Hey Twitter, what’s your best piece of advice for start-ups facing the chicken and egg problem? @timsalau @paulg @aileenlee @nickcald @reginuhh04 @nihalmehta @RMB
Don't do it unless you already have a solution. The insight about how to solve the chicken and egg problem should precede the decision to start the marketplace, not vice versa.
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Was this true for AirBnB though?
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It wasn’t. Paul is just trapped by Groupthink.
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I don’t think PaulG’s advice to Airbnb resonates with current one. I will entreat anyone facing chicken-egg problem to be ready to iterate over a lot of strategies, somehow subversive to find the wind to aid their sail.
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it’s not 2009 anymore
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Even if solution is in way better than current one? (f.e. tinder)
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Even when you are a first mover in a green field, with a comprehensive plan to bypass the chicken/egg paradigm and upcoming government legislation that will enable you to capture massive market share, you have to lay out your offer in a compelling way to very savvy investors.
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Raising capital is very, very hard. Making the right (savvy and industry-aware) connections, getting them to give you a tiny slice of their jam-packed mindshare, and making the most of your five minutes with them are all part of the process. It’s very easy to fail at doing this.
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Chicken and the egg problem take skills, timing and luck to solve. Once you have the “seller”, there is a certain time period that you must feed them with “buyers” in order for them to stay.
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