Product

As I read about the unveiling of the Tesla Model X , I have two thoughts. The first one is “I want” (hint: Amy – you need to replace your red Range Rover.) The second is that price of admission is an amazing product. Indulge me while I go on an amazing product rant from our portfolio. Glowforge is turning 3D printing inside out by using a laser to cut and engrave, instead of an extruder to, well, extrude. They just crossed the $4 million mark in day five of their thirty day pre-order campaign . Sphero has sold more BB-8’s in the month since they launched than even I thought possible. I have one on my desk and it gives me joy every day I’m in the office. Accenture just launched their Connected Analytics Experience’s immersive environment which is enabled by Mezzanine. As a daily user of Mezzanine, it actually makes video conference and collaboration tolerable. The demand for the 3D Robotics Solo drone is off the charts. Rock Band 4 comes out next week . Yesterday two new U2 songs were added as exclusives. Enough said. We closed an investment yesterday in a company that will announce next week. I’ve been using the product for sixty days along with their competitor’s product. Their competitor has raised 10x the amount of money so far (prior to our investment), and the product from the company we invested in, from my own head to head comparison, is amazing, compared to the “meh” product from its competitor. We are issuing a term sheet today to another company that I hope accepts our offer. Your mind simply explodes when you use this particular product. I could keep going but you get the idea. When I reflect on our successful investments, regardless of the form factor (software or hardware or both) that they take, they all are amazing products. And the founders come from a product first mindset – their goal is to unambiguously create the best product that delight users every time they come in contact with it. ...

I read a lot – somewhere between 50 and 100 books a year. I prefer long form (books) to medium form (articles, blog posts), although I read plenty of that as well. I’m a visual learner, so I learn a lot more from reading than I do by listening to a lecture or a video. I’m always curious what my friends are reading and often grab books they recommend. Last week Fred Wilson wrote a post recommending two books including Randy Hunt’s Product Design for the Web: Principles of Designing and Releasing Web Products . I grabbed them both. ...

I was sitting with the founders of a company we’ve funded the other day talking about their competition. I love this product and I use it every day. It doesn’t yet have widespread adoption, but it as extremely actively used by the early adopters. This company has several competitors – long time incumbents with somewhat stale, but useful products, and several new competitors, including well-funded and noisy ones. I use several of these products regularly in different situations and have encouraged the founders to use them also. ...

I’m mid 2011 I wrote a post titled Competition . Things in my universe had heated up and many of the companies I was an investor in were facing lots of competition. It’s 18 months later and there’s 10x the amount of competitive dynamics going on, some because of the maturity, scale, and market leadership of some of the companies I’m an investor in; some because of the increased number of companies in each market segment, and some based on the heat and intensity of our business right now. ...

I’ve invested in hundreds of companies that have started from scratch and I’ve been though some crazy number of product launches, especially if you include all of the TechStars companies I’ve been involved with. These alphas, or betas, or v1.0 or v0.1 launches are exciting moments as they signify the transition from an idea to a product. And, it’s at that point that the real work begins. Early in the life of your company you want feedback. From anyone. Of any kind. ...

If you are a developer, I encourage you to carve out an hour and watch TechStars CEO David Cohen’s presentation at RailsConf 2012 (30 minute presentation and outstanding 30 minutes of Q&A). He starts out with the assertion that “developers are the new investors” – how could you not be interested in hearing more about that? David and I wrote a book last year called Do More Faster: TechStars Lessons to Accelerate Your Startup and this is his riff to a room full of developers about some of his top tips. Special bonus – see a photo of me in my pajamas at minute 7.

I was reminded of the importance of starting with the customer experience while I was watching this brilliant video from WWDC 1997 of Steve Jobs. In the video, Jobs appears to be responding to attack by a troll, but is actually doing something much more interesting. Rather than take the bait and react, he thinks carefully in real time and makes a critical philosophical point about his – and Apple’s – approach to creating new products. ...

I was at an board meeting yesterday morning for a new seed deal that we’ve done that will be announced next week. I love the product vision – it’s in an area that I’ve been working in for a while across a variety of companies and will take a new approach to a very old and persistent problem. The entrepreneurs have been living the specific problem for a long time and believe they have a unique and very informed way to solve it. Given that the company has had no funding to date, the founders have been scrappy and have cobbled together a really impressive prototype that they’ve been using to get early customer feedback. It’s an ambitious product vision that will take a while to fully roll out. ...

For some reason I’ve been doing a lot of interviews lately. In many of them I get asked similar questions, including the inevitable “what makes a great entrepreneur?” When I’m on a VC panel, I’m always amused by the answers from my co-panelists as they are usually the same set of “VC cliches” which makes it even more fun when I blurt out my answer. “A complete and total obsession with the product” ...