Startups Wednesday Social Club - Share What Events You Are Attending This Coming Week |
- Wednesday Social Club - Share What Events You Are Attending This Coming Week
- The Real Reasons Quibi Failed
- Taxation for an App that offers digital content. How to implement taxation?
- Crowdfunding trouble
- Business Start-up Downtime - Feedback Please
- How to get a foot in the door with companies?
- Do we need to trademark the name for our app?
- Startup incubator cooperative, anyone else doing it?
- Working on a new (v1.2) release of my app ... When it's done, how do I get "press" coverage of the story?
- Negotiating options
- Amazon Web Services and Visa Applications
- Programming skills for website/app idea
- About Product Hunt, what is your opinion?
- Product validation for an intricate app/website with multiple existing competitors?
- What do I need to know about Vending Machines before I get into the business?
- Help gaining traction and outreach to potential customers
- About to launch a new project and am thinking about the future...
- How do I find a Co-founder for a music related business?
- Leaving Startup to form Another. Any way I can have a small passive income from the one Ive already created?
- Recommendations for the best way to start a Forum Site?
| Wednesday Social Club - Share What Events You Are Attending This Coming Week Posted: 28 Oct 2020 06:06 AM PDT Welcome to this week's Social Club thread.Share what events and meetups you are going to so we can discover new ways to be social together offline and help grow your local community. Focus on sharing events that are happening within the next 7 days of this date of this submission. Anything that falls outside of 10 days will be removed, no exceptions. No duplicate posts. If you happen to be attending an event that is already posted, leave a comment to inform the community that you will also be there. If you are hoping to organize something on your own, outside of an existing event, feel free to use this thread to rally some people together to meet up. Please use the following format to share an event: Event Name and URL: Location: Event Date: Event Time: Event Description: Event Cost: Discount Code: [if applicable] Please use the following format to organize people to meet up together: Location: Purpose of getting together: Suggested Places to meet up: You can also find more support using instant chat on the /r/startups discord. [link] [comments]  |
| Posted: 28 Oct 2020 01:52 PM PDT This post is based on a YouTube video I did on Quibi. If you prefer to see it as a video instead it is available here. This is a look at the real reasons Quibi failed. From a Startup's perspective, how could they raise almost 2 billion and then shut down less than a year after they launched? This is one of the biggest startup failures of all time. Quibi raised 1.75 billion and looking at my list of biggest startup failures of ALL time Quibi is the second largest startup failure of all time. What is Quibi?Quibi is short for quick bites. It means they do short-form content - 10 minutes or less for your mobile device and they may just be key it is mobile ONLY - no tv or any other device. On October 21st Quibi announced that they were shutting down after only 6 months. Here is what Quibi said in a Medium post about why they failed: Likely for one of two reasons: because the idea itself wasn't strong enough to justify a standalone streaming service or because of our timing. I don't agree, so here are is why I think Quibi failed. #1 Big Company People Playing Startup FoundersLet's take a look at the two founders. Meg Whitman and Jeffrey Katzenberg. They are not exactly the traditional hungry startup founders that want to change the world. Meg has an incredible career behind her. There is no doubt that she played a big role in making eBay really big. Later she was also the CEO of Hewlett Packard. She also made an unsuccessful run for Governor in California and famously ended up spending so much money that she paid $43 per vote that she got. Jeffrey Katzenberg was a long term and very successful TV and Movie executive in Hollywood. Jeffrey did actually co-found Dreamworks, but Meg Whitman didn't found eBay or HP. These are big company people playing Startup. They are billionaires with very little at stake. I'm sure they invested a lot in Quibi and would argue they were the biggest losers in all of this, but really Meg Whitman how much is your lifestyle going to change with your net worth going from $5.1 billion to $5 billion. Probably not a lot. I challenge you to please find one company that was started by billionaires and then later ended up really changing the world? Revolutionized some technology? Changing how we do something? I don't know any? Let me know in the comments, I could be wrong. #2 Horrible TimingQuibi launched on April 6th 2020 just as we world was hit by a pandemic that left everyone at home. Yes, the coronavirus pandemic did play a role. It is not great when you launch a product for on-the-go viewing when people were largely stuck at home. Nobody is on-the-go. The Pandemic hit a lot of companies in a very unfair way, but it also accelerated things for many companies. It accelerated some companies into profitability and others to shut down faster than they otherwise would. So yes it did contribute to the death of Quibi, but if this was a great product done in the right way Quibi would have survived the pandemic. #3 No product-market fitThis is the obvious one no product-market fit and yes this was a major contributor. There is a lot to say about the product and it has been analyzed by others. Was the content any good? Why did the product fail? Here is a good article from the Verge that mostly is about the product. I only want to look at one product decision that I think we can learn a lot from. A product decision that led to a lot of bad things down the line and probably killed the product. Whenever we launch a new feature we always ask ourselves.
