The other thing which is very popular these days is the lean startup concept, which my friend Eric Ries has pioneered. And it all makes sense, but it’s based on the concept of throwing shit at your users very early on and then iterating. The problem is that users have less and less patience now. And so I’m all for the lean startup – and capital efficiency has really enabled what I do; without this notion of being able to get a company off the ground for $250K, I wouldn’t be here, and neither would my friends in the micro-VC industry – but you have to understand that whereas it’s important to iterate fast and take into account the feedback of your user and so on and so forth, you have to be careful of what you put in front of them first. This notion of “if you’re not ashamed of the first version you put out, it means that you’re too late in releasing it” is very dangerous….
Be very mindful of this initial experience you offer your users. Because today there are so many new websites and services and apps that are hitting the app store or the web every freaking day, that the ADD of users is really really high. And this first experience – if you hear that something is cool and you go there and you just puke on it, it’s very hard to overcome….
Nice interview with VC Jeff Clavier – The Dangers of Lean Startup, Big Pitching Mistakes, and More Tips. His thoughts marry my own e.g minimum awesome product, not minimum awful.