9 LESSONS I LEARNT FROM MY FIRST FAILED STARTUP- WITH MELANIE HASELMAYR

ADEYEMI ADETILEWA

www.ideasplusbusiness.com

In August 2011, Mel founded Mevvy

Mevvy is an App ecosystem with unified API for all the

major app stores on the market.

Unfortunately,

Mevvy is “dead”.

THESE ARE THE 9 LESSONS

WE LEARNT FROM MEVVY

The full posts can be found on:

www.ideasplusbusiness.com/9-lessons-i-learnt-from-my-first-failed-startup-with-Melanie-Haselmayr/

LESSON ONE

NEVER ENTER TECH WITHOUT A TECH-SAVVY CO-FOUNDER

If you are going to be in tech, you need a tech-savvy co-founder on your side

LESSON TWO

SPECIALIZE IN A SPECIFIC TARGET GROUP,

NOT JUST “EVERYBODY"

The more specific you are about your users, the more likely you will meet people who will

actually become your users!

LESSON THREE

IT’S BETTER TO RULE 50% OF A SMALL MARKET

THAN 0.5% OF A HUGE MARKET

It is not about how big your market is

today, but how big it can grow.

LESSON FOUR

NEVER JUST ASSUME ANYTHING

When you come up with a hypothesis, you need to validate it, and prove that it’s right.

LESSON FIVE

DON’T USE PAID ADVERTISING TO VALIDATE AN IDEA,

BUT USER OPINIONS

Paid advertising is a really bad way to

validate an idea.

LESSON SIX

NEVER BUILD A PRODUCT BEHIND CLOSED DOORS, BUT WITH

USERS

Ideas are great but execution is what matters most. Build something your users will actually

love.

LESSON SEVEN

REFRAIN FROM HAVING A STATIC PRODUCT

Have a team that is technically capable, dynamic, and remove features as you need

them fairly quickly.

LESSON EIGHT

HAVE A SOLID BUSINESS MODEL FROM DAY 1

You’re not doing this for fun, or for

prestige, you’re looking to make a return.

LESSON NINE

BOOTSTRAP AS LONG AS YOU CAN

Going by the lean startup model helps

tremendously in bootstrapping,

because it guides you to validate your ideas

before you go into development.

SUMMARY

• Solve a real problem (or fill a real need).

• Have a team that has the core competencies

• Target a specific niche and target audience

• Know your monetization plan from day 1

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