20VC: Five Lessons Scaling Toast to $14BN Market Cap | The Biggest Mistakes Founders Make in Fundraising, Hiring and Selling with Aman Narang, CEO @ Toast
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Build Gradually, Integrate Thoughtfully
Founders targeting complex industries like restaurants should recognize that product development evolves over time rather than starting with an expansive vision. Initially, it's crucial to focus on solving specific operational needs, such as enhancing point of sale systems for slightly larger restaurants that face greater complexity. Partnerships may be necessary for certain functionalities, as not every niche can be tackled independently. Specialization in areas like pizza, with its multifaceted order management, highlights the necessity for collaboration with other solution providers to handle intricate demands. Consequently, as a platform matures, it can gradually integrate additional services, such as payments, embedded finance, and loans, based on insights drawn from customer data and market research. This strategic approach ensures a solid foundation while allowing flexibility to adapt as the business grows.
