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"1 to 1000" | Scaling Startups with CEOs
E9: Henry Ward on Navigating the Startup Idea Maze and Building to Scale
Nov 21, 2023
In this episode, Henry Ward, CEO and co-founder of Carta, discusses navigating the startup idea maze, finding a market wedge, hiring the best VPs, recognizing product market fit, and building the right executive team.
46:47
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Quick takeaways
- Find the initial wedge to attract first customers in network effect-style businesses.
- Develop a deep intuition for customers to find unique solutions and overcome rejection.
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Navigating the Idea Maze and Finding the Initial Wedge
Founders often have a vision of building a big company, but they need to focus on finding the initial wedge to attract their first customers. The challenge is getting the first customers to use a product in network effect-style businesses. This requires thinking beyond the network and emphasizing the value of the initial tool, as exemplified by eShares (now CARTA). By offering an affordable cap table management service in exchange for issuing electronic stock certificates, eShares created a new standard in the market and attracted their first customers.
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