Not exactly startups, but we built 10 new products in 18 months, 9 of which failed and here are the lessons we learnt from them:
- Solving emotional problems is much harder than solving functional problems.
- Solving for consumers is much harder than solving for businesses. Making a profitable business from them even harder.
- Understand core problem and target market really well before jumping into execution.
- Think about business model and go-to-market as well before pursuing an opportunity. What’s the point of solving a problem if we cannot reach users at scale and make meaningful revenue from it?
- When validating an idea, do not validate in isolation. Validate it in the larger context it exists in.
- We cannot beat Facebook or Google at their own game. Let’s be real about our capabilities.
- Confirmation bias is a very real thing.
If you want to know more about the products themselves and why they failed, you can check this post out https://growth.wingify.com/building-10-new-products-in-18-months-at-wingify-and-how-they-turned-out-fd94fd4bd970