20 - The Island of Misfit Business Ideas
In the classic Rankin/Bass Christmas special, the Island of Misfit Toys was full of toys that were actually perfect for different girls and boys than originally intended. This week, Steven and Dan discuss some misfit business ideas that aren't bad, per se, just aren't for them, and why.
1:50 - Steven introduces his hydroponics inventory control SaaS idea
4:50 - Problem #1: Distribution
7:15 - Problem #2: Custom development
8:30 - Problem #3: Significant setup & support
11:00 - Problem #4: Market not ready for off-the-shelf software
16:05 - Some clarifications on scope and distribution
18:45 - Problem #5: Too early to build as a solo founder, would need a team to market & grow
21:00 - Dan introduces his apartment buzzer password service
23:30 - Problem #1: Can't dogfood it anymore!
24:00 - Problem #2: It's a B2C product
24:40 - Problem #3: Downtime is CATASTROPHIC.
28:50 - Problem #4: May not provide enough value to convince people to pay for it.
34:00 - Wrap-up!