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I wasted $40k on a fantastic startup idea (2020)

blog.tjcx.me

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Re: I wasted $40k on a fantastic startup idea (2020)

#31

Post by a1371 »

This was a fun read, but I think it came to the wrong conclusion. The real issue imo was "I had practically only weeks of runway". You just don't have time to make it happen.

As a fellow start up founder, I see most of my job being just buying time for the business. Buying time to make, to talk, and to think.

It wasn't like the tool had no value to Susan, maybe with a booth at her go-to annual expo, mentioning a few past lawsuits the tool could avoid, and an affinity partnership with her industry association, the tool would have become a fact of life for her.

It's a lot of work, I'm not denying that. Yet, this is the sort of thing YC's idealized startup stories often fail to say. If "instant Product Market Fit" is so good, then how come practically every new high flying SV startup is using loads of VC money to "bend the market to the product"?

Exciting Startups have to venture far, it's not about "we let you buy your potatoes online" anymore. Chances are you won't get deals by talking to people once. I wouldn't say that means your idea is bad.

Re: I wasted $40k on a fantastic startup idea (2020)

#33

Post by dskrepps »

theianjohnson wrote: post #8

Way too long before testing any sort of product market fit, but I'm surprised the author didn't think to pitch to insurance companies.

What about the right congressman? Find whichever one's constituents are most likely to vote based on health related legislation, and try to suggest they get it adopted by a government agency. Through political ads people can see they immediately support the idea, visit the platform as-is, and that will influence their vote. Even if legislation doesn't ultimately get through that's still a lot of attention. Goes for any elected position whether it be federal, state, or even some smaller board of some kind. Pitching voter influence is a much stronger drive than simply suggesting people pay for something.

Re: I wasted $40k on a fantastic startup idea (2020)

#35

Post by whimsicalism »

ilamont wrote: post #26
Barrera wrote: post #15

The main reason this didn't work is that the founder didn't identify a customer willing to spend money . A lot of startups fail because they never identify a customer. Or even a problem. This one failed because before writing a line of code the founder did not take the next step and ensure that the prospective customer was willing to spend money on a solution. This is why so many failing startups try to pivot to two-…

That's right. A lot of founders don't make it to #3 in your list, or they only get the "make something people want" part. It's not enough. Build something people want and will pay for . Not just say they want. Not just say they'll pay for. Make something that they see and will immediately take out their cash/cc/paypal/venmo and pay for on the spot .

I've noticed this a lot - I think people are far too quick to take face-to-face positive feedback at, no pun intended, face value.

To me, it seems like a pretty elementary mistake, but I think that oftentimes people are more subconsciously desiring external validation than accurate assessments.

Re: I wasted $40k on a fantastic startup idea (2020)

#36

Post by glitchc »

theianjohnson wrote: post #8

Way too long before testing any sort of product market fit, but I'm surprised the author didn't think to pitch to insurance companies.

Mismatch of incentives I think. Insurance companies and drug companies may not be interested in evidence-based selection. I suspect they would prefer biased results i.e. insurance would want the cheapest and deug companies would want the most revenue generating. Neither may be the optimal choice for the patient.

Re: I wasted $40k on a fantastic startup idea (2020)

#37

Post by snarf21 »

Barrera wrote: post #15

The main reason this didn't work is that the founder didn't identify a customer willing to spend money . A lot of startups fail because they never identify a customer. Or even a problem. This one failed because before writing a line of code the founder did not take the next step and ensure that the prospective customer was willing to spend money on a solution. This is why so many failing startups try to pivot to two-…

Ideas are nothing. Execution is everything. Scale is unlikely.

Re: I wasted $40k on a fantastic startup idea (2020)

#38

Post by slowhand09 »

Barrera wrote: post #15

The main reason this didn't work is that the founder didn't identify a customer willing to spend money . A lot of startups fail because they never identify a customer. Or even a problem. This one failed because before writing a line of code the founder did not take the next step and ensure that the prospective customer was willing to spend money on a solution. This is why so many failing startups try to pivot to two-…

Can't see it at work. But sounds like a "Cool product Bro!" rather than a "Take my money" product.

Re: I wasted $40k on a fantastic startup idea (2020)

#40

Post by throw10920 »

ilamont wrote: post #26
Barrera wrote: post #15

The main reason this didn't work is that the founder didn't identify a customer willing to spend money . A lot of startups fail because they never identify a customer. Or even a problem. This one failed because before writing a line of code the founder did not take the next step and ensure that the prospective customer was willing to spend money on a solution. This is why so many failing startups try to pivot to two-…

That's right. A lot of founders don't make it to #3 in your list, or they only get the "make something people want" part. It's not enough. Build something people want and will pay for . Not just say they want. Not just say they'll pay for. Make something that they see and will immediately take out their cash/cc/paypal/venmo and pay for on the spot .

> Not just say they want. Not just say they'll pay for.

This is big - lots of people (on HN and other places) say that they'd pay "$x for y" but aren't actually willing to.

I feel like I saw a post that had some pretty good evidence of the disconnect between those two things but I can't find it.

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