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E29: Mike Maples on Building Successful Startups and Venture Funds
"Turpentine VC" | Venture Capital and Investing
Insight and Customer Development in Startups
In the world of startups, the initial phase involves the Insight Hack, where founders must have a unique and non-consensus insight that differentiates their idea from the existing market. This insight is crucial to attract early customers and investors who believe in the hidden potential of the idea. Insights should be disruptive enough to make the startup stand out. Once the insight is validated, founders should focus on customer development by actively engaging with potential customers to understand their needs and build a unique value proposition. This process of 'value hacking' is about creating something that people truly desire. Startups should approach this phase as jazz musicians, being flexible and adapting to customer feedback to innovate and grow effectively.
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