Heradio Luces Cocreator’s Post

𝐓𝐡𝐞 𝐋𝐞𝐚𝐧 𝐒𝐭𝐚𝐫𝐭𝐮𝐩 𝐌𝐨𝐝𝐞𝐥 𝐟𝐨𝐫 𝐓𝐞𝐜𝐡 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫𝐬 The Lean Startup model has revolutionized the way tech companies evolve from mere ideas into successful businesses. By focusing on rapid prototyping, customer feedback, and iterative design, this methodology has been the cornerstone of many successful tech ventures. Through the lens of real-world examples, this article will explore how the Lean Startup model works in practice and how it has helped shape some of the most innovative products in the tech industry. 𝐓𝐡𝐞 𝐆𝐞𝐧𝐞𝐬𝐢𝐬 𝐨𝐟 𝐚 𝐋𝐞𝐚𝐧 𝐒𝐭𝐚𝐫𝐭𝐮𝐩: Dropbox started with a simple idea: to make file storage and sharing painless and simple. Instead of building a full-featured product right away Drew Houston created a basic MVP — a video demonstrating the concept which was enough to gauge user interest and validate the idea. 𝐓𝐡𝐞 𝐁𝐮𝐢𝐥𝐝-𝐌𝐞𝐚𝐬𝐮𝐫𝐞-𝐋𝐞𝐚𝐫𝐧 𝐋𝐨𝐨𝐩: Facebook's initial version was a rudimentary social networking site exclusively for Harvard students. As the site gained popularity, the team measured user interactions and learned from their behaviors. New features were added iteratively based on user demand, such as the "Like" button, which has since become synonymous with the Facebook experience. 𝐁𝐮𝐢𝐥𝐝: Create the MVP quickly, using the least amount of resources. 𝐌𝐞𝐚𝐬𝐮𝐫𝐞:Collect data on how users interact with the MVP. 𝐋𝐞𝐚𝐫𝐧:Analyze the data to understand what users really want and how they use the product. 𝐏𝐢𝐯𝐨𝐭 𝐨𝐫 𝐏𝐞𝐫𝐬𝐞𝐯𝐞𝐫𝐞:Twitter, originally known as Odeo, was a platform for finding and subscribing to podcasts. However, when iTunes began dominating the podcast market, Odeo's team had to pivot. The pivot led to the creation of a microblogging platform, which we now know as Twitter. This significant shift was a result of understanding the market and recognizing the need to change direction. 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭:Instagram started as Burbn, a complex app with a multitude of features. However, the founders noticed that users were particularly interested in the photo-sharing feature. They learned from this behavior, stripped down the app to focus solely on images, and rebranded it as Instagram, which quickly grew into a massive social media platform. 𝐒𝐜𝐚𝐥𝐢𝐧𝐠 𝐔𝐩: LinkedIn began as a modest professional networking site but has grown into the world's largest professional network. The platform started with basic features and gradually added more, such as endorsements and job listings, as it scaled. Importantly, each new feature was developed in response to user needs and behaviors, a testament to the Lean Startup approach. #startup #technology #digital #engineering https://lnkd.in/e-zwMDfw

