Planning to launch a new product?
Check out our fourteenth video in the series of 1-minute tips for startup founders from Alexander Konoplyasty, co-founder of Flashpoint Venture Capital.
❓Planning to launch a new product?
👉If you are still small and testing the scalability of your main product, would not be advisable to expand, or get distracted.
At a certain point of a company development, you start thinking, whether to launch a second product. What are the considerations? Your company size – if you are still small and testing the scalability of your main product, would not be advisable to expand, get distracted. Your customer profile – is it SME/large enterprise, can they pay more, are they asking for more products. Analysis and testing in advance is required. Your product development capability and time to market – do you have enough resources for development. Your competition – if there is a competitive offering out there, it would be tough to market the product. Pricing is also important. Your financial position – if you are well funded, and not planning to raise in the near term, investors might not like seeing little traction.