People seem to be misunderstanding me when I say:
"Go after a market with strong demand."
I'm NOT saying:
"Build a product in a popular market."
"Build a product in a market with lots of competitors."
"Build a copycat when you notice a product doing well."
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(Hat tip to
@alanklement for the concept of "willingness to pay")https://twitter.com/alanklement/status/1305947004602920962 …Pokaż ten wątek -
Before you build a product, you're looking for *evidence of demand*. Sometimes, folks are already buying products in a category, but they're itching for a better solution. Other times, you might notice folks putting considerable effort into hacking together their own solution.
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Another misconception (
@jasondoesstuff said I could share) I'm not saying everyone should start a coffee shop! "The point of the metaphor is: don’t do demand-generation. Rather go where demand is built-in; then, it's easier (even when there are competitors)." –@asmartbearpic.twitter.com/yKOazxYzNR
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There's a huge misunderstanding here. When surfers spot an oncoming wave, their ability to ride it depends on how good they are, their position in the water, etc. The skills, network, timing, and execution of the founding team *do* matter. (But without a wave, they're useless)pic.twitter.com/Mr0TAjKRY3
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"Build it and they will come?" YES! If the demand is there, and you're the right founder for the job, and you've built a product that meets the demand, and your timing is right, and you've found some good distribution channels, then... Yes, they *will* come.
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It doesn't matter how good of a surfer you are.
No wave?
No surfing.
It doesn't matter how talented of a founder you are.
No demand?
No business.Pokaż ten wątek -
Another misinterpretation: "Market with demand" ≠ "Popular" or "easy" market None of this is easy. Most good opportunities are not obvious (especially to outsiders). You're looking for evidence of unmet demand in a category that you understand!pic.twitter.com/p4mssWT3kI
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If customers already have multiple options (that they're happy with) it's most likely a low-demand opportunity. This is why bootstrappers probably shouldn't build another to-do app, project management app, etc... (unless you've truly noticed some untapped demand).
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I'm not advocating that anybody go head-to-head with incumbents unless they truly have the ability to do so. Beginner surfers shouldn't compete with Kelly Slater. But, if you're Italo Ferreira... go for it! (
@docsketch can go after Docusign because Ruben has serious SEO skills)Pokaż ten wątek -
You should look for demonstrated demand, but that doesn't mean it will be obvious or easy to spot!
Most likely, you'll spot opportunities in spaces you're already spending time in.
Look for folks demonstrating effort (time or money) who haven't found a good solution.Pokaż ten wątek -
When I use examples of successful companies it's for *context*. I'm not advising that you go and try to start a similar product in a similar market just because it worked for them!
These examples are illustrative, not prescriptive!https://twitter.com/mijustin/status/1303890067681804290 …Pokaż ten wątek -
Look for momentum that's building, not a wave that's cresting. The examples I give are of founders who saw an opportunity at the right time and had the skills, connections, and resources to take advantage of it. Don't ride their wave, find your own!https://twitter.com/tylertringas/status/1303886991151505409 …
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"What do you think about the CRM/PM/Metrics market?" It doesn't matter what I think.
What matters is:
- how have you seen demand demonstrated in that market?
- what gaps exist that nobody else is serving?
- what strengths, skills, and connections do you bring to the table?pic.twitter.com/ELxk5txGWXPokaż ten wątek
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