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Nir And Far: Business, Behaviour and the Brain
How to Build an Irresistible Product for VC Investors - Nir And Far
Oct 16, 2023
15:04
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Nir And Far discusses building an irresistible product for VC investors. They explore the power of customer habits as a competitive advantage, the Hooked model, and the importance of engagement in product design.
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Quick takeaways
- Engagement is crucial for the success of a product and cannot be bought, it must be built into the product design.
- VC investors seek products with competitive advantages such as intellectual property, economies of scale, or a strong brand, and entrepreneurs should utilize design research to understand user behavior and needs.
Deep dives
The Importance of Engagement in Building a Successful Product
Engagement is crucial for the success of a product and cannot be bought. It must be built into the product design. Venture capitalists (VCs) look for habit-forming products that keep users coming back. This is because customer habits equate to economic value. A competitive advantage, or a 'competitive moat,' is sought after by VCs, as it leads to high-profit margins over time. One of the most sustainable competitive advantages is a habit. Google's sustained competitive advantage is attributed to users' habit of using the search engine without conscious thought.
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