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We have a funded startup but no product

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We have a funded startup but no product

#1
We had to kill our original startup idea.

Now we have 60K left, we are two founders (Developer & Business) and we have an outstanding advisory/angel board.

But we are kind of bummed. It's crazy. And funny. And sad. But we don't know what we should build now.

You come up with tons of startup ideas while you're in school, college or working at a company. But when you have to come up with something because you have funding and an awesome team behind you, then there is emptiness.

We expected a lot of things when we started our startup, but not this.

What can we do?

Re: We have a funded startup but no product

#2
Take a long weekend, go get drunk, walk along a beach, climb a hill.

Don't touch a laptop or a iphone till Monday.

On monday, walk into the room with all your team, and brainstorm. They will have ideas. You will have ideas. Some you might like. By Lunchtime Monday, choose one and run with it. Get the 'enter your email' site up by Monday 9pm, and post a link here.

Here is one for free. :

Dealer app.

You 'throw' yout iphone in a mechanics grip like you are really dealing cards. THe card flicks out of the iphone display and 'lands' on the display of the other iphone sitting on the table across from you. Repeat to the phone on his left etc. Sell the engine to poker sites.

That idea is feasible, but its probably not right for you. But the main thing is get your of your head, you are probably a little burnt out. Get any idea that excites you and release something - you need the endorphins.

Re: We have a funded startup but no product

#3
I call this situation an "empty nest" situation- a company ready to go gangbusters but with an idea that they know won't work, so they're stuck.

The solution's straightforward- there are hundreds of would-be solo founders or founder duos that have a brilliant idea, are pitching their heart out, and not getting any traction.

Network like the dickens for the next 30 days, go to pitch events, etc., and find people where you can say "they're going to go far" and "I could work with this person", then pitch _them_ your empty nest.

Re: We have a funded startup but no product

#6
post #4

Why did your old idea die, if you don't mind me asking?

We wanted to make spontaneous meetups happen. However, our real world is not made for spontaneous meetups. You have to spam about 70 people to find some people to meet spontaneously. And if you only have 10 friends near you, chances are not good that a spontaneous meetup will happen.

Re: We have a funded startup but no product

#7
Coming up with an idea is hard. There are no shortcuts. Your original idea was not great. Clearly your board and your investors believe in you. Likely in their heart of hearts, they probably expected the FIRST idea to fail.

Now is exactly when they expect their ROI. So, do what YOU think is right. Get out of your comfort zone if you have to (maybe you already are). Search, brainstorm, seek.

You have investors because they believe in you and trust you with their money. Do not let them regret it. My guess is that you're already well equipped to pivot and find that next idea.

Tactically: Follow the money. In your previous effort - how did the money flow? Who paid who and for what? What were the pains or frictions involved with exchanging money. Solve that problem if it's possible.

Spontaneous meetups are probably reasonable at conferences, or colleges, or fairs. Can you pivot to a particular niche?

Re: We have a funded startup but no product

#8

How the hell did you get get somebody to give you money. I have a product but no money, want to trade places?

Meet with VCs, Business Angels, Founders, etc. for some months regularly and keep them updated about your startup, maybe work with them on a project, do some freelancing for them or become an employee at their company. Then they get to know you and your skills. Then pitch them an idea that gets them exicted that they themselves can understand. Something in their space.

Re: We have a funded startup but no product

#9
post #4

Why did your old idea die, if you don't mind me asking?

We wanted to make spontaneous meetups happen. However, our real world is not made for spontaneous meetups. You have to spam about 70 people to find some people to meet spontaneously. And if you only have 10 friends near you, chances are not good that a spontaneous meetup will happen.

Yes that is tough.

Maybe you could create a kickstarter for meetups? Someone can schedule a meetup, and depending on how many people sign up the meetup either does or doesn't happen? It's very hard for my local subreddit to schedule meetups, but if people could just throw out dates then it would be much easier. I'm not sure what the monetization strategy would be, though.

Re: We have a funded startup but no product

#10

How the hell did you get get somebody to give you money. I have a product but no money, want to trade places?

You need to know how to play that game. It can be a lot of time investment, but like my dad always said, "People aren't going to call you and offer you a job, you need to go to them."

The same is true with VC funds.

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