven teams. They spent Saturday and Sunday working around the clock to create working prototypes of these ideas with help from an expert panel of mentors, speakers and even lawyers.

Two months later, the company was invited to Twiistup to present to potential investors.

Dr. Hue by 24-hour Startup

IanSanders mentioned a similar story that happened in London called 24-hour StartUp. The team conceived of, designed and built a web site to later be auctioned on eBay. You can watch a time lapsed video of the entire 24 hours with either link. The start up they built and sold was Dr.Hue.com, a shopping by color site. The final price was only $5100 but the project generated a lot of press. Not bad for a weekend’s work.

The key point is that big ideas can be taken to market very quickly with the right group of people. The world is getting faster and smaller. Instead of trying to be the next Facebook or Amazon, maybe entrepreneurs should focus on quick and big gains like these? What do you think?

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