Just for fun and to hopefully one day avoid failing in a startup, I like to do post mortems. What I understood of Vinetrade is it struggled to make any income in a market which isn't comfortable right now trading online.
1. 2/12 Launches vinetrade
2. It manages wine portfolios
3. Raises funding
Getting funding so early is an indication that early profitability was probably not the main focus. Can give a false sense of success and idea validation.
4. People already trade wine but are not using an online service to do it yet
If this is your first startup, don't try and revolutionise an industry. Let someone else blow the money and make the mistakes first. Be a fast follower instead.
5. JM talks about building an MVP
Vinetrade should be your product? Another indication of not focusing on achieving profitability and a good revenue model and pricing structure early on.
6. 3/13 Closes vinetrade. Mentions it would have needed more funding.
Funding focus again an indication of lack of focus on early idea validation through profitability.
1. 2/12 Launches vinetrade
2. It manages wine portfolios
3. Raises funding
Getting funding so early is an indication that early profitability was probably not the main focus. Can give a false sense of success and idea validation.
4. People already trade wine but are not using an online service to do it yet
If this is your first startup, don't try and revolutionise an industry. Let someone else blow the money and make the mistakes first. Be a fast follower instead.
5. JM talks about building an MVP
Vinetrade should be your product? Another indication of not focusing on achieving profitability and a good revenue model and pricing structure early on.
6. 3/13 Closes vinetrade. Mentions it would have needed more funding.
Funding focus again an indication of lack of focus on early idea validation through profitability.