Brian Armstrong shares the Y Combinator advice that helped Coinbase find product/market fit
“The first version of a product you put out doesn’t work. In fact, that’s the only thing I’ve ever seen happen in startups. I’ve never seen a startup where the first version of their product actually worked. Sometimes in hindsight people like to tell that story, but I think in reality it’s very rare.”
The first version of Coinbase was a hosted Bitcoin wallet. Brian posted it to Reddit and a few people signed up but nobody stuck around. Rather than get discouraged though, he recalled the advice he got at Y Combinator:
“Don’t spend your time going to conferences and trying to raise money. If you don’t have product/market fit yet, talk to your customers and improve the product based on their feedback… There’s really only two things you should be doing in the early stage - talking to your customers and improving the product. It sounds like simple advice, but people spend so much time doing other stuff that’s not actually real work.”
Following that advice, Brian emailed 10 of the people who had signed up for Coinbase and asked if they’d be open to a quick phone call.
One of the users liked the wallet but didn’t have any Bitcoin.
Brian asked him: “If there was an easy way to get Bitcoin into your wallet - like a buy button or something - would you have stuck around and used it?”
“Yeah, probably” replied the user.
So Brian spent the next few months securing bank partnerships and money transmission licenses so he could build a simple buy button into the app. Then he launched it.
“The minute we launched that buy button, it started to grow every day organically with no marketing or anything. And that was the minute I felt like we finally had product/market fit.”
Video Source: @StevenBartlett
#leanmunich is finally coming back this month 🙌
IP Pilot founder Dr. Volker Ruerup is going to share the fails and successes in his lean startup journey distilling a premium paid value proposition from public data.
Join to attend in Munich here
https://t.co/j6aQ82gRPL
This is still one of the most impressive time lapse videos of a SpaceX Falcon 9 first-stage landing: this happened after the rocket boosted the THAICOM-8 satellite into space on May 30, 2016 [video is sped up, source: https://t.co/AZ6OYZqbTi]
This beautiful timelapse with the Milky Way stabilized is a reminder that the Earth is spinning through space.
Captured at Crater Lake, Oregon by photographer Eric Brummel (@Brummo).
In 2 years, Uber went from being in just a few cities to more than 100.
How did Uber grow so quickly? We recruited hundreds of thousands of drivers.
I get asked a lot about how we did it, so here are some lessons that might be helpful to other startups 👇👇👇
Data: Online demand for commercial vehicles recovers in streched V-shape. Demand for RV's is UP! People seem to have an urge for distanced holiday OR a home ready for escape.
Funny how characteristically each country reacts to the coronavirus. China tracks its citizens' every move. Hungary becomes a dictatorship. The US gives money to businesses. The Japanese conceal the problem. The British bravely but stupidly seek herd immunity.
The way we funded our work was by keeping an internal product backlog and putting a phone number on our website. If a customer called wanting something aligned with our backlog, we’d give them a quote, collect their money, and build it for them. It’s not rocket science.