BC STARTUPS
Saved by @zmbnski

Lots of startups get stuck
before they get to Product-Market-Fit.

What would be the reasons?

Here are some, I see on a daily basis. They are related to issues with founders or market (in no particular order):

 1) Founders haven't studied or trained on basic things of startups: idea validation, market validation, customer value-proposition, team-building, product building, basic finance, and total money required to do few iterations.
A: Work for a startup for a few years and learn.
2) Founders are solving a problem that they face in their daily life at home or work and start solving for themselves before checking whether there are others who care about the same problem. After building the product, they realize the market issue.
A: Idea validation failure
3) Too headstrong and think every potential customer can't imagine the value unless they experience the product. Hence, start building the product.
A: If you are deep and know you are at the same league as in Steve Jobs, this makes sense
4) Founders talk to few friends and colleagues and start building a product. After building the product, they realize there is no high demand for the product.
A: Spend month(s) on the problem and not on the solution.
5) Founders take too long to build a product and market changes. For eg, I still see consumer desktop web pitches v/s mobile in India.
A: Cocreate the product with a set of dedicated users or customers.
6) Founders are constantly tooling their product as they are not happy with what they have built and never take the product to market.
A: Co-create the product with friendly customers. At least 5 in enterprise and a group of 100+ in the consumer category.
7) Founders pick a very small and niche market that one cannot build a good and profitable business.
A: Understand market sizing/TAM. If I have to guess, more than 50% fail here.
8) Founders pick a niche and potentially profitable market, but not venture category. Founders think they can raise and burn, but fail to raise.
A: Understanding how angels and VCs think of categories and investment. U can always do frustrated tweets saying "VCs don't get it"...
9) Founders don’t do competitive analysis to understand why their product has a better value proposition than alternative solutions in the market.
A: Very common mistake. Spend 24 hours on Google and you will find every competitor. Benchmark them before you jump on your product.
10) Founders fight among themselves and give up.
A: Most of the founding team come together based on friendship rather than competency. In addition to friendship, there should be a massive respect for competency between each other.
11) Founders identify a great market and exceptional value proposition. But, fail to recruit high-quality product/UX/engineers in building a great product. Or fail to double down on the go2market and dole away an opportunity.
A: It is a sin, in my opinion. Stupidity. Frustrating
What else? There are many other failures, but, most of it is again related to founders OR market-related. Love to hear your feedback.

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Garry()
Garry()
@garrytan
Subtle real advantage nobody talks about: if founders can access deeper pools of capital early/quickly, they can get bigger faster without spawning lots of competitors.

If your startup is real, pitching Sand Hill is sometimes like giving away copies of your treasure map

This advice is seldom given because most of the time and for most founders, you are still better off talking about your idea as much as possible to better understand where the dead ends are in the idea maze. Can’t do that in isolation.

Asking investors what is hot is usually less useful than asking what has worked, and what didn’t work and why? That’s how you can skip ahead and avoid death.

“All I want to know is where I’m going to die so I’ll never go there.” —Munger
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Sharath \U0001f4e3
Sharath 📣
@5harath
From day 1, I intended to build @shoutoutso_ in public, and part of it is to be transparent with numbers, talk openly about our highs and lows, and share lessons as we grow!

I have been doing individual posts on numbers every week so wanted to one big thread with all updates 👇🏽

Week


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Justin Jackson
Justin Jackson
@mijustin
You can't pull the market towards your solution.


Markets move towards desired solutions naturally.

(Like folks lining up for ice cream on a hot summer's day).

Our ability to influence the market is much lower than you think.

It's better to build your product to conform to the direction the market is moving.

Before folks start mentioning Steve Jobs and the iPhone ("Steve built a product we didn't even know we needed!")

Nope.

Steve recognized the market's existing momentum and saw an opportunity.

"Everyone has a cell phone." (momentum)
"But nobody likes it." (opportunity)


Markets move towards solutions on their own; founders can't pull markets over to their solution.

If you're struggling to gain traction, you likely have a problem in your:

- market
- product
- channels

(or all three)
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Patrick McKenzie
Patrick McKenzie
@patio11
There are a *lot* of software shops in the world that would far rather have one more technical dependency than they'd like to pay for one of their 20 engineers to become the company's SPOF expert on the joys of e.g. HTTP file uploads, CSV parsing bugs, PDF generation, etc.


Every year at MicroConf I get surprised-not-surprised by the number of people I meet who are running "Does one thing reasonably well, ranks well for it, pulls down a full-time dev salary" out of a fun side project which obviates a frequent 1~5 engineer-day sprint horizontally.

"Who is the prototypical client here?"

A consulting shop delivering a $X00k engagement for an internal system, a SaaS company doing something custom for a large client or internally facing or deeply non-core to their business, etc.

(I feel like many of these businesses are good answers to the "how would you monetize OSS to make it sustainable?" fashion, since they often wrap a core OSS offering in the assorted infrastructure which makes it easily consumable.)

"But don't the customers get subscription fatigue?"

I think subscription fatigue is far more reported by people who are embarrassed to charge money for software than it is experienced by for-profit businesses, who don't seem to have gotten pay-biweekly-for-services fatigue.
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Paul Graham
Paul Graham
@paulg
A potential danger to America I didn't consider till now. The Bay Area seems to be less attractive to founders. What if this makes America as a country less attractive to immigrant founders? What if instead of going to another US city, they don't go to the US at all?

I know founders don't feel the same need to move to the US that they used to. The question is how much of this is due to the change in their opinion of the Bay Area specifically, rather than e.g. greater optimism about remote work, or decreased interest in the US overall.
STARTUPS

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