How to evaluate the strength of your concept | Summary and Q&A

TL;DR

How to evaluate a start-up idea against a major competitor and smaller competitors in the web-based service industry.

Key Insights

• 🎙️ The interviewee listens to podcasts on his Google Phone due to limitations on downloading podcasts on the iPhone, reflecting the issues with AT&T's network.
• 💡 Evaluating a start-up idea against a dominant competitor requires assessing personal passion, investor support, and a unique approach to the problem.
• 🐕‍🦺 The dominant competitor mentioned in the interview is Evite, a web-based event invitation service that the interviewee believes has not developed significantly.
• 🉐 Leveraging flaws in the dominant competitor's product can create a competitive advantage.
• 👻 Open-sourcing the product and building a community can be a viable strategy, allowing users to integrate the service into their own websites.
• 👻 The host highlights the importance of personal stamina and long-term commitment in the start-up journey.
• ❓ Being the first in a market does not guarantee success, as Apple, Google, and others have succeeded by offering better solutions.

Transcript

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Questions & Answers

Q: What is the interviewee's preferred method of listening to the podcast?

The interviewee listens to the podcast on his Google Phone using the Dog Catcher application, as downloading podcasts on the iPhone is limited by AT&T network restrictions.

Q: How can the interviewee evaluate his start-up idea against a major competitor and smaller competitors?

The host suggests assessing personal passion, investor support, and a better approach to the problem at hand. Additionally, finding flaws in the dominant competitor's product and leveraging them to create a superior solution is advised.

Q: Who is the dominant competitor mentioned by the interviewee?

The dominant competitor is Evite, a web-based service for event invitations. The interviewee believes Evite has stagnated and is ready for innovation.

Q: Is open-sourcing the product and building a community a viable strategy?

Open-sourcing the product and involving the community in its development can be a beneficial angle, especially if it allows users to integrate the service into their own websites, unlike the dominant competitor, Evite.

Summary & Key Takeaways

• The interviewee listens to the podcast on his Google Phone using the Dog Catcher application, highlighting the limitations of downloading podcasts on the iPhone due to AT&T network restrictions.

• The interviewee seeks advice on evaluating his start-up idea in the web-based service industry, given the presence of a dominant competitor with significant market share and smaller competitors.

• The host suggests that competition is expected in any good idea and advises the interviewee to assess personal passion, the ability to secure investors, and a better approach to the problem at hand before proceeding.

• The interviewee reveals the dominant competitor is Evite and discusses potential advantages and flaws that could be leveraged to create a better product.