Letterly · B2C · voice-to-text notes app
Pick an idea others already proved, and build a much simpler version
Worked after six or seven novel-idea startups failed; now $250K/month
Workedpositioning-nichevalidation
What they did
Noticed early apps chaining ChatGPT and OpenAI transcription to turn speech into text; all were rough prototypes he needed but couldn't use. Stopped the team's other startup to build a well-implemented version. Deliberately chose a 'validated business model' and aimed to make it much better and simpler, instead of chasing a novel idea as in past startups. Advises choosing a newish idea validated by someone else and not spending money validating completely new ones.
What happened
Letterly succeeded ($250K/month in 2 years) where six or seven earlier, novel-idea startups over 15 years failed.
- Stage
- Pre-launch (idea)
“But all of them were like prototypes and we thought, wow, this is so powerful and simple idea. Uh this is something I need a lot, but I can't use them myself because they're not implemented well enough.”
“I was always trying to make something unique, something novel that it doesn't exist, and I've always ended up building something that people doesn't really need that much. Here we intentionally get something that is a little bit tested.”
Related topics
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More from this episode
- Letterly: Simplify every screen, and delay promised features until they're simpleFounder credits it as the main reason for $250K/month despite free alternatives
- Letterly: Ask early customers why they pay you instead of using ChatGPT for freeEveryone said it just 'feels much easier', confirming ease as the edge
- Letterly: Let people start recording from a widget and copy the text in one tapOne-tap copy is one of the most used features; no numbers
- Letterly: Put a large share of monthly revenue back into adsSpends roughly $100K-200K a month on ads; results not shared