Problem: Finding new talent is hard (hence the reasons shows like American Idol, America’s Got Talent, and Rhythm + Flow exist).
Solution: A business that connects scouts to local coffee shops, restaurants, or eateries where live-music can be seen as a value-add to consumers and customers. These scouts would come from global music agencies who are looking for the next generation of talent (or, perhaps, the next generation of coffee shop talent). This business would serve as the middle-man to both provide exposure for up-and-coming artists while also providing a service to businesses that need to find and nurture new talent.
While it’s hard to estimate the size of the market there are a few notable comparisons, such as in the modeling agency (as described by IBISWorld) or by the bureau of labor statistics.
IBISWorld: “The Model Agencies industry has trended upward over the five years to 2019, with revenue expected to increase at an annualized rate of 5.5% to $1.6 billion, including a 2.7% increase in 2019 alone. Demand for this industry's services depends on corporate advertising expenditure, as a significant portion of industry revenue is garnered through commissions and service fees gained from booking models for print, TV, retail and online advertising campaigns.”
BLS: “Employment of coaches and scouts is projected to grow 12 percent from 2019 to 2029, much faster than the average for all occupations. Increasing participation in high school and college sports may boost demand for coaches and scouts.”
Ultimately, this business while in a small market can carve out a niche then transfer to other use cases where scouts are needed. As I see it, the market could be in music, sports, entertainment, modeling, acting, and more. Perhaps the business even expands beyond coffee shops to other physical locations where scouting can be done.
Monetization: Selling this service to scouts, while offering it for free to coffee shops and physical locations.
Contributed by: Michael Bervell (Billion Dollar Startup Ideas)