Starting a Widget Company, What Should You Consider?

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Sam parr: I think one of the more common mistakes that oncburners make when they're starting a company is not looking at the various business models. So if you're starting a widget company, you should decide, should i be the manufacturer of the widget? Should i sell other people's versions of their widget? And for lots of other types of widgets like that? There are so many ways to le any individual industry, and i think it's worth the least considering a good number of those options before you go down the path. The mistake we made was sprigg was a better experience than dordash or postmates for a long time, and we were gaining market

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.