Why building in public is so important

Key Concepts:

• Building in Public: Sharing the process of creating a product or business openly with an audience.
• Direct Channel with Audience: Establishing a direct line of communication with potential users and customers.
• Product Failure Rate: The percentage of products or projects that do not achieve their intended goals or success.
• Product Adjustment: Modifying a product based on feedback and insights received during the building in public process.

Main Topics and Key Points:

The speaker discusses the unexpected benefits of "building in public," a practice of openly sharing the development process of a product or business. Initially, the speaker believed building in public was primarily a marketing strategy to gain visibility and attract attention to products. While acknowledging the marketing benefits, the speaker emphasizes that the most significant value lies in establishing a direct channel of communication with the audience and potential users.

Impact on Product Failure Rate:

Before adopting the practice of building in public, the speaker experienced a high product failure rate of approximately 90%. This means that the vast majority of projects undertaken did not achieve their intended goals. However, after implementing building in public, the failure rate drastically decreased to around 10%. This represents a significant improvement in product success.

Product Adjustment and Iteration:

The speaker attributes the reduced failure rate to the ability to adjust products based on feedback and insights received from the audience during the building in public process. By sharing the development journey openly, the speaker gains valuable input that informs product decisions and allows for necessary modifications before the final product is released. This iterative approach helps to align the product with the needs and expectations of the target audience, increasing its chances of success.

Notable Quotes:

• "The first time when I seen build in public I thought it's all about marketing...and that's true but I realized that even bigger value of building in public is that you build up a direct channel with the audience and the users that helps you to build great products."
• "Before building in public my failure rate was really high 90% of the things I've done failed and when I started building in public it flipped so now only 10% of my products fail and 90% don't fail because I adjust them before I ship them."

Logical Connections:

The speaker establishes a clear cause-and-effect relationship between building in public and a reduced product failure rate. The direct channel with the audience, facilitated by building in public, enables product adjustment and iteration, leading to a higher success rate.

Synthesis/Conclusion:

The main takeaway is that building in public is not just a marketing tactic but a valuable strategy for product development. It allows for direct engagement with the audience, enabling product adjustments based on real-time feedback, ultimately leading to a significantly lower product failure rate and increased chances of success. The speaker's experience demonstrates the transformative impact of this approach on product development outcomes.