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Coin is a new startup that's trying to replace traditional credit cards. Its YouTube video has 6.8MM views. When you Google the word "coin" they show up as the #1 search result -- not only that, but news story results fill out much of the first page of search results. Not bad for a startup with a product that won't even be available for another 6+ months.
What did this startup do to have such massively successful launch? And why is it coming from a small startup vs. an established company in the space?
In the world of product launches, many companies rely on Paid Media (i.e., ads) to launch new products. But startups don't have the huge ad budgets that big companies do, so they have to get creative by leveraging Earned Media (i.e., you, on Facebook, talking about it). Just like Lockitron did last year, Coin has touched a nerve, hitting its $50,000 crowdfunding campaign goal in under an hour, according to this Forbes article. The founder was quoted as saying:
Here's a great post by Skellie that dissects Elon Musk's approach to disruptive innovation, which is based on reasoning from first principles.
I had an MBA group come in to visit ShareThis yesterday, and we were talking about how to create really disruptive innovation. I realized today when I saw this post that reasoning from first principles puts into words what I've gutturally felt to be true: That really disruptive innovation happens when looking at a problem from a completely new angle.
Skellie quotes Musk as saying:
The nice thing about Musk's approach is that it provides a framework with which to do this. Breaking a problem down to its core components and then building back up from there with a fresh perspective often helps us arrive at very different conclusions than established approaches.
Great to meet the Berkeley Haas crew today; thanks for stopping by the ShareThis office! Also, thank you to Jacqueline and Janice in our office for getting everything set up, including your schwag!
Here is the video from our talk:
And here are my notes from the talk today, as promised:
I've been using Hackpad for a few months and I absolutely love it. Hackpad is a collaborative editing tool similar to Google Docs, and yet very different (and in many ways better) at the same time. Fred Wilson had a great writeup of Hackpad here. He said:
If you want to try using Hackpad, you can open a pad that I created just for this blog post. Feel free to add content to it, edit it, etc.
My primary use of Hackpad is to take collaborative notes in every meeting I participate in. The first thing I'll do when I walk into a meeting is add the other people in the room as Hackapd contributors to the pad I make for the meeting. That way, anyone who wants to can take notes in a central place, and edit each other's notes. It's super powerful -- feels magical even to have a "whole is greater than sum of the parts" note taking experience, where others fill in stuff you missed, etc.
So how is Hackpad better than Google Docs? Well, there's actually a Hackpad that addresses that question! But the two reasons I love it are because a) you can see on the left-hand side who wrote what text, and b) because it's super lightweight and easy to spool up a pad on a moment's notice.
My incredible wife gave birth to a beautiful daughter earlier this week. 6lbs, 6oz. Mom and baby are doing great. No name yet (we have to get to know her first!). A few pictures are below.
• Visitors: We can't wait to introduce Baby DROdio to our friends and family; mom & baby are recovering at home. We'll let you know as soon as we get a handle on everything.
• No gifts, please! We are taking an "agile" approach to parenting. For those of you who aren't techies, that means we are taking it step by step, and we will purchase baby items as we learn the needs of our baby. We don't want to start out with a room full of boxes of baby things that we don't know whether we'll need or not. However, we'll happily take any of your tried & true hand-me-down clothing that you no longer need (reduce, reuse, recycle!).
If you really really want to get us something (and you're really stubborn even though we don't need anything!), we would ask that you get us a Munchery Gift Card. This is a food ordering service that will allow us to have freshly prepared food delivered daily for the first few weeks, and that would help both of us cope. (Since Sue is the one who usually feeds us, I especially would appreciate this, since I'll be responsible for feeding her!) To make sure it arrives at the right place, use email address "us -at- danielodio -dot- com" for the gift card.
That's it for now, more updates to come!
I've found myself thinking a lot about process recently.
Creating and documenting processes in startups is hard, for several reasons. First, it feels like time unwisely spent. A startup has to move so fast that it doesn't have time to think about process. Secondly, things change in startups so quickly that a process is going to quickly become obsolete, so why bother? And lastly, sticking to process takes discipline. When that discipline isn't there (especially from the leaders of the organization) then any process becomes unused and wasted.
On the flipside, having too much rigid adherence to an inflexible process can definitely hamper creativity and innovation.
So what's the right amount of process, and how is it kept relevant?
One of the advantages of focusing on focus is the ability to go "deep" instead of "wide" on what a company's actual business is.
A fantastic example is Dropbox. They do one thing, and they do it with such an intense focus that I continue to be amazed by the level of innovation they achieve.
It seems like every day, their entire team is asking itself "what can we do to go deeper on our main objective?" And their main objective is to acquire as many users as possible, and then get them to store as much of their content on Dropbox as possible. Simple.
They do this so incredibly well, and their valuation is north of $4 billion, just for doing that one thing better than anyone else on the planet, with an incredible depth of focus.
Hi DROdio, I wanted to get your take on how a CEO should handle the case where a valuable employee quits or resigns on good terms. I've been at a number of companies recently where the process has been poorly handled and just leads to uncertainty and stress all around.
As a CEO, how do you ensure that when a valuable employee leaves, they leave in a timely and respectful manner to both them and the team they had worked with?
Thanks for your thoughts!
I wrote recently about Focusing on Focus, but that post left me feeling like I didn't exactly hit the nail on the head with the point I wanted to make, so I'm going to try it from a different angle.
I recently read a NY Times article about Steve Jobs and the creation of the iPhone. Jobs is famous for focusing by being maniacal about saying "no." But this article exposed the flip side of that coin -- how tenacious he was when he said "yes."
For example, take this quote:
Sue is 37 weeks pregnant, so we're spending our weekends really getting our ducks in a row.
Since Sue and I come from the tech world, it's an easy leap for us to use geeky tools to plan for our birth.
One example is Basecamp, a project management tool we use for work projects. Although I've written about my pains using Basecamp over on my tech blog in the past (http://go.DanielOdio.com/basecamp) , it continues to be the best lightweight & effective project management tool we've found.
So, we figured, why not use it to plan our birth?
Here's a screenshot of what our Basecamp birth project looks like, with some notes: