On Dec 1st, startupSQUARE.com will thank it’s very generous alpha users and the support we’ve received from peers and mentors alike before closing our doors and shutting down. Why?
We’ve demonstrated that there is significant demand for this type of service, we have 46% product / market fit based on Sean Ellis’ suggested measurement method, and we have users so enthusiastic about the idea that they just send us money. Still we’re shutting it down. Continue reading
I was recently reading a book by a Vietnamese Buddhist monk (Yes…I really do read books by Vietnamese Buddhist monks. No, I’m not Buddhist.) when I came across this section that struck me:
When I think deeply about the nature of hope, I see something tragic. Since we cling to our hope in the future, we do not focus our energies and capabilities on the present moment. We use hope to believe something better will happen in the future…Hope becomes a kind of obstacle. – Thich Nhat Hanh Continue reading
(warning: this post may be highly theoretical / geeky)
Last week I was planning for the worst. Having gone through 51 iterations of my mockups and gathered as much as feedback as I could with our primitive alpha, I feel confident about our basic customer problem hypothesis. Still, I play a lot of chess and like to think at least five moves ahead in the five most likely futures. So I decided to make a list of my potential pivots.
(note: For those not familiar with the term, pivot is a lean startup vocab word that states in it’s simplest form: If your business model isn’t working, change something. More on this below.) Continue reading
Watching Dave McClure‘s presentation today, I started to think about how a lot of the lean startup and customer development folks talk about creating the Minimum Viable Product (MVP), Release Early / Release Often, Product / Market Fit, Pivoting, etc., etc., but there’s very little talk about choosing your market or your product strategically. (At least not that I’ve noticed, feel free to correct me.) I’d like to read that blog post.
A lot of the advice out there ultimately mitigates risks. Here is my horribly unfair summary:
- Minimum Viable Product (MVP) – Spend less on creating your product, therefore you are risking less time and money on a bad product.
- Release Early / Release Often – Learn in small increments, therefore you are risking less time and money on a bad product.
- Product / Market Fit – Either change your product to fit the market or choose a different market for your product before you start spending money on marketing, therefore you are risking less time and money on a bad product.
- Pivoting – If you have a bad product, change it to something else.