Nasdaq Entrepreneurial Center organized an exciting fireside chat with Uri Levine, who built two unicorn companies, worked with dozens of startups, and is the author of the book ‘Fall in love with the problem, not the solution’.
Solve a problem and create value
When asked what ‘Fall in love with the problem, not the solution means’, Uri explained how in the context of startups, when starting the entrepreneurial journey, we are looking at creating value and making an impact. And the simplest way to create value is to solve a problem.
Ask yourself who has this problem then go and talk to these people. Try to understand their perception of the problem. Only then you should go and build a solution. If you start with a solution you may end up building something no one needs or cares about. The problem serves as a North star helping you not to deviate from the path in order to succeed.
How to know if the problem is worth solving?
Uri is pretty straightforward when it comes to the importance of speaking with customers and understanding their perceptions:
- By talking to customers and people whose problems you’re trying to solve you get a clearer view of how the solution should look like.
- These people empower you to pursue the solution.
- The winners are those with large addressable markets who create a lot of value which results in a high frequency of use.
Start with product-market fit
He made it clear how the journey of any startup should begin with figuring out product-market fit (value proposition). If you create value, you are most likely to become successful.
If interested in what Uri had to say about his own entrepreneurial journey, raising capital, crowdfunding, and much more, watch the full chat available on Youtube.