Probook reposted this
I wasted 9 months building a startup in college before I realized it was dead on arrival. The painful lesson: asking your friends if your idea is cool doesn't count as market validation. The idea was called Slipstr. Customers hate paper receipts. They're wasteful, dirty, they disintegrate in your pocket. And digital receipts aren't much better. No one wants to give out their contact info and get bombarded with marketing emails. So I came up with another solution: the Apple Pay of receipts. Using NFC, you could tap your phone at checkout and get one instantly. I shopped the idea around to my classmates at Penn. Everyone in my entrepreneurship program said it was cool. I took that as my signal to start building. I was 8 months in when one of my profs gave a piece of advice that I wish I had on day one: "Validate the market before you build." I thought, better late than never. I went out and walked the streets of South Philly, pitching to restaurants, coffee shops, merchants - anyone who would listen. The most encouraging response I got was from a candlemaker who didn't immediately tell me to leave. I quickly realized the market had every reason to actively work against me. A digital receipt gives customers a clear path to a return. That's a liability. And merchants want your email address - it's how they remarket to you. Handing customers a convenient, frictionless receipt means giving up their data strategy with nothing in return. The idea wasn't bad. But the people I was actually selling to were never going to validate it. If I could go back, I would have hit the streets and spoken to merchants on day one.