A Product Market Fit Show | Startup Podcast for Founders
He raised $1.3M, hit $100K ARR—but failed. Here's the lesson every founder needs to hear. | Tolga Ermis, Founder of PromiseQ
Dec 30, 2024
Tolga Ermis, founder of Berlin-based AI startup PromiseQ, discusses his journey of raising $1.3 million and achieving $100K ARR in the security monitoring space before facing major setbacks. He emphasizes the importance of validating customer pain points early on and recognizing when to pivot. Tolga reflects on the challenges of managing customer priorities, especially after losing a major client to a competitor. His insights serve as valuable lessons on the critical nature of addressing the right problems and the need for transparency in the face of failure.
30:24
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Quick takeaways
- Failing to address high-priority problems for customers can lead to misaligned efforts and wasted resources in startup ventures.
- Recognizing the importance of timely pivots and the responsiveness to market demands is crucial for a startup's success and sustainability.
Deep dives
Learning from Success and Failure
Understanding both the successes and failures of founders provides valuable insights into the entrepreneurial journey. Many founders overlook the stories of those who raised capital and achieved some traction yet ultimately failed, which can be as enlightening as those who achieved significant success. Listening to experiences from both ends of the spectrum allows emerging founders to identify patterns and common pitfalls, ultimately aiding them in navigating their own startups. This comprehensive approach highlights the importance of learning from both triumphs and challenges to improve the chances of reaching product-market fit and sustainable growth.
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