Andrew of Tiny Capital shared how he lost $10 million in competition with Asana, and lost.
Some key takeaways from his lesson from #failure
- if you're in a competitive space with lots of #VC-backed startups, it's foolish to compete without raising money - don't bring a knife to a gun fight
- if a tree falls in the forest and nobody is around to hear it, it didn't fall
- running a #SaaS (Software-as-a-Service) business without deeply understanding churn, #LTV, #CAC, etc, is like flying a plane without instrumentation - really stupid & dangerous
- bootstrapping works best in non-competitive spaces/niches, or if you have an unfair advantage (a personal #brand, unique customer acquisition channel, etc)