TalkNotes founder Nico Ginan explains his risk tolerance and timeline preferences during the sale of his startup on Acquire.com.
Insight
Ginan: Optimizing sales funnels is pointless if users don't use the free app
“Do people actually use the app? Because if they don't use the app, then it's pointless to try to optimize for Like sales and stuff like that to make a nice funnel if they just don't even use the free app.”
Insight
Ginan: AI startups cannot pause development without risking losing everything
“Since it's AI, AI moves super fast. So within a few months you get new competitors and stuff like that. So it's not possible to just Do nothing when you have something in AI, in my opinion, just too much stress. So that's one of the major reasons that I wanted…”
Insight
Nico Ginan: Startup buyers evaluate numbers alone, not tech or founder attachment
“There is emotional attachment to the product, but it's not worth anything for the buyer. So even if you think your product is like your baby, it's not the case for the buyer. And I think most of them will buy based on the number alone, not the, oh yeah, it's a…”
Insight
Nico Ginan: Underpricing a startup creates bidding wars and higher sale prices
“Like, don't overvalue your products, and it's, as we mentioned earlier, I think it's really worth maybe pricing slightly under what you had in mind to get more offer, and then raise the bids, because, like, it's like a restaurant. If you go to a restaurant and…”
Assertion Not checkable as stated
Ginan: Every project built without a personal problem failed
“I think all the project I made using this concept. Failed in a way or another. Like for this one, I had the problem myself. I was like, okay, I tried to transcribe this and it didn't work well. So there is like, I had the need already. But for others, it's jus…”
Assertion Not checkable as stated
Ginan: Untested production bug dropped TalkNotes sales by 70% overnight
“I shipped a bug to production. So I went to bed and I did it before going to bed. So I went to bed and the next morning I wake up, I have like 50 emails in my inbox. I see the sales down 70%.”