An angel investor who has backed nearly 500 companies reveals the 2 criteria your business idea must meet to turn into a billion-dollar startup
Accounting software startups and enterprise tech firms like Salesforce may not be as sexy as SpaceX, but they do create a considerable amount of value.This story is available exclusively to Business Insider subscribers.Coming up with an innovative business idea that has billion-dollar potential is extremely challenging.
If you ask Charlie Songhurst, angel investor and former head of strategy at Microsoft, he'll point to a set of critical questions that startup teams should ask themselves as they develop a business., Songhurst said winning businesses share two key traits: they solve someone's problems, and they avoid ideas that are simple or obviously exciting.The central question every founder needs to ask themselves is whether they are solving a real problem for a group of people.
Successful founders have strongly positive answers to this question, but that only gets them part of the way to viability.While there's certainly no shortage of problems to solve, some naturally garner more attention than others.
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