Every time a startup goes viral in a new category a lot of hype is created.
Many startups raise funding using this hype in the same category and ride the wave.
This is not a good practice because eventually without strong conviction and affinity towards your customers, your company will not be successful.
Once the hype is over, your company will be left with less motivation.
Some of the startups that created this trend will do well but not you. See below:
- Facebook & Instagram: Many socials were very built after they got the spotlight, but very few survived.
- Tesla: Many car companies are working towards Electric cars, but only Tesla stands tall above all.
- Binance: As soon as Binance became successful tons of exchanges popped up. How many are actually making the noise now? There are hardly any companies making profits.
- Sustainability - Tons of corporates have started investing in ESG products instead of adopting ESG practices themselves.
- ChatGPT: Everyone wants to make generative AI products, but no one is really solving anything just by plugging in a chatGPT API to their product.
Every year there is a new cool idea, but it is more important to believe in the idea and then take action.
Even if your idea already exists, it is not wrong to work on it. Working on the same problem and solving it better than existing ones will make you more successful because you believe in it and you care about your customers.
#stopthehype #solveaproblem #myfirstlongtweet