Forgive me readers for I have sinned. It’s been many months since my last blog and I’m giving it another go.
First up, a shout out to Fred Wilson, my favorite blogger. Today he describes a talk he gave yesterday (2/15/11) at HBS regarding startups. You can read the entire post here but below are some of his points that resonated. In particular, they reminded me of things my friends at FitnessKeeper (aka RunKeeper) are doing right.
- There is a very high correlation between lean startup approach and the top performing companies in our two funds.
- Lean startup methodology is great, but it is really a lean startup culture you want.
- Early in a startup, product decisions should be hunch driven. Later on, product decisions should be data driven.
- Hunches come from being a power user of the products in your category and from having a long standing obsession about the problem you are solving.
- Domain expertise to the point of obsession is highly correlated with the most successful entrepreneurs in our portfolio.
- Ideas that most people derided as ridiculous have produced the best outcomes. Don’t do the obvious thing.
- Monetization should be native and improve the experience for users.
- If you have an idea that you can’t get out of your head, do a startup. Otherwise join a startup.
- If you are not technical, get product experience. Get your hands dirty and work with engineers.
Jason and the gang are really kicking it right now, this explains some of the “why”.