Startups From Finland: Open Problem Bank - Good Idea Waiting To Become Modest Failure
Open Problem Bank is a Finnish startup in pre-alpha phase, seeking seed funding and recruiting staff and board members. The company is hoping to create a crowd-sourced database of technical problems of any kind. From the Open Problem Bank website:
Open Problem Bank is a project that aims to collect open technical problems into a searchable database for the public to use freely. People are invited to submit problems into the bank. The problems submitted in the bank should be ideas of devices that somebody could design and build. You don’t have to know how the device you have in mind works, you just have to know why it would be needed or why it would be useful.
The company is founded earlier this year by a Finnish Business Intelligence Specialist Nisse Suutarinen who has been very kind in posting a preliminary business plan on their site. The business plan reveals that they are seeking a seed funding of 50000USD, which would give an investor 25% of equity. The same 50k would also cover the costs of getting the service to beta and also running costs for the first year. Doesn’t seem that much, does it?
Good idea, what about the execution?
The idea of the Open Problem Bank is good. The idea was awarded at Cambrian House, a site that is focused on developing crowdsourcing-based companies. I just feel that Mr. Suutarinen is aimed too low in his plans. There should be more effort put into developing a good idea into a successful business than can be found in his plans. Open Problem Bank will probably find its 50k and develop into a modest one man business before fading away into the ever-expanding sea of unsuccesful executions of a good ideas. I hope Mr. Suutarinen proves me wrong. All the luck in your efforts Nisse.
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