[–] HenrikAngelstig 2y ago ↗ How can a startup attack a big fragmented market with a single product?The answer is to make an "anything-product" – a product that can be used for anything, by anyone, at anytime.An example is Venmo. Their original idea was to: "Let musicians accept payments for live gigs and merchandise via SMS."With a product that specific, the market size was incredibly tiny.The founders therefore decided to pivot Venmo to "Let ANYONE accept payments for ANYTHING, at ANY TIME.They made Venmo an anything-product.And just like that, Venmo’s market size was transformed from a few million – to hundreds of billions of dollars.I've written an essay that goes deeper into this topic. You can read it at https://www.startupbuilder.blog/p/make-an-anything-product-d....
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[ 1.9 ms ] story [ 7.4 ms ] threadThe answer is to make an "anything-product" – a product that can be used for anything, by anyone, at anytime.
An example is Venmo. Their original idea was to: "Let musicians accept payments for live gigs and merchandise via SMS."
With a product that specific, the market size was incredibly tiny.
The founders therefore decided to pivot Venmo to "Let ANYONE accept payments for ANYTHING, at ANY TIME.
They made Venmo an anything-product.
And just like that, Venmo’s market size was transformed from a few million – to hundreds of billions of dollars.
I've written an essay that goes deeper into this topic. You can read it at https://www.startupbuilder.blog/p/make-an-anything-product-d....