What would a customer rate the existing solution on a scale of 1 to 10? What would they rate your solution? Your solution needs to be 4 or better for anyone to care. This also means that if the existing solution gets a 6 or higher, it’ll be very hard to replace (e.g. Excel).
@lennysan
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Delta-4 Framework: Evaluating Underserved Market Solutions
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Ingredient 2. The market is underserved Existing solutions need to be doing a subpar job of solving the problem. The founder of CRED, @kunalb11
, has a great framework for evaluating potential new solutions, called Delta-4: -
Problem Size Over Market Size for Venture Scale Ideas
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@hunterwalk has a great framework called LUV to help you here ➔ https://
hunterwalk.com/2017/04/12/why
-i-care-about-problem-size-more-than-market-size/
… Here’s my take on what makes a venture-scale idea ➔ https://
lennysnewsletter.com/p/your-startup
-idea-probably-isnt-venture
… Also, a guide to help you think through your market size from @mvernal ➔ https://
medium.com/sequoia-capita
l/the-market-curve-44097b626f6d
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Three Key Ingredients for Successful B2B Startup Ideas
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Three ingredients to a great B2B startup idea:
1. You solve a problem that is important to people
2. Existing solutions are doing a subpar job of solving the problem
3. You’re excited about solving this problem More below. -
Venture Scale: $100M to $1B Revenue Path Rule
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If you want to build a venture-scale business, a rule of thumb is that there needs to be a clear path to $100m in revenue per year, and eventually a path to $1B a year.
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Market Size Determines Startup Success More Than Idea Quality
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Ingredient 1. The problem is important to people There need to be a lot of people willing to spend a lot of money to solve the problem. Most startups fail not because the idea isn’t good but because the market (people+money) for the solution is just too small.
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Founder-Led Sales: Essential Lessons Every Founder Must Know
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What's one thing you learned about founder-led sales that you think every founder should know?
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User behavior analytics: choosing the right platform
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Figure out where people are getting stuck, what keeps them coming back, what they like to use and what they don’t like to use. We tried out tons of products on the market. I remember Flurry, Google Analytics, Adobe, Kissmetrics, and others. And none of them were able to…
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Engineers Build Internal Solution Through Innovation and Knowledge Sharing
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answer the questions I just posed. And so we said, ‘All right, well, we’ve got to build it ourselves.’ A bunch of engineers with a lot of hubris, haha. So we ended up doing that. And as we shared those insights with other companies that we knew…
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User Behavior Analysis for AI Product Improvement
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recognition application that allowed you to send and receive text messages by talking to your phone. One of the things that was really clear to us at the time was that you should look at what people are doing in your product in order to figure out how to make it better.