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
Ok…this is less of a lessons learned and more of an outright challenge.
At the last Startup Weekend (#swmobile) the team I joined was called KissMobs. As far as I’m aware, we are the only Startup Weekend team ever to finish the weekend cash flow positive. It could be there are others, I don’t have the stats and I’ll let Franck correct me on this one. We also didn’t pay ourselves any salaries and my dividend totaled enough for a cup of coffee. A bad cup of coffee.
Still, I think every team coming out of Startup Weekend should have this as a goal: A SALE
Wow I’m tired. Tired and energized. In the past few weeks we’ve had the typical ups and downs of every startup. We’ve let in a number of alpha users, got another hundred signed up thanks to a very minor TechCrunch mention, and realized our Minimum Viable Product wasn’t minimum enough.
We started building our site with a basic premise that entrepreneurs were willing to post their pitches to attract co-founders and investment. We confirmed this hypothesis through numerous customer interviews and surveys. We test drove our site with a limited number of alpha users and despite the clunky interface we were pleased by the results. We pushed people through a rather long survey and got an 82.9% completion rate, far higher than we would’ve thought. So we knew that people were willing to fill out some forms.
So you can imagine our surprise when our first chunk of 50 alpha users decided not to post any business ideas or pitches. Oops. Continue reading
It’s been over two weeks since we released a bare bones alpha of our site and started letting people in one at a time. Since then we’ve been through approximately:
- 10 iterations of our “view idea” page
- 6 iterations of “browse ideas” page and 3 of “browse people” page
- 10 “profile” pages
- 8 of our “p-home” page (this is the page you see when you log in)
- 3 “search result” versions
- and a whopping 14 basic template revisions
That’s a total of 51 revisions in 18 days, almost all of which are iterations based on feedback from users without writing a single line of code. 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.