How to Build a High Level Plan for a Widget Company

4min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

In between coming up with a high level idea and actually putting together a plan, i think you need to do what i call minimum bible tests. You write down a list of these risks that could kill your business, and you rank orer them ba on the ones that are highest likelihood to succeed or fail. And then you can actually create little tests to test these things. So in the example of mavin, ma an is building a platform for coort base courses. We want to make it easy for any creator out there to build a course and to monotize their audience. Our tests were just teaching one course with one creator. It was much faster, and we were able to

Today’s episode is with Gagan Biyani, co-founder and CEO of Maven, a company that empowers the world’s experts to offer cohort-based courses directly to their audience.

After being early at 3 startups that achieved over $1 million in run-rate in their first six months of going live, Gagan has learned some valuable lessons and seen a wide range of outcomes — from Udemy going on to IPO in 2021, to Sprig shutting down in 2017.

In our conversation, we dive deeper into the process of starting a startup. We start on generating ideas and open-ended exploration. We talk about key signals to look for in the market and the competition, as well as the mistakes he sees many aspiring founders make.

Next, he recaps his concept of minimum viable tests for validating early versions of your idea. As we mention in the episode, Gagan wrote a popular article on The First Round Review last year, where he shared much more detail about his “Minimum Viable Testing Process.”

Then, we dig into how you start bringing the idea to life, from exploring different potential business models, to selecting your co-founders and managing that relationship as the company grows.

If you’re eager to hear even more on finding startup ideas from Gagan, he’s teaming up with The Hustle’s Sam Parr to run an Ideation Bootcamp on the Maven platform — learn more and sign up here by May 2nd if you’re interested.

You can follow Gagan on Twitter at @gaganbiyani. You can email us questions directly at review@firstround.com or follow us on Twitter @firstround and @brettberson.