Uri Levine was frustrated by traffic jams on his commute and found validation that the problem was widespread. His solution was to co-found Waze, the crowd-sourced GPS navigation platform which became a major competitor to Google Maps before being acquired by Google for $1.4 billion.
But Uri's new book, Fall in Love with the Problem, Not the Solution: A Handbook for Entrepreneurs is not the story of Waze. It's not one story about entrepreneurship. It's completely an A-to-Z handbook for entrepreneurs with so many specific sections, like:
- How to do a demo,
- How to build a slide deck
- How to make an effective presentation
- How do you evaluate a term sheet?
- What metrics do you use to measure the growth of your company?
- How do you manage investors, fire people, and hire people?
- What deal terms need to be negotiated for the exit?
This is such a valuable guide, it really is, and today's conversation builds upon these principles.
Listen on as Uri & James discuss all of these topics and more, including:
- Waze built its maps using user GPS data, why did the first 1000 users download Waze? (00:11:22)
- The 4 Stages of Users: Innovators -> Early Adopters -> Early Majority -> Late Majority (00:13:14)
- What percentage of successes are problem-based vs innovation-based? (00:15:46)
- How do you distinguish between your users and your customers? (00:16:50)
- Did Waze ever consider charging subscriptions to the users? (00:18:37)
- What metrics do you look at to see if a business is on the right path? (00:39:25)
- Did Waze ever consider licensing navigation data? (00:47:39)
- Why is it more valuable to talk to customers who don't like you? (00:48:27)
- What are some techniques to cement a good first impression? (00:53:30)
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