The feature I'm talking about is turnstyle. What they claimed was the killer feature for Quibi. The feature is that you can watch a video in landscape and in portrait mode. Sounds cool, but how much does this cost to build, maintain and is it ultimately worth it? This is where the trouble starts - the cost of this feature is infinitely high. They had to spend hundreds of million making content before then launch. Everything made from scratch. On top of that, it is more cumbersome to make the content imagine the complexity while you're recording and in the editing room. It also means you can't buy any less expensive older content. You need to pay others to build everything specifically for this platform. It is expensive and you never stop paying. Any content you make for all eternity is going to cost more than whatever Netflix or HBO make, that is a big problem. So is it really worth it? Hell No! There is no chance this gimmick is worth it. To make matters worse it also leads to another thing. It means the the killer feature turnstyle is only available on mobile and they decided the entire platform would ONLY be available on mobile. Let me repeat not mobile first, but mobile only. That was a horrible decision in my world. Young people today do spend an insane amount of time on their mobile phones, but they also watch Game of Thrones on their laptop or even on good old television screens, it is a bad idea to take that away from them. #4 Too much funding in the wrong orderStartups are built and funded in a specific way. You start small and as you get bigger, as you get more resources. You get to and prove certain milestones and you get more funding. Let me show you how traditional funding of a Startup works: Typical Startup:
Quibi:
You see this is all wrong, you can't do this in the wrong order, you can't just skip steps, it isn't healthy. You will build the wrong product and scale too early. You just end up making poor product decisions if you have too much money too early. Turnstyle is a good example of that. #5 No MVP straight to full product launchThis is a tricky one, can you actually do a product like this one with a minimum viable product and then move from there. Some people would argue no, I say yes you can. First, the problem with the approach Quibi picked is that you just burn through too much money before the product is ready. You spend hundreds of millions on content and marketing before the product is even ready. You do marketing for a product that doesn't have a product-market fit, that is money wasted. This leads to the investors getting frustrated and ultimately getting impatient and backing out. The pandemic shortened that period down even further. So how could you do an MVP here? Instead of raising almost 2 billion, you raise 50 million. Do a lot less content and keep testing. See if it works, do people engage, is it really worth it. You absolutely can't skip these steps. You keep testing until you get it right and there is obviously a chance it won't work, that is fine too. The good thing is now you lost $50 million not 1.7 billion. #6 ArroganceIn the 1950's, the age of the Ad men or Mad Men big companies designed products and put big marketing budgets behind them. Then they would sell. People would buy what was advertised. That was the philosophy back then you just build a product, put lots of money behind the advertising and it takes off! That is not how we build products in 2020. This entire Quibi case just reeks of arrogance - we know what you want arrogance. We are smart and rich, we know what you want. We have:
Even Spielberg is making content for Quibi. Meg and Jeffrey, nobody knows what the people want, it takes time and patience to figure that out. All the money in the world doesn't guarantee success, you need amazing founders with everything at stake willing to invest blood sweat, and tears. That is how you build a startup in 2020. Thank you for reading this, please give me a comment below if you agree or disagree. [link] [comments]  |
| Taxation for an App that offers digital content. How to implement taxation? Posted: 28 Oct 2020 09:23 AM PDT I'm currently developing an App that offers digital content for purchase. I'm planing to use Stripe as a Payment Service but unfortunate Stripe doesn't offer any help when it comes to taxes. I currently have a few questions:
Usually the web is full of information when it comes to building similar products but as I experienced, when it comes to taxation, it's hard to find good information about it. Everyone that uses Stripe must have the same problems as I do, why is it so hard to learn about the technical side of this stuff? Have you ever build a ecommerce website/app and had to handle the taxes your self? How did you handle it? Any help and resources about this is appreciated! [link] [comments]  |
