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THIS GUY GOT RICH ON AMAZON SELLING SLIME KITS He didn’t start with a breakthrough product. He started with research. Using tools like Jungle Scout and Helium 10, he analyzed Amazon listings and noticed something simple the slime market was split into DIY kits and pre-made products. The DIY...

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Brian Armstrong shares the Y Combinator advice that helped Coinbase find product/market fit “The first version of a product you put out doesn’t work. In fact, that’s the only thing I’ve ever seen happen in startups. I’ve never seen a startup where the first version of their product actually worked. Sometimes in hindsight people like to tell that story, but I think in reality it’s very rare.” The first version of Coinbase was a hosted Bitcoin wallet. Brian posted it to Reddit and a few people signed up but nobody stuck around. Rather than get discouraged though, he recalled the advice he got at Y Combinator: “Don’t spend your time going to conferences and trying to raise money. If you don’t have product/market fit yet, talk to your customers and improve the product based on their feedback… There’s really only two things you should be doing in the early stage - talking to your customers and improving the product. It sounds like simple advice, but people spend so much time doing other stuff that’s not actually real work.” Following that advice, Brian emailed 10 of the people who had signed up for Coinbase and asked if they’d be open to a quick phone call. One of the users liked the wallet but didn’t have any Bitcoin. Brian asked him: “If there was an easy way to get Bitcoin into your wallet - like a buy button or something - would you have stuck around and used it?” “Yeah, probably” replied the user. So Brian spent the next few months securing bank partnerships and money transmission licenses so he could build a simple buy button into the app. Then he launched it. “The minute we launched that buy button, it started to grow every day organically with no marketing or anything. And that was the minute I felt like we finally had product/market fit.” Video Source: Steven Bartlett

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Marc Andreessen: Most successful companies started “product first” “There are products that become companies, and then there are companies that come up with a product. One of the interesting things over the years is that many of the most successful technology franchises were products first, way before they ever became companies.” In this talk, Marc gives a few examples: • His team at the University of Illinois worked on the research project that became Netscape for three years before it became a company • Bill Gates and Paul Allen were deep into PCs before there was a software business • Jobs and Wozniak built the first Apple computer as hobbyists • Mark Zuckerberg was running Facebook out of his dorm room before he ever thought of starting a company • Twitter was a side project at the failed podcasting app Odeo Marc believes that this “product becomes a company” template is successful because “it’s a demonstration that the product has to exist. The market needs the product so badly that somebody actually built it and deployed it and you can actually see evidence that people want it before there was an economic motivation to do so.” He contrasts this with the failure cases he often sees when entrepreneurs try to figure out the idea after starting a company. “It’s very easy in that process to fool yourself into believing that there’s a market because you want to find something and you have a very strong motivation to come up with an answer. It’s hard to go through that process for three months and then say, ‘you know what, we can’t come up with any good ideas.’” There are of course there exceptions. Marc gives Hewlett Packard as an example. But that’s more the exception than the rule. As Marc explains: “The moral of the story is it has to be a really good idea. That often will be an idea that is preexisting at the time you decide to start a company. And if it isn’t, be really careful because you’re walking on sharp rocks at that point with a high risk of falling off the cliff into the ocean.” Video source: Stanford eCorner (2010)

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Brian Armstrong shares the Y Combinator advice that helped Coinbase find product/market fit “The first version of a product you put out doesn’t work. In fact, that’s the only thing I’ve ever seen happen in startups. I’ve never seen a startup where the first version of their product actually worked. Sometimes in hindsight people like to tell that story, but I think in reality it’s very rare.” The first version of Coinbase was a hosted Bitcoin wallet. Brian posted it to Reddit and a few people signed up but nobody stuck around. Rather than get discouraged though, he recalled the advice he got at Y Combinator: “Don’t spend your time going to conferences and trying to raise money. If you don’t have product/market fit yet, talk to your customers and improve the product based on their feedback… There’s really only two things you should be doing in the early stage - talking to your customers and improving the product. It sounds like simple advice, but people spend so much time doing other stuff that’s not actually real work.” Following that advice, Brian emailed 10 of the people who had signed up for Coinbase and asked if they’d be open to a quick phone call. One of the users liked the wallet but didn’t have any Bitcoin. Brian asked him: “If there was an easy way to get Bitcoin into your wallet - like a buy button or something - would you have stuck around and used it?” “Yeah, probably” replied the user. So Brian spent the next few months securing bank partnerships and money transmission licenses so he could build a simple buy button into the app. Then he launched it. “The minute we launched that buy button, it started to grow every day organically with no marketing or anything. And that was the minute I felt like we finally had product/market fit.” Video source: Steven Bartlett (2022)

