Have you heard of the First Principles Thinking? According to Elon Musk, he used the first principles thinking to design a cheap rocket from scratch, and re-use it by landing it back on earth, and with the same principles he revolutionized the electric car industry. Aristotle defined a first principles thinking as “the first basis from which a thing is known.”
Here is how you can use this 3 simple steps of First Principles Thinking.
✅ Step 1: Identify and define your current assumption.
Understand where you are standing currently should be the starting point. If you need to solve a problem, you need to think about the problem. This way you can have your problem defined and boundary set up.
✅ Step 2: Breakdown the problem into its fundamental principles.
Fundamental principles means getting down to the rootcause of a thing, like back to the most basic elements of anything.
The best way to uncover things to its basic is to ask question. You may wanna use the '5 Whys' approach, and if '5 Whys' is not enough to get you to the fundamental principles, add more 'whys'.
✅ Step 3: Build new solutions from scratch
Once you have identified your problems and have broken them down into their basic truth, then you can begin to imagine new insights and turn them into solutions.
Read more about this at: https://jamesclear.com/first-principles
Tomorrow, European Innovation Council (EIC) is opening access to its €10B fund, of which €1B will be invested in EU-based startups in 2021.
To put this into perspective - "Sequoia Capital" has raised €10.3B in 10 years.
EIC can seed up to €2.5M to finish MVP, and up to €17.5M to scale it up.
It supports "patient capital" - investment can stretch up to 15(!) years.
They ask for a 5-page summary, slide deck, and a short video.
EIC will review all applications within 4 weeks and share evaluation results.
Who's up for the challenge?