| Posted: 29 Oct 2020 01:32 AM PDT Hi there about 2 years ago we launched a startup, called Pinsteps it was successfully growing, and we decided that now as far as our project is working pretty good we may start a crowdfunding and show it to people worldwide. We won a bootcamp, which offered us an opportunity to become a member of one crowdfunding platform. Oh how happy we were as far as not everyone has that honor to participate in for example Kickstarter or indiegogo dew to their citizenship (ours is Israeli/Russian). So we started a campaign developed new stylish videos, wrote text and started an ads campaign at social networks. In total, we spent a nice sum for us on ads on Facebook, Instagram, and few other places. But after almost a week of ads campaign and over 1000+ conversions to the project's website we realized today, that their payment system (server) does not accept money and gives a MySQL error. So we are kinda angry and disappointed. Maybe someone will tell us any crowdfunding platforms where non US/ Canada citizens may participate. And maybe someone will give a little buzz. We would be very grateful for any word. [link] [comments]  |
| Business Start-up Downtime - Feedback Please Posted: 28 Oct 2020 03:36 PM PDT Hello everyone, I am hoping to get some guidance from people who may have been going through a similar situation as I am. I got laid off from my job in O&G in April due to Covid-19, this wasn't ideal, but it gave me time to work on a business idea that I had had. Since launching in July we have taken the company from online sales, into over 50 retail locations across 4 provinces; and we still have great growth prospects (projecting 70 stores by EOY). Based on reorders alone we are generating about $50,000/quarter in revenue. The sales process getting the product into the retail locations takes about 2-4 weeks depending on size, scale, and location. I am finding that I have quite a bit of down time between production, and sales. Is this normal? I always hear about new business owners putting in 100 hour work weeks but I am putting in nowhere close to this number. How do I manage this downtime? How do you manage the downtime in your business? I would love to hear any feedback. Thanks! [link] [comments]  |
| How to get a foot in the door with companies? Posted: 28 Oct 2020 06:18 PM PDT I am working on a skills evaluation startup that requires network effects to succeed. I have an MVP ready but to solve the chicken and egg problem I need buy-in from companies. I am thinking of finding strategic investors with connections to companies to solve this problem. Am I thinking this right or are there other ways to get companies on-board? [link] [comments]  |
| Do we need to trademark the name for our app? Posted: 28 Oct 2020 01:28 PM PDT Our start-up has an existing name but we have decided to rebrand our app name to a similar better fitting name. Our old name was the same as pur company name and the new name is just an expanded version of the same name. Can we operate as is or is there a benefit of trademarking this new name which serves as the basis for our venture? [link] [comments]  |
| Startup incubator cooperative, anyone else doing it? Posted: 28 Oct 2020 04:55 AM PDT We are a group of people, with different skillsets (backend/frontend devs, marketing/sales, customer support), with individual entrepreneurship background, and few ideas worth exploring and we are thinking of starting a cooperative for incubating startup ideas (SaaS /mico Saas/mobile apps mostly). We should work together on building MVPs and bringing them to market and either building a separate team around the project and handing it over or even selling the project afterward. Do someone around here is doing something similar? I'm interested in how it works, what do you think are the pros/cons, and any other tips or opinions. Thanks! [link] [comments]  |
| Posted: 28 Oct 2020 05:37 PM PDT When I release v1.2 of my app, I will write a press release, put it online, and tweet about it. Other that "spamming" subreddits with the story, what else can I do to get the story out there? How do you get "the press" and the community to report on the release? [link] [comments]  |
