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It's a good lesson on just how difficult building a startup is. - Crowley built this product before and sold it to Google. - Foursquare was an overnight pheno
by jim_greco 11y ago
It's a good lesson on just how difficult building a startup is.
- Crowley built this product before and sold it to Google.
- Foursquare was an overnight phenomenon and had great user engagement. People were addicted to this app!
- They raised a ton of VC money and were able to hire some of the best engineers in NY.
- They're still struggling to build a sustainable business model.
- codingdave 11y agoYour last bullet point is really the only one that matters. I know my comments are repeating themselves, but if your business plan does not includes actual transactions that generate actual revenue, then you are not a business, you are a gamble. The days of "Get traffic and it will all work out in the end" are over. Way over.
- jim_greco 11y agoHow do you know what Foursquare's business plan was? Foursquare raised a Series D. They didn't go into that pitch telling VCs that they're just getting traffic and they'll worry about monetization later. Struggling to build a sustainable business model is not the same thing as not having a business model. Again, it's difficult.