Build something users love AND pay for

Carlos González de Villaumbrosia recently spoke at ProductCon where he highlighted the importance of building something that users both love and are willing to pay for.

This statement is particularly relevant in the current climate where raising angel investment has become more challenging. Due to high-interest rates, investing in startups is no longer as appealing as it once was, and investors are now looking for rapid revenue generation before committing to any investment.

This change in the investment landscape has resulted in a shift in emphasis towards validating revenue models quickly. In the past, product innovation focused primarily on building products that people love, without necessarily considering the revenue model from the outset. However, the current market requires that startup and product teams consider both aspects from the start.

To achieve this, these teams must have a clear understanding of their target market and the problem they are trying to solve. The first two questions that they need to ask themselves are whether they are addressing a problem that occurs frequently, and whether their target market is unhappy with the existing solutions. However, the third question is just as important: is the target market willing to pay for the solution?

To be successful, these teams must focus on building something that solves a problem and is also a viable business. In other words, they must build something users love and are willing to pay for. By doing so, they can ensure that their product is not only successful but also sustainable in the long term.