Founder's Compass: Week 11
Hello there and welcome to Founder's Compass, a good way to get oriented around the labyrinthian world of startups.
Tool of the week
If you truly care about your online presence and want to more accurately measure marketing results, here is your new buddy:
Video of the week
How we make decisions matter. Let's put some extra effort into understanding that:
Startup Idea of the week
Personal News Feed Filter
𝗣𝗿𝗼𝗯𝗹𝗲𝗺:
Doomscrolling has become one of our biggest social issues of the decade. If we are to calculate how much TikTok actually costs us, we'd find out we're spending ~1,200 EUR monthly just to watch random videos (2h/day - 20 eur/h salary - 1,200 eur monthly). Add that up with all of the social platforms we're currently using, and we're talking thousands more. Yet, when given the choice, how many of us in Europe decided to pay for Instagram/Facebook instead of using it for free? Not many, that's certain.
𝗧𝗮𝗿𝗴𝗲𝘁:
Social Media addicts aware of their problem, looking to quit.
𝗣𝗿𝗼𝗽𝗼𝘀𝗲𝗱 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻:
A filter app. Uninstall all of your current apps (TikTok, Instagram, Facebook, Youtube etc.) and log into your accounts through this new filtering app. Then select what content you actually want to see (practically determine your own algorithm) and get only what you ask for. (by serving only individual pieces of content from a specific platform)
Sounds good so far, but how do you pay for all of it? All of these social platforms monetize through ads, which aren't compatible with this proposed solution. Monetization in this case, would be done by the minute. The first 10 minutes are only 1 dollar, the next 5 are 5 dollars, the next 5 are 10 dollars and then every additional minute is 20 dollars, making continous use very expensive.
𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀:
✅ Clearly reduces and filters social media use, instant sell for conscious consumers. (but how many of these consumers are out there?)
✅ Easy to create a user experience replicating the other social media platforms.
✅ Pay per minutes spent, driving prices really high.
𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀:
❌ Adoption and retention rates will be abysmal. Who wants to reduce their dopamine intake voluntarily? This leads to a very hard model to sell to investors and building such a solution is quite expensive in the long-run.
❌ Tech: Integrating the other social platforms through API's might be extremely expensive. They might develop solutions to specifically block this kind of content highjack. + algorithms are very hard to get right, there's no guarantee the news feed's algorithm will be good.
❌ Non-sticky clients. Once they realize the effects/costs of overusing social media, they stop using the apps, including the new filtered news feed. You're practically losing customers the better you are. How is this going to make money in the long-run?
What would you do differently to get this startup off the ground? Do you think this would work? Let's talk in the comments 🤔
Some news as well
That's it for this week's edition. Stick close for the next one.
Pssst... Are you looking to generate awesome ideas like the one above? You can work with us and create a hackathon for your team: https://creativemotion.io/creative-labs/
If you already have an awesome idea and an awesome team to boot, don't shy away and apply to our accelerator:
(Applications are open now!)