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🗨️ Cellbit was mentioned on Peter's stream! #PETER: So, I met at least a dozen people, that were... Of course, Felps, Cellbit... I've known Cellbit for over a year, he came to one of the 'Artedly' pop quizzes. There was a little bit of miscommunication, I think, on Portuguese (speaking) Twitter. I was protecting Cellbit! I was on his side! But I think that there was a little bit of miscommunication on a nickname. It was not the VAR drama, it was on Day 1, this was something else. So, Slime was being a funny shit, he thought his name was Celibate, right, and I think it was just an honest mistake. And I was just saying I've known Cellbit for over a year now, I was commenting on, "He has the absolutely coolest hair." And Slime was confused a little bit, he was like, "Ok, so, Cellbit, does that mean you can have amazing hair if you're celibate?" And I was like, "No, sex doesn't factor in, because if no sex was involved, I would have an even better hairline," and then I made fun of myself. And then Portuguese (speaking) Twitter kind of roasted me, somehow. [Laughs] I was the one who took the brunt of the damage. It's crazy, I'm like the meme of the guy at the party where there's people dancing and having fun, and I am like, "They don't know that I like Cellbit, we're friends." So, I really got to meet another guy there, that was named Felps. He was doing the Portuguese commentary. One of the absolutely coolest dudes. (...) Like, if this ever gets aggravated, please understand that I've been a Cellbit fan for a very long time, and I think he's like legitimately fucking badass. And if I could ask him one more question, I wish he would tell me what hair product he uses, that's all I want.
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🗨️ Cellbit was mentioned on Peter's stream! #PETER: So, I met at least a dozen people, that were... Of course, Felps, Cellbit... I've known Cellbit for over a year, he came to one of the 'Artedly' pop quizzes. There was a little bit of miscommunication, I think, on Portuguese (speaking) Twitter. I was protecting Cellbit! I was on his side! But I think that there was a little bit of miscommunication on a nickname. It was not the VAR drama, it was on Day 1, this was something else. So, Slime was being a funny shit, he thought his name was Celibate, right, and I think it was just an honest mistake. And I was just saying I've known Cellbit for over a year now, I was commenting on, "He has the absolutely coolest hair." And Slime was confused a little bit, he was like, "Ok, so, Cellbit, does that mean you can have amazing hair if you're celibate?" And I was like, "No, sex doesn't factor in, because if no sex was involved, I would have an even better hairline," and then I made fun of myself. And then Portuguese (speaking) Twitter kind of roasted me, somehow. [Laughs] I was the one who took the brunt of the damage. It's crazy, I'm like the meme of the guy at the party where there's people dancing and having fun, and I am like, "They don't know that I like Cellbit, we're friends." So, I really got to meet another guy there, that was named Felps. He was doing the Portuguese commentary. One of the absolutely coolest dudes. (...) Like, if this ever gets aggravated, please understand that I've been a Cellbit fan for a very long time, and I think he's like legitimately fucking badass. And if I could ask him one more question, I wish he would tell me what hair product he uses, that's all I want.

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Gmail creator Paul Buchheit on how to build something 100 people love In the clip below, Paul talks about how he built the first version of Gmail. The first version was built in one day, and from there, he iterated his way to 100 people who loved the product: “The whole thing was just iterating, step by step trying to build something that made people happy.” The team decided that they needed to have 100 happy users before launching gmail to the world. To achieve this, Paul embedded a quick questionnaire in the interface that asked users: “Are you happy? Yes or No” Paul would then seek out all of the “No” responders and ask them directly: “What will it take to make you a happy user?” He ignored feedback from the people who said things like “it basically needs to be a clone of Outlook” because it was unlikely he would be able to convert them. But other people just needed a minor feature or a bug fix. So Paul worked on those requests one-by-one until he hit 100 happy users. Email was 30 years old when Paul started building gmail, and it’s pretty much impossible to enter a space like that and build something that appeals to everyone. If you try, what you will end up building is a mediocre product that nobody really loves. What Paul recommends doing instead—and what he did with gmail—is: “Build a thing that has really deep appeal. Even if it’s to just a tiny fraction of people—if you can make that small fraction of people obsessively love what you’re building, it’s easier to just grow that group. There’s always people at the margin where if you make the thing slightly better, they’re going to join into that group. It’s easier to start with deep, narrow appeal and broaden it over time than it is to start with broad ‘meh’ and convert ‘meh’ to loving your thing en masse.”

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