How do I find the right business model for my startup?

Gurjeet Singh / November, 2017

Description

Gurjeet Singh, CEO and Co-Founder of Ayasdi explains the scientific process as a way of figuring out things that you have no clue about such as finding the right business model.

Video transcript

How do I find the right business model for my startup?

When we were starting Ayasdi it was very very difficult, mostly because there were two factors that made it difficult. First, our potential space of products was very large, based on the research that we had done, so we have not settled down on a particular product. And the second thing that made it difficult was that the co-founders were all completely inexperienced in business. So it took us quite a while and many iterations, but essentially we followed the scientific process of experiment, collect data and validate or invalidate the hypothesis.

That would be my advice basically, any time you’re faced with a problem that you don’t have a good solution to. Go and collect data. Also importantly, don’t wait for too much data. It’s a fine balance, you have to make decisions in the absence of data or lack of enough data as well. So you have to kind of learn to do it. Again I would say, what I did I surrounded myself with a lot of advisers, who are very experienced and I learned a lot from them. But again you have to be careful: any time you take anybody’s advice, whenever somebody is giving you an advice they already has a solution in mind. So the skills to get a deeper answer to why somebody said something, almost ignoring their solution to the thing, is essentially what allows you to perform better hypothesis, I think.

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QUICK INFO

  • Gurjeet Singh, Ayasdi
  • November, 2017
  • 1:49
  • Startup Basics

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