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Lenny's Newsletter was so invaluable. Re omboarding supply first, I have a question: Unless a solid Single Player mode is offered to the supplier, how do we invite supplier to join the Marketplace? I am finding that suppliers value more customers the most, so if I give them a customer then they get interested 100% of the time. Problem is, to give them a customer it means I have in fact started on the demand side.
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Uber did not pitch on Shark Tank. The investors discussed companies they were approached by personally. Uber is one such company which one of the investors said they didn’t invest in early on as they could not see people taking rides from strangers outside of actual register taxis.
This was an on point presentation! In terms of the first Q and A question that was asked about 'who to bring on at the early stages of a marketplace?" I think that scrappiness and salesmanship are vital. So much of an early marketplace's growth depends on relationship building and communication and outside the box thinking, I think it's vital to hire people who are good at sales, not afraid to get their hands dirty, and who can effectively onboard. Thanks for sharing Lenny.
Fantastic video with some great strategies and knowledge of someone very close to marketplace start-ups. However, I have one criticism: there was not really any input about kickstarting your ever-evolving MVP while focusing on these strategies. Building an MVP it self is an extremely difficult phase to get through, to then enabling all these onboarding strategies to grow your marketplace. Great talk thought!
Bit of a mess up from Lenny around 14:52, he said referrals are not in the top 3 hidden reasons for growth, but then shows referrals in the top 3 at 15:37... I could see from his face he saw the mess up but chose not to acknowledge it. 😂
Hi, I would like to save to my list your How to kickstart and scale a marketplace business by Lenny Rachitsky video, but I can not, because it is in for children category. Could you change that? Thanks
It is quite interesting how Jason is looking at deals. Without any proper info advantage, it is not the easiest for the everyday angel investor to have the access or the know-how. For example, I'm using this tool - @t to quickly analyze startup deals together with friends. It puts things in an initial framework where I can compare them across things like team, product, market etc.
7:10 OMG I promised myself the same almost word for word, lol. Please hold me accountable in the future and ask for refund if by any error you paid for my events and you're a founder or media in the startup space. Make sure you ask before the event and if you're refused by a sleepy or ignorant teller, let me know, I'll fix it I promise!
Highly respect Michael and appreciate sharing the jewels in these videos. But have to disagree with this "if you have developers building your product in India, we don't invest in you". This is going to be YC's Achilles heel if it's true. It used to be that coding was the most valuable, hardest to find skill around.. 10 years ago! But in today's world, Product is the top skill, Marketing and customer acquisition is up there with it. Coding is a commodity, unless you're a first time entrepreneur just our of college or dropping out. If you have any experience as a Product manager, and have "actually" built products using distributed teams before, coding is still very important, of course, but it's NOT your top challenge. Sourcing and putting distributed, global teams together to build is the most valuable skill and if you are or find someone who can do that AND design and architect a product while acquiring customers you have the winning formula. Of course, talk is cheap so there has to be substance behind any claim.
I definitely don't see that to be the case. I rarely ever see people that outsource their development build amazing products. I do believe that marketing and customer acquisition is important though, but it's not mutually exclusive. Moreover, labour markets do not reflect that software-engineering is commoditised. If it was, software engineering wouldn't be one of the highest-paid professions in the world.
This is nonsense. He is talking about having a tech cofounder who can develop the product. You shouldn’t develop an MVP outsourcing (and paying full price) for a prototype. In general you start hiring after you have proved something, your idea, but for that you need to first make the product. But in early stages you don’t have money, so you don’t hire, you do it by yourself. It’s very costly to develop software and ITERATING. Distributing teams, product managers... you need money for that, and early stage startups don’t have it. Startups don’t know their client, what they actually need, what’s the product is about... imagine paying full price to discover this. 99.99% wont ever do it this way.
What you say has a lot of truth, but the context is that yc invests in tech companies & with a technical cofounder, it just is structurally a poor fit. Also, if you cannot recruit a technical cofounder - you may need to reasses your personal competency or idea (sharing this bc I’ve been there before)
Hi M - everyday wasted looks to be $2.7 billion - every year $1 trillion - but the wasters are aiming for $4 billion daily by 2027 - that's almost $1.5 trillion per annum lets do it! 917-657-2213 www.walletswellness.com (PS: don't look over your shoulder! Many will seek to protect the waste!)
They fund people from every part of the world including India. What he actually said if you listen closely is that they won't fund someone who is relying on freelance coders in India to make their project for them. It's difficult to know everything you need to know as a venture backed startup if your tech talent is across the world and owns no piece of the company and he is absolutely right.
Yeah you're the ignorant moron for not listening to what he actually said and then going and talking badly about him. Michael is brilliant and I could listen to him all day