Another day, another "revolutionary" startup idea. It's like watching a never-ending cycle of pitch decks and valuations. The world is brimming with problems, and the startup ecosystem is teeming with solutions, or so it seems.
But here's the harsh truth: most of these ideas are just shiny objects. They look promising on paper, but the devil is in the details. Execution, team, market timing, and a sprinkle of luck are the real ingredients for success.
I've seen countless startups pivot, pivot again, and eventually fade into obscurity. It's not about the idea; it's about the ability to build a sustainable business around it.
So, next time you're brainstorming that "next big thing," remember this: it's not about identifying an unserved need; it's about creating a product or service that people are willing to pay for. And that, my friends, is the real challenge.
#startuplife #entrepreneurship #realitycheck #unservedneeds #innovation
It's good that you mentioned market timing. Most people think, if some "business leader" built a business in the past he/she will be able to replicate the success again.
What goes unnoticed is, the market evolves, so does the competition and the barriers become higher/costlier to jump across.
These unserved needs and ideas from our daily life experiences mostly happen to be at the "bottom of a pyramid" non-revenue generating trash that sounds good only on paper. The top of the pyramid is the magic where all the moats of network effect, technology, brands etc. exist.
You are absolutely right buddy about the critical role of market timing. Identifying an unserved need is just the beginning; capitalizing on it at the right moment is where the magic happens. Post to that we have to align the product with changing consumer behaviour and market dynamics.
But nevertheless, a new product can arrive and solve the actual underlying needs (prevalent in your bottom of pyramid) where the real pain points of the consumers live and a new market can be created thus. So for founders if the control remains in the context of the right product market fit alignment, I am sure the idea/product/its physical manifestation in tech language will appeal more to customers. But that's not the end of the story. Of course it will have to go through continuous iterations.
I have been investing now for 10 years+ at a $100mn Fund. If you have ever thought of starting up, do spend 5 mins reading this.
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