This video it's totally underrated... This shit is priceless! Thanks a lot for sharing it! May I ask you how and why to apply a marketing fee on a product, and what to do with it after all? And let's suppose I build houses...
Good stuff, Heini! I've never been a fan of business plans. But I also don't like the approach of jumping out of a plane and assembling your parachute on the way down. I think your "Raw Canvas" approach is the middle ground that most startups need. You spend some time planning. But you can be flexible as things change.
WOW! I only came across you this morning and have been watching your videos ever since! Love what you share and how you share - simple and to the point. I'm now going to download your app, even though I don't drink wine, lol. However, I do remember being in the supermarket and not knowing what wine to buy (for someone else), if only I had known about your app. Well, I not only know about your app, but a lot more things as well. Love your business plan template! Thanks for sharing, and I look forward to more of your content. Raw Startup is a great name, but I also feel you are like Raw Inspiration.
Heini, i was gonna email you and write how much thankful i am because of your contents. Your wireframe video with Balsamiq . Made me clear about my idea. I really appreciate from my heart because of this videos. Now i need shed light on business plan.
@@RawStartup Sure. I really love the practicality of videos. In other channel they usually talk in a abstract way. Even in YC channel .Big shout out from Milan 🙏🙏🙏🙏🙏
Love this framework for structuring the business model. In your Vivino example, you identified data as one of your unfair advantages. What stopped other companies from just cloning/scraping your data themselves? I'm working on an analogous business problem, different vertical, and I'm also differentiating against my competition with a focus on data quality + depth, however I'm curious how defensible that is, or if I should also focus on bigger moats like community/network effects and quality of product discovery. Second question: You identified a marketplace transaction fee as your primary revenue model, but was that always your revenue plan, or did you ever offer/consider premium B2B services (upgraded profiles, sponsored products/content, etc). I'm thinking about marketplace but not until we have consumer density, so we're looking into offering B2B ad services first. Thanks Heini, huge fan of your product 🤳🍷❤️
Thanks for the kind words and the questions. 1. Yes you are right in the beginning there was no unfair advantage, we were just very focused on building it after 2-3 we started getting the unfair advantage and that has since grown as we have 40 million users feeding into that data. 2. We had our eye on Marketplace from day one, but have also explored other things. We are seeing other revenue now and that part of the business is growing.
When you recommend aiming for the middle ground, between a small and a big customer base, Vivino seemed to aim for a big audience straight away? On that note, I think a lot of people aim for a big audience in a competitive niche with the “we’re going to do it better” approach. I’ve never seen that work, unless they’ve got massive funding I guess. I think that’s why an “unfair advantage” or uniqueness is so important. It would be interesting if a future video would touch upon when to take a business to the next level. When to go all in. When did you know Vivino was going to work, and you decided to go all in? It’s a topic I find really fascinating. Keep it up - Staffan
Yes you have a point that we went big right away, but actually, that was not where there was most competition. Usually, the big group would mean a lot of competition, that was not the case for us, we felt it was underserved. Well, when do you go all in? Aren't we always all in :) Somehow I always felt that this was going to work. I guess I just had a lot of faith. However, I do remember a conversation I had with my co-founder Theis when we had a day with 3,000 wine labels being scanned. We were thinking this is crazy and asked would there ever be a day when the number would be 1 million, we both said Hell Yes! I guess that was it, we were all in!
Hi Heini, Thanks again for your insightful video. Thinking about the solution, I was wondering why Vivivno had chosen for scanning the bottle of wine instead of just scanning the barcode of it. Wouldn't it have been easier? Thanks, Davide
Thanks, basically two reasons. Not all wines have a barcode on, actually a lot don't have a barcode at all. Not sure what the exact ratio is right now. Secondly the barcodes are very inconsistent. They vary from country to country and often don't distinguish between vintages.
Can you explain how you built up the content for your first 10 (or whatever) users? Did you already have some manual data about the wines in the app for those first few users?
Thanks yes I've spent the past 10 years building Vivino and therefore a lot of my learnings come from Vivino. Vivino is so big now that this RU-vid channel has little to no impact on how Vivino is doing. The purpose here is to educate and give back to the Startup community that has given me so much.
This all seems like good advice, thanks for sharing. But since you keep referring to Vivino, it seems only fair to ask: What went wrong? I think Vivino is a great product, and I use the app every week. Still, I just read (this is what brought me to this channel) that Vivino has been losing money every single year since it was founded (source: Jyllands-Posten). Red numbers all around. So, what went wrong?
Thank you very much for the question very glad you liked the video. A lot of things went wrong, that is what happens when you build a startup. Overall however Vivino is a massive success, both from a product point of view, but also a huge commercial success. Vivino is now the biggest online seller of wine in the world! Some reporters in Denmark think that looking at our Danish subsidiary books gives them any insights, but it really doesn't as we mostly have cost and very little relative revenue in Denmark. We are a US company with a Danish subsidiary as well as commercial activities in 17 countries. No reporter has access to our books, so whatever they print really doesn't have any value or anything to do with reality, they're just trying to make up a good story. It is also very misleading for the reader and gives you no idea about Vivino's financial performance. That said the basics of a Startup that raises money is that the money is invested and while that money is invested the numbers are red. It can take anything from 5 years to whatever, Amazon still isn't very profitable after 25 years, I don't think anyone asks Amazon what went wrong.
I want to setup a startup in canada I have an idea and want to get in touch with the angel investor in canada but I am outside canada and don’t have any guidance can you help me
Thanks! Very strange suddenly the link didn't work anymore. I've updated it and here it is: drive.google.com/drive/folders/1oG90VGSeGXBOo-JnBR_SqtM1XBrY0KjD?usp=sharing
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