Startups & Ventures

Here's an article devoted to the story of the Liqvid startup. Liqvid offers a solution that will suit both large and small businesses — a cheap subscription-based software that doesn’t require preliminary training and allows businesses use digital signage the way they want - quickly, remotely and efficiently. The history of the startup began in 2018, when Max brought a product prototype to Alex — they started to sell it immediately focusing just on corporate clients and digital media networks. Since the beginning of the pandemic, they changed this focus to small businesses Liqvid’s first international clients forced the company to adapt its platform to new markets. In the fall of 2021, Liqvid switched to free distribution of the platform — a Freemium model with a paid extended — Premium version. Also, they launched the second product — a TV screen subscription for businesses. Now Liqvid has offices in the United States, the United Kingdom, Singapore and Spain.

Here's an article devoted to the story of the Liqvid startup. Liqvid offers a solution that will suit both large and small businesses — a cheap subscription-based software that doesn’t require preliminary training and allows businesses use digital signage the way they want - quickly, remotely and efficiently. The history of the startup began in 2018, when Max brought a product prototype to Alex — they started to sell it immediately focusing just on corporate clients and digital media networks. Since the beginning of the pandemic, they changed this focus to small businesses Liqvid’s first international clients forced the company to adapt its platform to new markets. In the fall of 2021, Liqvid switched to free distribution of the platform — a Freemium model with a paid extended — Premium version. Also, they launched the second product — a TV screen subscription for businesses. Now Liqvid has offices in the United States, the United Kingdom, Singapore and Spain.

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What is a minimal viable product(MVP)? So, you have this idea that sparked a lot of interest in you. It may or may not do the same for the other people you're gonna show your project. That's why people do MVPs. To test something quickly: build and get feedback to understand whether to proceed further. You may love the idea but no one else does so. *Why it's minimal?* Imagine the idea you love and want to build. How many days you should spend creating a working prototype? Let's calculate: 4 features, plus 3 integrations, and a possibility to pay in all countries, and one more feature to show cool analytics, and awesome UI, and..., and... Hmm, it'd take you 9 months. Fine! You've built it in 13 months(some unexpected adjustments here and there). You released it to an alpha test and it occurred no one is interested. You may say it's due to a lack of sufficient market research. You're right, let's do the research then. You did it and figured out that your target customers are private teachers in small schools. You talked to many of them and asked about the problem you try to solve. You did all the right things. Then, it's time to build something, right? So you've decided that in this case, it'll be fine to spend 13 months building a solution. You built it, showed it to the target potential customers and it turned out your solution doesn't address the problem they have. They would solve it differently! Fine, you collected the feedback and rectified your MVP in 2 months. Then, you repeated the release-get feedback cycle a few times spending a year overall to get a few people who want to use your solution. So, it's 2+ years just to build an MVP that people can use? The main point in the MVP concept is to iterate fast. You build something fast, show it to your potential users, collect feedback on what's wrong, adjust the solution. Do this multiple times and you get a few users. Then more until a product-market fit where your problem is scalability.

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Common reasons why startups fail by the version of failory.com: - Marketing mistakes were by far the most common, and they were generally speaking the most deadly with 69% of all mentioned marketing mistakes being fatal. In fact, the fatal marketing mistakes were more numerous than all other fatal mistakes combined (56% vs 44%), as can be seen in the pie chart below. By far the most common reason for shutdown was lack of product-market-fit which constituted more than half of the marketing mistakes, but more on that below. - Team problems – friction, lack of experience, lack of motivation, etc., were the second most common. They were some of the least-deadly percentage-wise (only 39% of all mentioned team problems being fatal), but because they are abundant they were still the second most common reason for shutdown. - Financial problems and mistakes were the third most common. That said, bearing in mind more than 50% of the projects didn’t have any budget to begin with and more than 75% of the projects were self-funded, it’s a surprise that only 16% of the projects point at financial problems as the major reason for failure. - Tech problems were extremely rare, which is surprising considering almost all projects in the data have a technical side to them. The most common remark was that too much time and effort was spent on tech that proved to be useless in the long run. The most common answer to “a thing you would do differently next time” by far was “I’d talk to customers and validate my assumptions before writing a single line of code”. That said, a big % of tech problems were fatal: e.g. relying on a 3rd party API that changes can ruin a business overnight. - Operational problems were quite rare and not that deadly, but it’s important to mention that most interviewees ran software projects, so operational problems (e.g. suppliers, distribution) are not as common as in brick-and-mortar and physical product projects by definition. - Legal problems were rarest, mentioned only four times, but two of those four proved to be lethal. For most early-stage startups the legal side is a non-factor. Yet, there are still industries where you can’t afford to ignore it (food, finance, etc.).

