We are a food discovery startup which tells its user the best dishes to have in a restaurant. The initial growth and retention for us has been quite low and we have not been able to make a single $ in revenue yet. From the initial customer interviews, we were quite optimistic that the product has great potential, however, things are turning out to be opposite of what we anticipated. At what stage should we take the business decision to continue/discontinue the product?
I'll be blunt: it's a bad idea. Someone should've told you before but likely was being polite.
As useful as it appears, we can't and don't need an app for everything. Do restaurants really want this? Do people really need this? Trying and learning is a normal part of life and this app is just not something people need. Spending $10 to find out a dish is crap is not the end of the world - it's the experience that counts. Is someone going to spend more time looking at their phone or doing it the old fashioned way by asking their waiter what they like?
Plus, customer interviews are bullshit until you actually ask someone to spend their money. There's huge difference between 'would you buy this' and 'will you buy this right now.' Anyone will tell you an idea's good until they have to put their money where their mouth is.
Answered 8 years ago
Access 20,000+ Startup Experts, 650+ masterclass videos, 1,000+ in-depth guides, and all the software tools you need to launch and grow quickly.
Already a member? Sign in