๐ ๐๐ง๐ฅ๐จ๐๐ค ๐๐ญ๐๐ซ๐ญ๐ฎ๐ฉ ๐๐ฎ๐๐๐๐ฌ๐ฌ ๐ฐ๐ข๐ญ๐ก ๐๐ซ๐ข ๐๐๐ฏ๐ข๐ง๐โ๐ฌ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ! ๐ Uri Levine, co-founder of Waze and Moovit, shares invaluable lessons in his book โ๐๐ข๐ญ๐ญ ๐ช๐ฏ ๐๐ฐ๐ท๐ฆ ๐ธ๐ช๐ต๐ฉ ๐ต๐ฉ๐ฆ ๐๐ณ๐ฐ๐ฃ๐ญ๐ฆ๐ฎ, ๐๐ฐ๐ต ๐ต๐ฉ๐ฆ ๐๐ฐ๐ญ๐ถ๐ต๐ช๐ฐ๐ฏ.โ Key takeaways include the importance of passionately embracing the problem youโre solving, the necessity of customer retention as a marker of product-market fit, and the strategic use of pitch deck slides. He also emphasises the significance of hiring and firing correctly and observing user behaviour to refine your product. These principles can transform your startup journey, ensuring resilience and growth. ๐ #StartupSuccess #Entrepreneurship #ProductMarketFit #Innovation
Uri Levine is the co-founder of 10 companies, including Waze (which he sold to Google for $1.1B) and Moovit (which he sold to Intel for $1B). Heโs also been on 20 different boards, including a dozen heโs still on, and has advised over 50 startups on all things product, growth, hiring, and M&A. Most recently, he's the author of "Fall in Love with the Problem, Not the Solution: A Handbook for Entrepreneurs" which was described by Steve Wozniak as the โBible for entrepreneurs.โ In our conversation, we cover: ๐ธ Why falling in love with the problem is so important for entrepreneurs ๐ธ The 3 phases of a startup, and what to focus on during each phase ๐ธ Tactics for telling a compelling story when fundraising ๐ธ Why firing is more important than hiring ๐ธ How Waze iterated to achieve product-market fit ๐ธ Much more Listen now ๐ - YouTube: https://lnkd.in/gxWJb_Rg - Spotify: https://lnkd.in/gDg4EmqF - Apple: https://lnkd.in/ge8uXpRJ Some key takeaways: 1. You need to โfall in love with the problemโ that youโre solving. This is the biggest driver of startup success. It will help you deliver value to users, tell a more inspiring story about your company, and recruit a team. โFalling in loveโ means feeling enough passion about the problem that it can drive you to persist through hard times. 2. The ultimate measure of product-market fit is customer retention. If customers keep coming back, it indicates that your product or service is meeting their needs and providing value. Achieving product-market fit requires patience and iteration. With Waze, the team went through countless iterations, incorporating user feedback to improve the app. Uri stresses that you must โkeep trying different things until you find the one thing that works.โ 3. The first and last slides in a pitch deck are the most underused. They show onscreen the longestโwhile you get set up and while you take questions afterwardโso they should contain your strongest point. Donโt waste this valuable real estate on showing your company name or โThank you.โ 4. Use the โ30-day testโ to maintain a high-performance team. Create a reminder to ask yourself this question 30 days after someone joins the team: โKnowing what I know today, would I hire this person?โ If the answer is yes, tell the person youโre excited about them and give them more equityโyouโll gain a lot of loyalty. If the answer is no, you need to fire them immediately, to avoid the inevitable damage they will cause to you, your team, and themselves. 5. Watch users, especially those who use your product in unexpected ways. Different people use products differently, so observing a diverse range of users is key to building the right solution. Uri also advises focusing on those who didnโt convert to uncover barriers and points of friction.
