The fear is that they will receive positive feedback, which will make them less likely to actually build the product.
Memos help clarify thinking, determine if an idea is worth pursuing, and save time by building reps and figuring out which ideas to work on. They also help in understanding the business model, strategy, and potential impact of an idea.
The excitement level of an idea generally starts high and then either fades or grows over time. Ideas that grow over time, becoming more cautiously optimistic, often have a higher potential for success due to their potential impact.
The memo process allows for iterations, which are crucial for improvement. By focusing on quantity over quality, ideas can be explored and refined, leading to better quality work in the long run.
The process involves doing research as late as possible, building everything first, and then checking for competition in the market. The idea is to delay research until the end to avoid using it as an excuse not to build anything.
Try to whittle it down into a smaller project that can be built in a weekend. For b2b ideas, consider manual work initially and automate over time. If an outside expert is required, they might become a co-founder or part of the customer experience.
Research can be a 10x multiplier on an idea, but it's better to improve the idea as much as possible before getting feedback. Delaying research allows for more independent work, which can reveal areas of improvement and help you face challenges head-on.
Fweb3 is solving the problem of integrating web3 technologies, such as blockchain and decentralized finance (DeFi), into traditional web applications. It aims to make it easier for developers to build decentralized applications (dApps) that can interact with both web2 and web3 systems.
The target audience for Fweb3 is web developers who want to build decentralized applications (dApps) that can interact with both web2 and web3 systems. This includes developers who are interested in blockchain, decentralized finance (DeFi), and other web3 technologies.
Fweb3 provides a set of tools and libraries for integrating web3 technologies into traditional web applications. This includes support for popular blockchain networks, such as Ethereum and Binance Smart Chain, as well as integration with decentralized finance (DeFi) platforms and other web3 services. Fweb3 also includes a user-friendly interface for managing dApps and a robust set of documentation and resources for developers.
The speaker is facing the problem of using software with manual service agreements, invoices, and a high-touch recruiting process. He believes that these processes could be ten times better in terms of cost, speed, and quality.
The speaker proposes to productize the manual tools that his company has built for freelance agency work. This would involve automating pdf agreements and invoices, getting paid out daily, and having a semi-automated onboarding process.
The speaker's moonshot idea is to pioneer a way for everyone to earn equity, not just salaried employees. He wants to launch this idea with the framing of 'equity by the hour' and then reveal the other features of the product later.
The problem the speaker is trying to solve is that they want to learn about web3 but are too lazy to do so.
The solution the speaker came up with is to build a game that teaches people about web3, which they can make in a month and others can also use to learn about and build web3.
The aha moment the speaker had was when they started to gain a conceptual understanding of money and realized that creating their own money and moving it from one chain to another was a powerful and eye-opening experience.
The biggest problem that fly fishermen have is that they are unlikely to catch anything, with only a one in ten chance. The goal is to 10x the chance that they can catch fish, starting with the right flies.
Fly fishermen can't just buy the right flies because there are many different kinds of flies, with an estimated 80,000 different kinds. Finding the exact right fly can be difficult and time-consuming.
The opportunity for economic utility in fly fishing is to save time from the beginning of fly fishing to the aha moment of catching the first fish. This could potentially take 10 times longer, and the goal is to make it take one or three times longer.
The process involves removing unnecessary words, focusing on specific aspects, and making the content more concise.
The network effect refers to the idea that as more people use the playbook, the product will improve, emphasizing the importance of community involvement.
The presenter suggests using formulas, numbers, and visual elements to make the memo more engaging and easier to understand.
Sending a memo allows the recipient to read it on their own terms and respond, rather than asking for something that may not be granted.
These tools allow for the creation of prototypes and designs, which can be used to turn memos into tangible products.