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The best of the entrepreneur Reddit this week. - Who has an interesting small business that makes profit each month? What's your story? - Do not offer discounts to your customers, offer them awards, prizes instead, they will appreciate it more - A side app changed my life - What are some things you can rent out to make money in 2022? - AI just replaced my business - Is Freemium really doable for an early stage startup?

Let's run a community-driven problem search. How it works: we'll write the products we pay(paid) for, why(the benefits). If one paid before, then tell the reason why you unsubscribed. Why: if this a such problem for you that you paid for a solution, then it's a worthy problem to solve. Maybe someone from the community will solve it better that some company. 👇Reply in the comments about what products/services you pay for, have you enjoyed it, or why did you unsubscribed.

Idea: Multi marketplaces inventory sync The app allows you to sync items you sell in the real-time between Etsy, Shopify, Amazon, etc. I'm sure there are people/businesses who sell some/tremendous amounts of something on a multiple marketplaces. There are should be some solutions, or some businesses try to build the solution by themselves because of their specific needs that current market solutions don't provide or do so poorly.

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Idea: Cinema discussion A platform where people pick a movie/series they want to watch and once it's picked, they go to a virtual room where they watch the movie together, discussing something if they want in a chat. Once the movie is finished, they can discuss it further. The service is aimed at people who don't want to watch something alone, or they want to chat more and binge watch.

Idea: Smartphone usage limits An app for smartphones where you point out how much time a day you should have your screen enabled. Or time per one session. Say, I want to limit my smartphone usage. So I configure this app to have only 1.5h a day, and when I spend all of it, I can't use my phone until there's an emergency(to use Google Maps, respond to a call, etc.). The other use case is when I don't know how much time per day I should limit, but I want to decrease smartphone usage time per session. For example, I may spend time watching YouTube or scrolling the Twitter feed, so I want to limit sessions to 5 mins. The app may punish me if I exceed the usage. For example, it may block the distracting apps for the whole day. On the other hand, it also could reward me if I were obedient to the rules for three days: the app might give me additional minutes per session for the next day. Of course, there are similar apps that block distracting apps. The problem is that they can be annoying, and you may decide to uninstall them. Or skip the warnings and notifications. Such apps should be more flexible and "smart" to help you. For example, a rewarding system might have a significant impact. Or the changing and insightful warnings if I violate the rules. So it won't show me the same message that I'm a terrible person, but it will tell something like: "if you continue spending additional time like you did today on YouTube, you'll waste <X> weeks per year".

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💡 Idea: Day Passes for Software Tools • Fitness studios and coworking spaces have day passes. But what about day passes for Software tools? • Could you possibly purchase subscriptions to popular tools and then resell day-passes at a price that allows you to make a healthy profit? • Especially for research tools, there’s definitely demand. Most people research in spurts but not on a continuous basis. (Source: https://businessbrainstorms.com)

💡 Idea: CRM for Online Communities • Online communities are often having a difficult time keeping track of members. • Community leaders and moderators are often spending a significant amount of time trying to manage and engage with the members of their online communities. • Current solutions often require a lot of manual entry and effort to track and engage with members. • The solution could be a CRM for online communities that is easier for community leaders and moderators to use and manage their communities. (Source: https://businessbrainstorms.com)

📈 Trend: Inflatable Nightclubs • Interest in inflatable nightclubs is exploding right now. • Companies rent them out to people doing a wedding or other kinds of parties • They charge around $300/night. • You can buy inflatable nightclubs on AliExpress for $2000-$3000. • So it's easy to do the math how quickly companies are able to make a profit here. Source: BusinessBrainstorms

📈 Trend: Inflatable Nightclubs • Interest in inflatable nightclubs is exploding right now. • Companies rent them out to people doing a wedding or other kinds of parties • They charge around $300/night. • You can buy inflatable nightclubs on AliExpress for $2000-$3000. • So it's easy to do the math how quickly companies are able to make a profit here. Source: BusinessBrainstorms

Ask right questions I can't learn much from re-reading. I may write down notes, but they need a revision regularly. More effective method I found is to create not notes, but questions, which evoke recalling better. The idea is to create an app that will generate such questions for any text. This decreases time to create the notes. The app will remind a user to recall the questions regularly. It tracks a learning progress and adjusts the process: more or less questions about some topic.