𝟯 𝗿𝗲𝗮𝘀𝗼𝗻𝘀 𝘄𝗵𝘆 𝘀𝘁𝗮𝗿𝘁𝘂𝗽𝘀 & 𝘀𝗰𝗮𝗹𝗲-𝘂𝗽𝘀 𝗳𝗮𝗶𝗹. 𝗢𝗯𝘀𝗲𝗿𝘃𝗮𝘁𝗶𝗼𝗻𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗽𝗮𝘀𝘁 𝟮𝟬 𝘆𝗲𝗮𝗿𝘀. I have a different perspective on some of the most common reasons thrown about. 𝟭. 𝗡𝗼 𝗼𝗻𝗲 𝘄𝗮𝗻𝘁𝘀 𝗶𝘁 Building a product no one wants to pay for. Or an inferior product to alternatives. I see founders/CEOs burning $100k a month on engineers & designers without validating the need for their product. Why it happens: I blame lean startup. Build a product, go to market, try validate it. I prefer design-thinking principles. Start with a specific problem, then try to solve it. F͟i͟x͟: To bridge the two concepts. First get good at market research, qualitative & quantitative. It’s cheaper than creating software, let alone distribution. You can also validate using mock-ups or a functional prototype with paid traffic if it��s low-ticket enough. But this won’t work for businesses like marketplaces or high-ticket items. 2. 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗮𝗰𝗾𝘂𝗶𝘀𝗶𝘁𝗶𝗼𝗻 𝗶𝘀 $$$ Can’t acquire new customers cost-effectively enough. F͟i͟x͟: Crack distribution first. Either master YouTube, Twitter, LinkedIn or a podcast, etc. This allows you to validate needs and spot problems with your specific audience. 3. 𝗣𝗼𝗼𝗿 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗘𝘅𝗲𝗰𝘂𝘁𝗶𝗼𝗻 Too many features, the UX isn’t slick and the product is a mess. Your first reaction is ‘new engineering team’. But it isn’t engineering. So you think it’s the product team - nope, not them either. It’s the strategy that’s the problem. Or, lack of: - Catering to too many audiences - Not going deep enough and focusing on the most material problems - Appeasing everyone internally to get their way F͟i͟x͟:͟ Do less, do it better. Go deep on customer insights. Take a big risk in the market in terms of direction. -- The most successful (profitable) businesses I’ve worked with have an unfair competitive advantage. Examples: • They’ve secured access to China in a way other businesses don’t know how to do. • They’ve got a government license in a local jurisdiction and are one of a few able to provide access. • They have a unique feature set for a niche audience no one else serves. What have you observed for major failure reasons?

🚀 Exciting News for Entrepreneurs and Startup Advisors 🚀 Last week marked a significant milestone with the launch of OpenAI's GPT store. This platform has quickly become a treasure trove of tools that can significantly reduce time and costs for early-stage startups. For a modest subscription of $20 per month, you gain access to a suite of innovative tools designed to streamline your startup journey. Here’s a snapshot of what you can expect: ▶ Pitch Deck Analyzer: A tool offering critical feedback on your startup's pitch deck. https://lnkd.in/dgZ_iN4b ▶ Business Blueprint from GPT Hacks: Assists in refining business ideas and crafting detailed plans. https://lnkd.in/dkm5hxE6 ▶ LogoGPT: Simplifies the process of creating logos for startups, products, websites, and more. https://lnkd.in/dbdvgxYK ▶ Startup Contract Crafter: An invaluable tool for interpreting and drafting contracts tailored to tech startups. https://lnkd.in/dP8Kg_hK ▶ Toon CEO Guy: A mentorship tool focusing on product and market strategy. https://lnkd.in/d7JEW6zr ▶ Startup Pitch Deck GPT by Ivan Landabaso: Offers advice and feedback when you upload your pitch deck or slides. https://lnkd.in/d7e3bmiS ▶ VC GPT: A pitch training tool simulating interactions with a VC bot. https://lnkd.in/dUANjpyT ▶ Lemonade Twist by Lemonade Stand: A B2B marketing and sales tool offering expert advice. https://lnkd.in/dkbS4tkM ▶ Co-founder Fit: Uses Y Combinator's questions to assess co-founder compatibility before collaboration. https://lnkd.in/dG6gXvPu ▶ Startup Equity by Nikunj K.: Provides expert guidance on startup compensation and related tax implications. https://lnkd.in/dJewBxVG ▶ Boardroom Advisor by Sandesh C G: Strategic advice for running your company and engaging board members. https://lnkd.in/dC6dDEWk ▶ Startup Guide by Duygu Dulger: A conversational tool offering expertise on startups, business models, fundraising, pitch decks, VC practices, and more. https://lnkd.in/dZA2YWhq

Startup Glossary: 45 Commonly-Used Startup Terms You Need to Know https://lnkd.in/ezs7bnR3

