Startups fail when they are more in love with building their product than they are with solving their customer’s problem.

Do you know WHO you are building for? If you don’t, we have some tips to help below.

@demodayatx

The most consistent piece of advice to founders: love your customer more than your product #tech #startups #vc #founder

On our New York trip, we also got the chance to sit down with Lisa Lewin, partner at Primary. Jackson and Lisa talked about the lack of diversity in venture capital, the rapid growth of New York City as a tech hub, and the #1 reason early-stage companies fail. Here’s some takeaways:

1. ❤️‍🔥 BE MORE IN LOVE WITH YOUR CUSTOMER’S PROBLEM THAN YOU ARE WITH YOUR PRODUCT.

a. The biggest reason early-stage companies fail according to Lisa: “They have so lovingly created a beautiful product that nobody wants to buy.”

b. If you don’t know what your customer wants, go talk to them. Now!

c. Tape this on your bathroom mirror: “What problem am I trying to solve today AND for whom?”

2. ✂️ SUCCESSFUL FOUNDERS ARE CUT FROM THE SAME CLOTH.

a. Lisa shared with me the three things founders who’ve received investment from Primary have in common:

b. A track record of previous achievement.

c. Demonstrated hustle and grit.

d. The desire to be part of a startup and buy-in to that culture.

3. 👯 SURROUND YOURSELF WITH QUALITY PEOPLE.

a. Find friends who promote virtuous cycles of encouragement and sharpening in your life.

b. Do the people around you dare you to think bigger?

c. How to know if you’re surrounding yourself with good people: Ask yourself—when those around me offer me advice, do I take it seriously? Do I respect it?

ICYMI:

Everything you missed last week in tech and startups.

@demodayatx

Everything you missed last week in tech and startups! #tech #startups #vc #ai #openai #anduril #axios

WHO JUST GOT PAID?:

- Anduril, the popular defense tech company, raised $1.5 billion in Series F funding co-led by Founders Fund and Sands Capital.

- FLYR, a travel technology company, raised $225 million in Series D funding led by WestCap. BlackRock also joined the round.

- DevRev, a customer support and product development software provider, raised $100 million in Series A funding. Khosla Ventures, Mayfield Fund, and others invested in the round.

- Antler, a global venture capital firm, raised $72 million for its second Southeast Asian fund focused on startups in Singapore, Indonesia, Vietnam, and Malaysia.

Our Favorite X This Week:

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