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As an investor, I think it's impt to understand your strengths and weaknesses. And sometimes your strength IS also your weakness.
1) Some self-reflections here:
1) Some self-reflections here:
2) First and foremost, I'm a marketer. By training and background. At big cos and at my own past startup(s). My startup even sold to marketers. I even used to do affiliate marketing.
Customer acquisition is THE #1 thing I think about and live, eat, breathe.
Customer acquisition is THE #1 thing I think about and live, eat, breathe.
3) And often, esp in software, where PM fit is not clear, customer development and cust acq is key priority to figure out and derisk.
As such, I orient most of my thinking around how do I think a co can acquire customers. What is that angle and scalable path?
As such, I orient most of my thinking around how do I think a co can acquire customers. What is that angle and scalable path?
4) And when I look at decks and ideas, that's also how I think about things. In fact, I recent made a video on how I think about opportunities here:
tl;dr I don't initially look at teams or the product. Just the idea and think through the cust acq.
tl;dr I don't initially look at teams or the product. Just the idea and think through the cust acq.
5) This framework has served me well over the years. But it also means that I will miss out a lot. And there are particular categories where I will ESPECIALLY MISS OUT.
"Community oriented" products are easy to miss out on if you are coming in w this mindset.
"Community oriented" products are easy to miss out on if you are coming in w this mindset.
6) What do I mean by "community oriented"? They don't necessarily have to be social networking sites. They can be B2B even (which we do a lot of investing in).
But they tend to be very bottoms up / "grass-rootsy". I just don't know how to think about that playbook.
But they tend to be very bottoms up / "grass-rootsy". I just don't know how to think about that playbook.
7) But I've had lots of "misses" / near "misses" w cos in this cat. E.g. We were too late for @MemberstackApp. Too slow for @contrahq & later begged our way in (at a higher val)! I init declined an intro to http://Circle.so & now our whole @HustleFundVC commun uses it
8) The problem w/ this category is the go-to-market is really very product driven since it's so bottom's up. Both in terms of the user exp as well as in the "sharing & interaction" mechanisms.
So you have to try the product.
So you have to try the product.
9) Really using a product in depth and for a while is the key. So it's actually much more involved than looking at a deck & pontificating about cust acq.
And how do you know which cos to prioritize over others? If you are trying these 5 prod it means another 5 will have to wait
And how do you know which cos to prioritize over others? If you are trying these 5 prod it means another 5 will have to wait
10) And what has happened in all of these cases is that one of my teammates will later tell me they are using a product that pitched us for themselves or for our commun & ppl love it.
And that is when I really feel like a doofus.
And that is when I really feel like a doofus.
11) Even more of a doofus when my team really really LOVEs the product for the product-sake (not because other investors are in) & I later try to invest after the fact.
And so, after this happening many times now, I've realize that this is just not *my* particular category
And so, after this happening many times now, I've realize that this is just not *my* particular category
12) tl;dr your strengths are your weaknesses.
But knowing that is probably the first step to solving it.
But knowing that is probably the first step to solving it.
