2:20 - 4 lessons from 3 ventures
6:40 - The ideation stage
12:30 - An MVP cannot be simple enough
24:40 - User survey tools
27:50 - Do users know what they want?
Herbert Bay is a serial entrepreneur, angel investor and board member. He co-founded the image-recognition platform kooaba, the AR company Shortcut and the mental health tracker Earkick, where he is currently still active. He holds a PhD in Computer Vision from ETH Zurich and is the original author of the SURF algorithm, used for various Computer Vision and AR applications such as object recognition, image registration, classification, 3D reconstruction etc.
Throughout his decades of experience, Herbert has learned from his mistakes as a product builder, and shared some of his takeaways with us. The following points are advice that he finds universal for all entrepreneurs:
Speaking of startup ideas, the ideation stage is full of potential traps:
How can you choose between ideas? Reduce each of them to an MVP and test them. Then check which one has the highest conversion rate.
How do you know if you’ve reached product-market fit? Herbert likes Sean Ellis’ “product-market fit score”: ask your users how they would feel if they could no longer use your product — “not disappointed,” “somewhat disappointed,” “very disappointed.” If 40% or more answer very disappointed, then you’ve reached product-market fit.
When it comes to perfecting your product, Herbert is no fan of user testing (i.e., paying people to test your product), because the payment factor conditions people to be nicer to you than they otherwise would be, and because these people are most likely not regular users of your product. He recommends getting in touch with your actual users through surveys, cold outreach, etc. Set up a call, go into detail!
Any idea that is truly disruptive will have a lot of people against it. Ignore those people and listen to your customers."
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