4 ms·

There's actually a very important lesson here--one that has been confirmed for me personally by speaking with some more experienced people in the industry. Suc

There's actually a very important lesson here--one that has been confirmed for me personally by speaking with some more experienced people in the industry. Success in a startup is not just about a good idea, great people and great execution. It's also very much about timing. You can find lots of stories about smart people trying to create amazing businesses five or ten years before the world is ready for them.

lotharbot 12y ago
You can further break down "the world is ready": 1) are customers ready for it? Will they see it as a weird idea that they'd never spend money on, or as a quality of life improvement? Ten years ago I'd have thought buying kitchen towels on the internet was a crazy idea when I can drive 3 blocks to the store to get them; now I think it's crazy to take a trip to the store for one thing when I can get a better selection and better prices on amazon prime. 2) is the technology / infrastructure you need to implement it in place? Apps related to local travel became much more viable when people started carrying portable computers (with telephone functionality) everywhere they went. Niche resale became much more viable when you could plug in to a pre-existing marketplace (ebay, amazon) with an existing customer base, payment processing, etc. so you don't have to spend big bucks developing those things yourself.
- ghaff 12y ago
  I'd add a somewhat related #3: Do the underlying economics as they exist today support a business based on that idea? [1] There are lots of things I'd jump at spending some money on but not nearly enough money to cover the cost of providing me with the service. [1] Obviously, companies often do have some runway before turning a profit but normally there needs to be a viable path to get there at some point.

4 ms·

There's actually a very important lesson here--one that has been confirmed for me personally by speaking with some more experienced people in the industry. Suc

by bkeroack 12y ago

lotharbot 12y ago
You can further break down "the world is ready": 1) are customers ready for it? Will they see it as a weird idea that they'd never spend money on, or as a quality of life improvement? Ten years ago I'd have thought buying kitchen towels on the internet was a crazy idea when I can drive 3 blocks to the store to get them; now I think it's crazy to take a trip to the store for one thing when I can get a better selection and better prices on amazon prime. 2) is the technology / infrastructure you need to implement it in place? Apps related to local travel became much more viable when people started carrying portable computers (with telephone functionality) everywhere they went. Niche resale became much more viable when you could plug in to a pre-existing marketplace (ebay, amazon) with an existing customer base, payment processing, etc. so you don't have to spend big bucks developing those things yourself.
- ghaff 12y ago
  I'd add a somewhat related #3: Do the underlying economics as they exist today support a business based on that idea? [1] There are lots of things I'd jump at spending some money on but not nearly enough money to cover the cost of providing me with the service. [1] Obviously, companies often do have some runway before turning a profit but normally there needs to be a viable path to get there at some point.