Startup Wisdom with Steve Case of AOL

Expanding entrepreneurship beyond major tech hubs can revitalize communities. Steve Case emphasizes the need for startups to grow in cities across the country to foster innovation and economic growth.

\"People growing up in other parts of the country feel like they have to leave where they are and go someplace else... It also unfortunately hollows out some of the rest of our communities and over time it has a negative impact on our country. So I think we have to reverse this.\"

• Support startups in diverse locations.
• Encourage local talent to build locally.
• Recognize community and national benefits.

When customers may not frequently use your service, pricing it like an insurance policy can be effective. Steve Case suggests offering a low-cost option that provides peace of mind.

\"Is there a way to price this more affordably as more of an insurance policy and know that most people will not actually use it, but it will be something that'll be provided a source of comfort to everybody.\"

• Offer low-cost plans for occasional use.
• Provide value through peace of mind.
• Understand usage patterns of customers.

Emphasizing positive aspects of your product can enhance user engagement. Steve Case suggests finding ways to make using the app a rewarding experience rather than a chore.

\"...are there positive things that are more, not problems, but actually more opportunities... Just, are there ways to tease people with a particular idea and then over time expose them to the broader capabilities.\"

• Focus on positive user experiences.
• Highlight benefits users enjoy.
• Introduce broader features over time.

Users may interact with your product in unexpected ways. Steve Case suggests that understanding these behaviors can reveal insights into which features to focus on and which target groups to pursue.

\"I'd be curious what some of the initial users are doing, what are they doing that maybe were different than what you were expecting going in because that might lead to the insight of which particular target group to go after in a more focused way.\"

• Analyze unexpected user behavior.
• Refine product based on insights.
• Adjust target markets accordingly.

Building a big business starts with creating a small, passionate customer base. Steve Case advises entrepreneurs to focus on a specific target market to develop loyal fans who can help scale the business.

\"The best way to create a big business is to create a very small, successful, passionate small business where you've got some real loyal fanatic customers who love your product, love your service, tell their friends...\"

• Focus on a specific niche initially.
• Cultivate passionate, loyal customers.
• Leverage word-of-mouth to grow.

Bringing big ideas to life often requires patience and perseverance. Steve Case emphasizes that revolutions happen in evolutionary ways and entrepreneurs shouldn't get discouraged by initial skepticism.

\"I would say that you should recognize that big ideas take some time for people to understand and embrace... don't get discouraged by that. And you know, revolutions usually happen in evolutionary ways...\"

• Be patient; big ideas take time.
• Expect skepticism and persist.
• Focus on passion and perseverance.

Converting a specific demographic like grandparents may require adjusting your sales channels. Steve Case suggests focusing on physical stores where this audience is more likely to shop.

\"I think... trying to figure out ways to reach grandparents makes sense... The question is what's the most efficient way to reach them...\"

• Identify where your target demographic shops.
• Utilize physical retail channels.
• Simplify purchasing to encourage conversions.

Acquiring customers when you can't access direct lists requires creative strategies. Steve Case suggests targeting customers at the point when they are most motivated to need your service.

\"I wonder whether you start by connecting with community organizations around the country that have connections to the universities... religious organizations or centers where students congregate and gather...\"

• Engage with organizations connected to your audience.
• Reach customers before they need your service.
• Leverage partnerships to extend reach.

Engaging a specific target audience can be challenging. Steve Case suggests understanding how your users utilize your product to refine your marketing strategy.

\"I think it's the kind of thing where the general notion... makes sense, but my guess is there's one or two or three more specific, almost killer app ideas that really will drive traction, drive initial adoption...\"

• Analyze user behavior to find key use cases.
• Focus marketing on features that resonate with the target audience.
• Consider ways to unlock virality for organic growth.

In today's crowded market, winning attention is harder than ever. Entrepreneurs must not only build products but also find effective ways to commercialize them.

\"The good news now is that everybody's connected. The bad news is everybody's connected and everybody's able to launch businesses, so it becomes more challenging to win the battle for attention.\"

• Differentiate your product to break through the noise.
• Focus on commercialization beyond just building.
• Create a unique value proposition.