🤖🚲🚀 **POST SERIES: 22 Days of YC Startup Advice** 🌱 Day 3: Do Things That Don't Scale Today's topic, "Do Things That Don't Scale," might sound counterintuitive at first, especially for a startup. Why focus on non-scalable actions when you're aiming for rapid growth? 🚀 🧠 The brilliance of this advice lies in its simplicity: embrace the hard, hands-on approach initially. For us at velo.ai, this translates to tasks such as labeling our own ML training data,  engaging personally with every customer, and hand-delivering our product. 📦🤝 Why this approach? Here are a few outcomes: ▶ Diving into the details: It gets you into the weeds, understanding every nuance of your business ▶ Stage-Specific Focus: It ensures you concentrate on what's crucial for your current stage. ▶ Future Optimization: Remember, you can always scale processes later. In your early days, every minute counts. Building a hyper-scalable platform is irrelevant if your user base is still small. 🕒🌱 This isn't about shunning scale; it's about smart scaling. 🧐💡 📈 At velo.ai, we've embraced this philosophy: ▶ Tech Support: Does someone need some help with their Copilot?  I will personally remote into customer devices for software upgrades, data offloading, and more. ▶ Community Building: Hanging out with your customers 🚲🍻 isn't just social; it's a learning opportunity. ▶ Product Testing: I often go on test rides with customers, putting a high value on direct product experience over other uses of my time such as engineering. 🍻🚴♂️ In summary, 'Do Things That Don't Scale' is about laying a strong, informed foundation for future growth. It's about ensuring that when you do scale, you're doing it wisely, based on hands-on knowledge and direct customer feedback. 🌟 Stay tuned for more insights and reflections as we continue through YC's Essential Startup Advice. 🌟

Fascinating insight from David Armstrong on the Paradox of Choice in tech! Struggling with too many options can slow down even the most dynamic startups. But it's not just about sticking to a choice—it's about crafting a strategy that leads to informed decisions. Join the Worthwhile Venture Studio LinkedIn group where we tackle these topics and more. Don't miss out on valuable conversations that can propel your startup forward. Check out Dave's post and join the discussion 👉 https://lnkd.in/eSXzZ6mZ

Startup Glossary: 45 Commonly-Used Startup Terms You Need to Know https://lnkd.in/enVYCATF

Startup Glossary: 45 Commonly-Used Startup Terms You Need to Know https://lnkd.in/enVYCATF

Startup Glossary: 45 Commonly-Used Startup Terms You Need to Know https://lnkd.in/enVYCATF

The stat - 90% of tech startups fail. The dance for an early-stage CEO/Founder is to have one eye on the future and the maybes and AI and the product and the team and the competition and social media and pricing and the possibilities... ... and the other eye on their cash flow. The danger - can they survive long enough to achieve that elusive "product/market" fit and then pour gas (capital) on the fire? Or will they crash and burn and spend all of their savings before they can unlock their full potential? While I've been sharing a lot about how we are helping VFX studios build out cash flow and capacity forecasts - we purposely built our technology to be niche agnostic - a technology that can be used by any industry and market that needs to be able to look into the multi-verse and see all of the possible outcomes. And one of those markets is other startups. Helping them plan out their product launches, pricing, staffing and fundraising. Being able to map out the money, their spend, and the "when" of it all can dramatically impact whether a startup survives long enough to reap the benefits of their vision and execution. Hardware is hard. We're helping Augmented Sense Technologies bring their motion sensor and gesture-based smartphone interaction tech to market (read their story in the comments below). Cash flow. CoGS. Sales. Pilot projects. Investors. Or Zeva - a fleet management platform for EVs. They track data, insights, and help optimize a company's fleet performance, costs, and value. Growth. Fundraising. Revenue projections. Timelines. I'd like to expand this part of our business and help more startups navigate (and survive) this early phase. My ask - TAG A STARTUP FOUNDER that you think could benefit from the ability to see into the multiverse futures, understand all of their potential outcomes, and answer their startup and fundraising "what ifs". Let's save a few startups!