Originally posted on the Rockies Venture Club Blog
Entrepreneurs have a unique ability to see opportunity in the problems others face, and they are irresistibly drawn in by the desire to create, and sell, solutions to those problems. This is the guiding principle behind the upcoming 10-10-10 event in Denver, which will bring 10 would-be CEO’s to town for 10 days to brainstorm solutions to 10 big problems. The goal is not just to see if participants can come up with feasible solutions to the problems, but to go beyond that by turning one or more of those solutions into successful startups led by members of the group.
The brainchild of Denver entrepreneur and Vokl founder Tom Higley, the 10-10-10 is an experiment to see whether the creative genius that leads to startup success can be reproduced in a laboratory environment. Along the way, the event will highlight the positive business climate and culture of the Denver area, which was already given a boost recently when the SBE Council named Colorado one of the 10 most entrepreneur-friendly states.
The 10-10-10 is not a business plan competition; instead, it is about collaborative business plan creation. When CEO level entrepreneurs apply to participate, they will identify a problem they’d like to discuss with the other participants. They won’t suggest a solution in their applications; those suggestions will come during of a 10-day working session in Denver during which all 10 participants work on all 10 problems. If a feasible path to a solution emerges for one or more of the problems, it will be developed into a business plan.
The focus will be on big problems, as bigger problems lead to bigger opportunities. Since a primary goal for this exercise is to start one or more profitable businesses, applicants will need to provide proof that large companies or groups of consumers are willing to pay for a solution to the problem the applicant describes. That means charity projects are out (sorry Jimmy Carter, but if all goes well the participants will be in touch after their exits).
So, will it work? Like any experiment, or any startup for that matter, 10-10-10 has its risks. 10 days is not a long time to come up with a solution to a major problem, and participants won’t have much of an opportunity to gather additional information to flush out the details of their proposed solutions. Lots of problems seem easy to solve until you look at the details; hence the ubiquitous pivot.
However, there is something to be said for taking a step back, putting your head together with a group of smart people with access to capital, and looking for good opportunities that others have missed (I refuse to use the term “low hanging fruit”). How many times have you asked yourself, “why didn’t I think of that?” after you see someone strike it rich for rebranding off-the-shelf paint as liquid paper or repurposing a small box as a humane mouse-trap? There are so many solvable problems out there that I think a group of successful entrepreneurs with resources should be embarrassed if they don’t knock a few off and make a bundle in the process. Just don’t forget Jimmy on your way home from the bank.