A conversation with Jade, an ex-VC partner, unveiled a wealth of insights. I learned a lot and think it's worth sharing.
Delving Deeper, Not Wider
First, she emphasized the need for in-depth, differentiated products within specific verticals as opposed to a shallow approach. For instance, instead of creating a generic chatbot for a wide range of industries, diving deep into the healthcare sector to develop a chatbot that understands medical terms and compliances could make a significant difference.
The Trap of Familiar Circles
Another common mistake is the tendency to seek opinions from familiar circles, leading to a narrowed perspective. But in doing so, we may miss out on a global optimal solution, only resonating with a small crowd.
LLM, VC Perspective
Jade also shared that, in the past year, the VC realm has been relatively quiet, reflecting a cautious stance while awaiting clearer market directions. This scenario underscores the need for startups to thoroughly research and align their strengths with market opportunities to attract investments.
A Structured Approach to Product Development
Towards the end of our conversation, Jade outlined a more actionable systematic approach towards exploring startup ideas:
1. Market Research:
Study the achievements of other companies, especially those who have gone public.
Read through their annual reports to understand their outlook on the market and future AI opportunities.
2. Industry Survey:
Identify industries with less competition but high willingness to pay.
Align this information with your strengths to see where the best opportunities lie.
3. Engage Interest Groups:
Reach out to interest groups from 3-5 different industries, interviewing ten individuals from each.
Understand the features they desire and how much they are willing to pay.
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