| Posted: 28 Oct 2020 08:55 PM PDT Im a product manager at a successful startup, I've been here for a few years now, and have seen us grow from ~100 employees to almost 2000. While my title is product manager, I act in more of a director of product role with 4 product owners building products in a product line that I helped launch (I've led this effort from the product side). I asked for more options earlier this year to recognize me for the work I've done helping grow the business and going above and beyond, and was just recently granted them (~6 months later). Other members of the product team were also awarded options at this time. I do not know how many other received, and this is only through the grapevine. I am a bit frustrated with receiving options in a standard round as well with how many I received. Part of this concern is that I've talked to others in the last who had previously received more options than me while not doing as much, which is one of the reasons I asked for more earlier this year. Maybe they were asking for options and I wasn't, squeaky mouse gets the cheese. The current total amount I have been awarded is still less than half of what others had previously. I was hoping to be brought into roughly par with them, but also recognize this isn't a competition, and management isn't distributing options based on a stack ranking of employees. But it is money and I want to fight for what I believe I've earned through my performance with the company. I have a 1x1 with my manager this week to catch up, have a conversation about my performance (it's also my annual review time), but I also want to ask for more options here. What is the best way for me to handle this ask/negotiation? I don't plan to bring up that others have told me the amount of options they have, but I do want express my frustration for lack of acknowledgement for what I've done for this company. My current plan is to highlight my achievements over the years, my plans going forward, then express frustration that I feel what I received isn't fair or adequate. I'm happy to provide more details as necessary. [link] [comments]  |
| Amazon Web Services and Visa Applications Posted: 28 Oct 2020 08:22 PM PDT Hi, How are you doing guys? Hope you all stay great and safe! I have a question, I'm going to start my business in USA using Firstbase.io and they offer some rewards for using their service.
Best regards [link] [comments]  |
| Programming skills for website/app idea Posted: 28 Oct 2020 08:05 PM PDT I figured I ask it here first as this involves a startup idea I have. I have some programming background from 10-15 years ago. I have an idea that requires database integration along site a forum based interface. I want to design and code on my own without having to spend too much time just learning to program. What language/toolkit would you recommend to make the website and app? I have been told Django or Python, both of which are new to me. Any help or insight will be appreciated. [link] [comments]  |
| About Product Hunt, what is your opinion? Posted: 28 Oct 2020 04:53 AM PDT Every entrepreneur wants to funnel new customers and Product Hunt sounds like the ideal place for that. However, I am not really sure about its usability. The service is moderately cheap for what it does but it looks aimed at entrepreneurs rathers than for customers and it is not the goal. For example, I go (as a customer) and check the top of the list and meh. It feels like an App Store where people are engagement to add lengthy comments but they don't feel like real customers. In fact, some comments are from other entrepreneurs as a kind of "good luck pal". I was reading about Product Hunt and I found that we must engage with the community and it also sounds like a chore, and if it is for engagement, then we have the social networks. IMHO, I don't think Product Hunt funnel new customers, it could work to obtain reviews but it is even worse for SEO. For example, I googled for raindrop (one of the apps at the top of the list) and it leads me to their main website, then to the google store and other stores, However, not even a mention of product hunt. Also, Product Hunt looks really overcrowded and it is a mixed bad. As a customer, I'm more for a discount, for example, appsumo and maybe there are others. What is your opinion? And, is there is a better way to attract new customers? [link] [comments]  |
