For context, this one was about an email marketing tool.
I Lost over $200k
21–30 of 57 posts
Re: I Lost over $200k
#22> We trusted our team blindly. What happened?
My ex-CTO used my resources to build something else. It was my fault that I trusted blindly.
Re: I Lost over $200k
#23It would be nice to know how you actually lost it, before diving into advice.
Most of the funds were lost into building the product.
Re: I Lost over $200k
#24> We trusted our team blindly. What happened?
Gut feeling: the work was outsourced / off-shored, and the team was a set of "outside" developers.
Re: I Lost over $200k
#25Your mistake is classic, you didn't have a product, then released a pile of shit and failed. Build a solid working product before anything else, and get to at least parity with your 'competition' before releasing, and obviously test it.
It was definitely an expensive mistake but I wouldn't be where I am without learning from these mistakes.
Re: I Lost over $200k
#26Our startup import export business lost about $5MM in one transaction over Covid when the Vietnamese mafia / corrupt factory decided to say YOLO and keep our cash. Still haven’t recovered anything.
I am so sorry to hear that.
Re: I Lost over $200k
#27It's good general advice, though every tip of course has many counterexamples. I think the reality is startups are hard and also require luck.
I think what startups truly need is patience and a good mentor who have done it in the past. Most startup want to break things and move fast, burn capital. Instead, startups should move slow initially. Spend the first 5 years in the build phase and the next 5-years should be the growth phase.
Re: I Lost over $200k
#28How many did you hire?
Re: I Lost over $200k
#29All great advice, but maybe a bit overindexing and fighting the last war?
>fighting the last war?
Why? What is different now?
Re: I Lost over $200k
#30I like #7 very much. One should talk a lot about your concept before building it. Don’t worry about anyone stealing your idea.