Notes on building a startup
I just completed 2 months doing some startup advisory work in Japan. While I was there I gathered some notes related to startup tech investing. If you see anything wrong or I should elaborate on let me know!
- When raising money it is good to be specific when talking to investors: "[I am looking to] raise 250K to change [our] 100K ARR to 1M ARR (in 18 months) because I want a 10M valuation"
- Don't spend lots of money before you achieve product-market fit.
- Pay attention to retention.
- Have a distribution method in mind.
- Talk to the users before you start working on the problem.
- To build a compleling product consider making sure that there is a goal for the user to achieve.
- Finding product-market fit can take a long time. I took Justin.tv 6 years to achieve product-market fit, as Twitch.