Founder Fridays No. 25
Founder Fridays No. 25
Practical tips to help founders scale smartly.
Happy Friday! This week’s briefing is focused on building products.
Product Purpose In One Line
Communicating long-term, complex ideas in a simple, clear way is a skill that separates good leaders from exceptional leaders. This includes product vision statements. If the vision is the WHAT: “What is the future we are trying to create?,” the strategy is the HOW: “How will we focus our efforts to bring this vision to life?” And if you can describe your product vision in a simple sentence (ex. Uber: “Tap a button, get a ride” -or- Airbnb: “Book rooms with locals, rather than hotels”), you’re on the right track. UX Collective (4 minutes)
De-Risk First, Add New Features Later
Startups often add features with the goal of increasing engagement or boosting user growth. But one consumer startup found out the hard way that “Feature Creep” is what she should’ve focused on. Instead of obsessing over growth, adding new features and creating more code, she switched her focus to this: “What is the riskiest assumption I should de-risk?” By derisking some business assumptions, she got 40 paying customers in two months. How? First, she asked if there was an existing problem. Second, she validated a solution and payment, before allowing her project to run its course. A year later, she earned $10K in monthly recurring revenue. Medium (4 minutes)
Founder FAQ: What Is a SAFE?
A Simple Agreement for Future Equity (SAFE) is a contractual convertible financing agreement between a startup and its investors (SAFE Investor) in which the investment converts to equity when the startup raises a future round of funding. The SAFE allows startups to receive early investments quickly and easily. Because of that, it has become wildly popular in the startup world. Westaway (8 minutes)
Startup Funding Guides
I’ve put together a series of guides to equip founders to excel at fundraising. These guides break down the deal term by term and give you negotiation tips so that you can speak to investors with confidence.
Move Fast. Don’t Break Things.
Hi! I’m Kyle. This newsletter is my passion project. When I’m not writing, I run a law firm that helps startups move fast without breaking things. Most founders want a trusted legal partner, but they hate surprise legal bills. At Westaway, we take care of your startup’s legal needs for a flat, monthly fee so you can control your costs and focus on scaling your business. If you’re interested, let’s jump on a call to see if you’re a good fit for the firm. Click here to schedule a 1-on-1 call with me.