Re:I wasted $40k on a fantastic startup idea (2020)
by ilamont on Monday March 28, 2022 @12:51PM
(#30832577)
> successful business means paying customers
In the startup world, founders have been taught that "success" means things other than making money, such as large "valuations" that are not tied to profit or even revenue.
Another founder "success" is VC or angel funding, or getting on some list ("top founders under 30!") or media coverage.
"Exit" is also a "success" even if the sale is underwater or not worth much.
> You could also say they didnt identify how to make money.
For a time, there was a school of thought that as long as you had incredible growth/usage for your app or service, making money wasn't important because someone would buy you.
In the startup world, founders have been taught that "success" means things other than making money, such as large "valuations" that are not tied to profit or even revenue.
Another founder "success" is VC or angel funding, or getting on some list ("top founders under 30!") or media coverage.
"Exit" is also a "success" even if the sale is underwater or not worth much.
> You could also say they didnt identify how to make money.
For a time, there was a school of thought that as long as you had incredible growth/usage for your app or service, making money wasn't important because someone would buy you.