Panacea Smart Solutions’ Post

Idea Validation is actually quite tough... We often feel like our idea is great, but once you bring it to potential users or investors, you realize it might not "click" as you thought. I’ve learned that validation isn't about getting a "yes" or "no," but about understanding whether your idea truly solves a market need. Patience and constant iteration are key. Who else is struggling in this phase?

I've been thinking a lot about: the MVIP myth. You know, the belief that you've got to build your product first and then look for validation? It's a trap that catches a lot of first-time founders. They hold off on sharing their ideas, waiting until they've got an MVIP to show. In case you are wondering, it’s not a typo. It’s Minimum Viable Initial Product. I coined that to accurately reflect the reality. From what I've seen in the ventures I've been involved with, this approach is outdated and, frankly, doesn't cut it anymore. Convincing first-time founders to put their idea out there early and validate it properly is tough, but it's crucial. Let's start embracing the idea that feedback and validation come first, shaping our products to fit real needs, not the other way around. What's your take on this? Ever been caught in the MVIP trap?

The more I stand out as a founder, the more Jem stands out as a company and product. I truly have noticed that lately. I am not “above” meeting up with customers for coffee and discussing their pain points. My ego doesn’t hurt when someone doesn’t enjoy Jem the way I’d like them too (because I’ll just ask how we can improve anyways!) My approach to problem solving is with pure intentions. A lot of founders forget that you can find your key differentiator by talking to your customers and users. Because of this, we formed more partnerships and conversations to drive more stability to our Creators. I can’t wait to share how heading into Winter. Drop the ego. Don’t get defensive. Talk to your customers.

Non-technical founders: you can still get a LOT done before building product A lot of times I hear non-technical founders say, "I have a great idea, but i can't do anything but build decks until the product's built" 🤦🏻♂️No. There is so much work that can be done around problem validation, initial business development, et cetera. PLUS that's the type of work that becomes leverage when talking to engineers ... and even investors. Why would an amazing engineer drop everything to join a non-technical co-founder? It only makes sense if you have done some of the work around why this is important and why it's a huge opportunity. Don't wait - be proactive. Make them need you as much as you need them.

Are you brave enough to start over? In the treacherous dungeons of product development, the sunk cost fallacy lurks in every shadow, ready to ensnare unwary founders. It whispers seductively, "You've come so far. Surely you can't turn back now?" But here's the truth: Your past investments—be they time, money, or tears—shouldn't dictate your future direction. As founders, we must be ready to slay this beast. Remember, every line of code you've written, every pitch you've made, every sleepless night you've endured—they're not wasted. They're experience points, leveling you up for your next challenge. The real waste? Continuing down a path that no longer serves your vision or your users. So, fellow founders, sharpen your swords of discernment. Be ready to cut ties with the past when the future demands it. In the end, it's not about the code you keep—it's about the problems you solve.

"Always go past the first answer." Armando Vera Carvajal and I have been obsessed with getting user feedback from our users who use Hangtight. Throughout these conversations, we have noticed common themes but it wasn't until we asked follow-up questions that we were able to figure out what they truly wanted and more importantly why they wanted it. As a founder, we often think we know exactly what our users want but sometimes we develop blindspots which is why these conversations are some important. One of the best lessons from talking to our users I've learned is to not immediately build a feature people want, rather understand why they want this feature. The "why" is where the true gold is and is where you can make informed product decisions especially when roadmapping.

The recent Product Cafe in #Wroclaw was a valuable discussion. This time I found myself mostly reading between the lines, making plenty of observations. Before the event, I had participated in several product meetings, and this session really emphasized how managing a product can differ significantly between a founder and a product owner within an established company. Though the contexts are unique, the problem-solving patterns are surprisingly similar—know your problem well (and yes, data is definitely helpful! 😄). What stood out most was hearing not just the success stories, but also the challenges and daily struggles. I heard "I don't know," and I found that phrase refreshing—it’s the first step toward growth and a sign that the organizers are creating a safe space for honest, meaningful discussions. In my view, the event reinforced the importance of staying curious. Expanding our horizons—not just solving the usual business problems, but pushing boundaries to explore new possibilities and identify more complex challenges we hadn’t noticed before. This mindset perfectly aligns with the culture we are building at BNY. My conclusion? We need more of these conversations.

I’m astounded by the speed at which founders’ brains operate. They can conceive of ideas quickly. But the issue with that when creating a product is that they often change priorities. I’ve met with clients who develop a great idea and want to fast-track it into production. But the problem is that their idea hasn’t been fully fleshed out. There’s no roadmap on how to get the product to market. So, the technical team is building while the founder is iterating. The founder requests new features and may change their mind when a feature is 70%-80% done. This approach creates a lot of confusion and false starts. It leads to low morale and a wasted budget. Want to prevent this? Instead of asking, “When can we get this done?” ask yourself, “Can this wait?”

🚀 Engineers, Ready to Start Your Own Company? 🚀 Lately, I’ve had several friends who are experts at operations, excited to start their own businesses, but there's one challenge holding them back—they can’t find a technical co-founder. This is where YOU come in! If you’re an engineer eager to start something of your own, comment below! I’ll personally connect you with talented operators looking for a technical partner to get things off the ground. 💡 Help me spread the word by liking or sharing this post to reach even more engineers! Together, we can create something incredible. Let’s make things happen! 💪 

Every first-time founder had these thoughts: “How do I find my 10 first customers?” “What if nobody uses my product?” “What if it’s too expensive or too cheap?” (It is okay to think this) But if you want to achieve your goals, You need to reframe your thoughts: Find the problem you want to solve first Find out who needs it Build a better solution Figure out your solution benefits Turn those unproductive thoughts into positive actions. That’s the mindset you need for 2024 🚀 Repost this ♻️ for others too, please. P.S. What’s holding you back today?