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Startup Founder: My Company Failed. Learn From My Mistakes!

Author

Sara Landi Tortoli
February 19, 2024

✨ Hi, I’m Sara, host of the Polyweb podcast. On the show, we explore how we can find meaning in the Technology Era. Join conversations with global tech leaders and entrepreneurs, navigating the intersection of business, life, and technology.

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Megan is the poster child of a successful product manager. From Silicon Valley where she started at Microsoft, she later worked as a Head of Product at Skyscanner, N26, and ultimately as VP Product at Hotjar. She has launched multiple successful products throughout her career and led an M&A acquisition at Hotjar.

Who better than her to build a successful startup? After all, she knows better than anyone all the tricks in the book to create a successful product.

And yet, despite having investors lined up even before she had a product to sell, Megan’s startup failed.

This episode is her story and recollection of what ultimately, despite the most promising start, led her company to fail.

Starting a company is often glamorized in media, but the truth is, the journey is filled with challenges. If you are building (or considering building) a startup, this episode is a candid, honest and brave wake up call.

🎯 Three Key Takeaways:

  1. Sell from Day 1

    Megan realized too late that people's willingness to pay is the ultimate proof of problem-solution fit. She advises start selling from day 1, even before you build anything.

  2. The Tension Between Founders’ Vision and Customer Feedback

    However, constantly pivoting based on customer feedback led her to drift too far away from her original vision. In fact, she became apathetic towards the product she was developing. This experience taught her the importance of finding a balance between staying true to her vision and listening to what the market actually wants.

  3. Build as Little as Possible, Change as Quickly as You Can

    As the founder of an early-stage startup, you will inevitably pivot either partially or completely multiple times. Focus on building a minimal viable product that provides value, and be prepared to make changes based on relevant feedback if the initial approach doesn't work

📚 Resources:

Right Kind of Wrong: The Science of Failing Well - https://amzn.to/3T1FMaL

⏱️ Time Stamps:

00:00 Intro

02:40 Background & entrepreneurial shift

07:59 Problem identification & validation

13:24 Team building & product development

18:10 Product-market fit challenges

23:00 Iteration decision-making

28:07 Addressing product limitations

33:19 Market impact on startups

38:00 Growth from startup experience

43:18 Vision vs market reality

48:27 Closure decision & outlook

👀 About:

Megan has held the VP Product role at Hotjar, where she led and scaled its product organization, and led the team through M&A. She previously held product leadership roles at N26 and Skyscanner. In 2022, she co-founded a startup that never found product-market fit. She decided to cut her losses and return capital to investors so that she could move on with her life. She is currently moving on before exploring what’s next.

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Polyweb navigates through the intricate nexus of technology, product innovation, and human creativity. Engage with leading entrepreneurs and experts in uncovering how we can forge impactful companies and lead lives enriched with purpose in the Technology Era.

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