How to Name Your Startup: Proven Strategies Every Founder Should Know

So you have this unique business idea for a startup. After a long thought, you are confident this is going to be the next big thing, the kind that could disrupt the industry, scale fast, and maybe even reach unicorn or IPO status. But there’s a problem, a simple one that can quickly turn into a major headache: you have to name it.

So you start brainstorming a bunch of random names, running them through domain searches, asking family and friends for suggestions, yet nothing seems to click.

Welcome to an entrepreneur's first nightmare.  

Naming a startup can be a very challenging task, and if not approached strategically, this process can become mundane, which is not a good start. 

The reason you are stuck isn't a lack of creativity, but perhaps you are approaching this all wrong. You might be thinking, "It's just a name, right? Something catchy will do." You just want to get this out of the way so you can focus on getting started with the "real" work of building your business.

But as a new founder, you can't afford to leave this crucial decision to chance. You have to be intentional and strategic about every minutiae decision you make concerning your startup, this will pay off big time in the long run.

Think about it: have you ever been turned off a product or service simply because its name sounded strange, silly, or unprofessional? There are some business names that just don't inspire confidence or make you want to be associated with them. You definitely don't want your potential customers to have that reaction to your startup. Remember, in the business world, first impressions are incredibly important.

A good business name should be:

• Distinctive: It stands out in your industry and avoids confusion with competitors.
• Memorable: It’s easy to pronounce, spell, and recall.
• Relevant: It speaks to your mission, values, or product offering.
• Available: You can secure the domain, trademark, and social handles.

There are proven and tested ways to go about it. 

Let’s look at the two main methods;

Method 1: The Fast Track: Naming It After Yourself

This is a classic and often effective method that has stood the test of time. Think of iconic brands built on personal names. However, it's not always as simple as just slapping your name on your company. This approach often works best for:

• Families with Strong Reputation and Background: If your family name carries weight, whether it's due to financial success, political influence, historical significance, or general popularity, using it can give your startup an immediate advantage and a sense of established credibility.
• Founders with Influence and Recognition: If you're already well-known and respected in your industry, have strong connections, or your personal brand has value, leveraging your name can transfer that positive association to your new venture.
• The Exception to the Rule: Of course, there are exceptions. Maybe you just happen to have a truly memorable and marketable name that you believe will resonate with your target audience.

Here are some examples of companies that took this approach:

• Hewlett-Packard (HP): A straightforward combination of the last names of its founders, Bill Hewlett and David Packard.
• Ford Motor Company: Named directly after its pioneering founder, Henry Ford.
• J.P. Morgan Chase: Named after the influential founder, John Pierpont Morgan.

Method 2: The Strategic Route: The Backstory Method

If naming your startup after yourself doesn't feel right, or you don't fit into those categories, don't worry! There's arguably an even more powerful approach: strategically crafting a name that deeply resonates with your startup's core identity and values. This is my preferred method, one I frequently employ, and I call it The Backstory Method.

This method leveraged the power of narrative, similar to how many successful companies like Nike, Apple, Facebook, and Amazon have names rooted in compelling stories. You've probably heard some of these stories.

To help you brainstorm the perfect name for your startup, let's look at these “three iconic backstories” that can offer valuable inspiration and a solid starting point:

Durex – Built on Core Values

During the STI pandemic era, a British company emerged with a mission to create a product that would make people feel safe. They identified three core values – Durability, Reliability, and Excellence – which were critical to the success of their product. To emphasize the importance of these values, they concatenate the first two letters of each value into a single, sleek brand name: Durex.

Google – A Fortunate Mistake

In 1996, 2 Stanford University students developed a search algorithm with the help of their professor. They came up with the name “Googol,” meaning 10 to the power of 100, which made sense for a company that wanted to emphasize the vast number of search results it could deliver within a possible period of time. However, due to a typo, the domain name was registered as "Google." Looking at the name, they liked how it sounded and looked more than the originally proposed name. It was then decided that the name of the company would be Google. 

Inter Milan – Inspired by a Situation

In 1891, an English man named Herbert Kilpin moved to Italy Turin to work in the textile industry. He founded the first fully professional Italian football club, named Internazionale Torino.

Internazionale Torino would go through a number of iterations before dissolving in 1906, allowing the birth of the current Serie A side, Torino

In 1898, Kilpin moved to Milan and, together with another English-born player, Samuel Richard Davies, founded AC Milan, originally known as Milan Foot-Ball and Cricket Club.

That club (AC Milan) would become hugely successful. They would win the national title in 1901, in the club's second season of existence.

But there was an internal problem; some members of the board were not happy with the club's policy of only signing and fielding Italian players.

After numerous arguments and misunderstandings, A splinter group, comprised mostly of Italian and Swiss players, left AC Milan to establish their own local football club

This new club will be named "Internazionale Milano," which translates as "International Milan," popularly known as Inter Milan.

Conclusion: 

These stories showcase three different ways most top companies got their names

Durex was meticulously crafted and demonstrates the power of deliberate planning

Google was a lucky accident that arose from a fortunate mistake

And Inter Milan was inspired by a specific situation the founders faced

Let these 3 examples ignite your creativity! Each one offers a unique approach to inspire your naming journey.