Spoiled for choice: the ideal startup name
24.08.2015
Every startup needs a name when you start talking about it with other people - but at the latest when the launch is approaching. Unlike a baby, the name of the startup baby must be unique due to the risk of confusion and trademark rights.
Startups rarely have the money to hire a creative advertising agency to find the optimal brand. How should you go about finding the right startup name without professional support? I try out different strategies, which I will briefly discuss in this article.
Startup name derived from an existing term
Many startups choose a brand that is closely based on an existing term or adopts an existing term: "Flickr" to "flicker", "WhatsApp" to "What's up?", or "Google" to "Googol".
This strategy can be promising:
The term is already known and is therefore easy to remember
The term describes the startup’s business model in one word and is also a mini-pitch
The slightly modified spelling attracts attention
The domain and the trademark are probably not yet protected
But the disadvantages are also obvious:
The slight adjustment of the spelling can also be confusing: many first-time users could enter the name incorrectly and end up with a different offer
After a change in the business model, the name might no longer fit if it restricts the business model too much
There may already be a high volume of searches for the term, which makes SEO more difficult
Word combination as a startup name
“duolingo”, “SoundCloud” or “LendingClub” are examples of brands made up of word combinations.
The business model can be described in two to three words
The combination of words makes it easier to come up with a fresh company name
A combination of words is easy to remember
However, there is a risk that the name will be too long. This must be avoided!
Fantasy name
My last startup RayneerI named him after my good friend Ray, as compensation for the less flattering nickname Rainer. Investors and users regularly asked us what the name meant - and the story behind it always caused a laugh.
What a fantasy name speaks for:
It is very likely that the name has not yet been used up
The brand can be “filled” with values as desired and from now on represents to users exactly the value proposition that they want to convey without being diluted
Ideally, there is a story behind it that can be used in pitches, the media (journalists love stories!) and on the "About us" page
Of course there are also disadvantages:
There is a risk that the target group will not be able to remember the name because it is too complicated, unpronounceable or difficult to write
It is not possible to link the brand with the value proposition
The name can quickly sound ridiculous
Use an existing term and put an "e" or "i" in front of it
“eBay” or the “iPhone” have shown the way: you can of course simply put an “i” or “e” in front of an existing term and the perfect startup name has been found. Of course this can work, but only in 1994. Hands off!
What criteria do I use to name my startup?
I'll probably name my next startup after a made-up word. Rocket Internet seems to be quite successful with the combination of three syllables ("Zalando", "Lazada", "Zalora"). At first glance, these names take a bit of getting used to, but they are completely new and can be remembered and written after marketing efforts during the brand introduction.
My personal criteria are:
The startup name must be short and catchy
It must be immediately clear how the name is pronounced
It must not be used up yet
The brand must be able to be “packaged” with the values of the startup
Compatibility with other language areas is essential - scaling should be kept in mind when choosing a name!
I keep a list of about 50 name ideas that I add to as soon as I think of a combination of words or syllables.
What criteria do you use to name your startups? How do you stimulate the creative process? Do you use a slogan or do you do without it? I look forward to an exciting discussion and shares on Facebook, Twitter or here in the blog.