Enter the characters you see below Sorry, we just need to make sure you’re not a robot. Menu IconA vertical stack of three evenly spaced horizontal lines. We want to hear about, learn from and even replicate what they’ve done. However, this survivorship bias is problematic. Luckily, the what Is The Point Of Collection Companies Money On community often courageously shares their stories — even when things don’t end well.
Excerpt: There was no doubt about it: I had discovered The Next Big Thing. Like Edison and the light bulb, like Gates and the pc operating system, I would launch a revolution that would transform society while bringing me wealth and fame. I was about to become the first person in America to sell condom key chains. Excerpt: Even before we launched, we heard about other people working on similar ideas, and a slew of companies soon launched in our wake. From that point forward we were considered in second place at best, and they overshadowed our site and everyone else’s, too. A bit less than a year later, Wesabe shut down. 3: “We thought, ‘We’ll attack this problem a few years before Microsoft and Oracle notice it and recognize it as a problem. 4: “We would’ve spent another three months head down developing it, without a business model or any way to keep paying the rent. Facebook would just end up ripping it off.
Excerpt: It’s not about good ideas or bad ideas: it’s about ideas that make people talk. And this worked really well for foursquare thanks to the mayorship. If I tell someone I’m the mayor of a spot, I’m in an instant conversation: “What makes you the mayor? That’s lame, I’m there way more than you” “What do you get for being mayor? Compare that to talking about Gowalla: “I just swapped this sticker of a bike for a sticker of a six pack of beer! Yes, I am still a virgin”. Excerpt: Nouncer wasn’t an easy idea to explain to people 2 years ago, especially since microblogging didn’t exist yet. Twitter, Jaiku, Pownce, and other services were introduced while Nouncer was being developed.
As Twitter received more attention, clones showed up everywhere. My decision was not to compete with a new and already crowded space, but to find a different angle. Excerpt: Then came the coup de grâce. The idea was tired a couple of years ago. I couldn’t help but almost chuckle a little bit in embarrassment.
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My million billion dollar idea, was summed up as annoying, and tired a couple of years ago. How could this have slipped by me? Excerpt: I can tell you most of this decision revolved around issues of money, traction, team, and vision: the four essentials of a successful startup. Excerpt: While there are many documents on the web covering this subject, most are written after the fact of success and don’t provide the “holy shit, we just quit our jobs” perspective that is going to be common with anyone who doesn’t have the contacts to get involved with VCs. A year from now this story will either be a testament to our methodology or an embarrassing reminder of all the mistakes we made. Excerpt: For four years we have offered the synchronization service for no charge, predicated on the hypothesis that a business model would emerge to support the free service. With that investment thesis thwarted, there is no way to pay expenses, primarily salary and hosting costs.
Without the resources to keep the service going, we must shut it down. 11: “We didn’t pivot fast enough, we didn’t love it enough, we had too many founders, and we made a lot of other errors. We weren’t in love with the idea or market we were going after, and weren’t core users of our product. We worked really hard getting it off the ground despite this, but it made it more difficult to sustain the energy and to understand the best product choices. 3 of them sympathized and agreed with my decision and 4 of them admonished me and asked me to “hang in there. You know what was the clincher? The first 3 had done startups themselves and the latter 4 had not.
The latter 4 did not really understand the context, even though they meant well and are intelligent folks. We should have asking, “Is there an even simpler version of this product that we can deliver sooner to learn more about pricing, market size, and technical challenges? Post-Mortem Title: Lessons from Kiko, web 2. I just think we were too slow at times, and focused on the wrong thing at times. I think Kiko is still a good idea that can yield a lot of value to its users, but I won’t be the one to take it there. 15: “No one was working full-time, we lacked marketing skills, we screwed up our chances of getting bought, and our business model sucked.
Excerpt: The thin line between life and death of internet service is the number of users. For the initial period of time the numbers were growing systematically. Then we hit the ceiling of what we could achieve effortlessly. It was a time to do some marketing. Unfortunately none of us were skilled in that area. 16: “We had too much PR, too much money, and no customer relationships. 18: “If your idea starts with “We’re building a platform to” and you don’t have a billion dollars in capital, find a new idea.
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Excerpt: If I were to do another startup, I’d be stuck with it for the next 4-10 years, it’d have to be profitable within about 2 to avoid running out of money, and this is all in a very uncertain economic climate. And I have no cofounder, so I’d be doing everything myself until I could afford employees, and then I’d have to build a company culture. Excerpt: So the most important thing is to sell – a fact lots of startups forget. Excerpt: I would advise any entrepreneur or investor considering content to think twice, as Howard Lindzon from Wallstrip warned us. Excerpt: Discuss your startup idea with not only friends,but also other people who are quite strangers to you.
I promise you will definitely learn a lot here. The concept of your idea getting stolen is 99. Visit barcamps, hackerspace, geek terminals and bounce your ideas to different people. We failed to do this step and hence overestimated the Singapore market. 70B art market, and then to enable our customers to cooperatively purchase and own the art they loved. Excerpt: No matter how close of friends, how much you trust each other or how good your intentions are, money comes between people and everyone over-estimates their own contributions. Furthermore, founders become highly emotional about their companies.
Thus, the process of negotiating taking back stock from founders is not rational and inherently very difficult. Excerpt: My philosophy was to get as far as possible with a small seed round. To do this, I thought keeping my day job would allow to spend the money wisely on product or marketing actions. At the end of the day, I was doing both things wrong: my day job, and my startup. Excerpt: For one, we stuck with the wrong strategy for too long. I think this was partly because it was hard to admit the idea wasn’t as good as I originally thought or that we couldn’t make it work. If we had been honest with ourselves earlier on we may have been able to pivot sooner and have enough capital left to properly execute the new strategy.
I believe the biggest mistake I made as CEO of imercive was failing to pivot sooner. Excerpt: We could have gone about trying to fix Meetro but the team was just ready to move on. Raising money on the flat growth we had was nearly impossible. Plus I knew that in order to keep the tight-knit team we had built together, we needed to shift focus for sanity sake.