Goodbye to our startup, Kontractify.
I took this picture with our Times Square billboard back in May knowing a pivot was on the horizon.
After finishing YC W24 and a series of stalled sales processes later, Anand, Justin, and I did some soul-searching and concluded that we’d come back stronger starting from scratch. In our retro, there were a few learnings we gathered:
- Building a nice-to-have: People were incredibly kind, continued to meet with us and told us our product was “useful”, but talks stalled when it came to pay for our solution. When you’re fighting incumbents and years of entrenched process for a limited budget, value has to be crystal clear, and the problem you’re solving must be hair-on-fire to get a shot.
- Articulating a clear problem statement: SaaS verticals go through periods where platforms vs point-solutions dominate. The procurement industry is re-bundling toward platforms, and to keep up with this, we promised a wide range of features to compete with incumbents. This caused us to solve many small problems, vs building something deep with a clear problem statement and value.
- Targeting too broadly: Talking to users is critical, and our idea of this was anyone in the industry we were targeting. This is motion, but not progress. The user base was too broad, with feedback all over the place. We needed to narrow this down to spot patterns and pain points.
It’s hard to say goodbye after spending countless hours and effort on an idea. But the most important advice is to not die and keep moving. We’ve gone back to the drawing board and are launching Aftercare, a post-purchase customer experience for eCommerce stores.
Excited to build again. Look forward to our new launch this week!