| Product validation for an intricate app/website with multiple existing competitors? Posted: 28 Oct 2020 05:11 PM PDT I had my first business idea for a website/app that really stuck with me. After thinking it through for a few days, I did my due diligence only to find that there were quite a few businesses already running with the idea (shocker). However, none quite took the angle that I want to. The problem: I have close to no coding skills and I imagine this idea would be too complicated for a drag and drop website builder. Basically I'm looking at either spending a good chunk of change for a developer (possibly more than I have after looking it up), or a good chunk of time to try and learn and do it myself. So, how would you try to validate the idea before taking the leap? Considered making a landing page with the basic pitch (something I've seen recommended for validation here), but not sure it would be effective as similar competitors already exist? Help plz [link] [comments]  |
| What do I need to know about Vending Machines before I get into the business? Posted: 28 Oct 2020 04:58 PM PDT I've been given 3 working machines and I have one on the way that is a bit more modern. I already have plans to Vinyl wrap them for a more personal touch, and I have designed my logo for business cards and stickers. I also have a rough idea of snacks and the point of difference I will have over other potential rivals (vegan/keto options). My question is: Is there anything I should know about the vending machine business before I get into it? Stuff that isn't blindingly obvious like "It takes time to restock shelves" Cheers [link] [comments]  |
| Help gaining traction and outreach to potential customers Posted: 28 Oct 2020 06:15 AM PDT I'm about to launch a my own clothing brand. I have the website and I have pretty much everything ready to press 'go' and open the website to the public. But I'm curious and anxious as to how I can promote the brand and get the website out there without having to do too many paid promotions or any at all? There's always the 'word of mouth approach' within my social circle but that could take time to reap the rewards? Any advice would be greatly appreciated and thank you in advice [link] [comments]  |
| About to launch a new project and am thinking about the future... Posted: 28 Oct 2020 10:54 AM PDT I am within a month of launching a project that I've been working on part time for the last three years. I am an engineer with limited programming capabilities so I have built a working prototype for my platform using Wordpress along with some plugins and heavy customization. I plan to launch it in limited roll outs to targeted users over the course of 6-12 months. I am pretty confident that it is going to be hugely popular among its targeted audience and will most likely grow pretty rapidly. While I have done my best to optimize all aspects of the platform, it is still built upon WP and I am worried about its mid to long term sustainability. So, I am starting to think about future steps to keep the platform functional while it continues to grow and evolve. Has anyone been down a similar road before and what steps did you take? The goal would be to bring additional support on board without having to give up too much control or equity in my company. This could be achieved by bringing on a partner or partners, or by bringing in some sort of investment and hiring the appropriate resources. I'd love to hear your thoughts. Thanks. [link] [comments]  |
| How do I find a Co-founder for a music related business? Posted: 28 Oct 2020 08:24 AM PDT I want to start a music/artists related business but Ithink can't really do it alone but I am facing difficulties in finding a like minded individual who's a music artist and understand business and marketing too. Is there any specific platform where I could find like minded people? I tried all the traditional social media networks but it didn't really work out. [link] [comments]  |
| Posted: 28 Oct 2020 12:45 PM PDT Hello, I have been at my startup for over 5 years but now I have been working on a new startup. I haven't told anyone about this yet and I am not very well versed in financial and even legal aspects of this. I was wondering if I could get a (very?) small amount of the profits from my current startup without having to sell my control? [link] [comments]  |
| Recommendations for the best way to start a Forum Site? Posted: 28 Oct 2020 03:05 AM PDT Hi All - I am looking to create a forum site for remote working professionals as part of our existing product. And we do not not to spend much time or money in the beginning setup. We looked at both Wix Forum and phpBB, but Wix Forum seems to out of the box where we cannot customize at all to even match the colors of the site, and phpBB seems like it would require bit too much effort on the engineering side. Anyone have experience on building a forum site and tips and tools that they used to do so? Thank you for your time in advance! [link] [comments]  |
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