This Week in Startups

StoneAlgo’s Devin Jones on “Zillow for diamonds” + Mar Hershenson on the art of picking | E1766

Jun 21, 2023
Guest
Devin Jones
Devin Jones, CEO of StoneAlgo, is transforming the diamond market with his venture, likened to 'Zillow for diamonds.' He discusses innovative pricing tools and the ethical challenges in the diamond supply chain. Mar Hershenson dives into the 'Art of Picking,' drawing parallels between venture capital and the music industry, underscoring the importance of ongoing education in investment decisions. Both guests share insightful anecdotes on navigating the complexities of love, entrepreneurship, and capital connections.
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ANECDOTE

Early Business Model Challenges

  • StoneAlgo initially used an affiliate marketing model, paying commissions on sales generated from their site.
  • This model proved difficult for scaling due to delayed payments (T+75).
ADVICE

Leveraging Data and Tools

  • Early-stage startups can leverage unique datasets or combine existing ones to create useful products.
  • Build tools that address specific user needs and rank high in organic search results.
INSIGHT

Execution over Novelty

  • Don't underestimate seemingly obvious business ideas or established categories.
  • Success often comes from superior execution and product excellence, not just novelty.
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