Happy New Year! It is really hard for me to believe that a little over a year ago, I quit a high-paying job at a major bank to launch a startup. So here I am… one year later and wanted to take a look back at the last year and reflect. This has, without a doubt been the hardest job I’ve ever had. It has also, by far been the most rewarding. But it is definitely not for the faint of heart. I have lived and breathed DataDistillr for the last 1.25 years.
First some updates, after building some form of a product, early stage startups’ goal is to achieve some evidence of product-market fit. For non-startup types, what this basically means is you need to prove to your investors that you’ve built some sort of product that people are willing to use and pay for. The easiest way to measure this is through what’s called annual recurring revenue or ARR, but the dollar amount isn’t the only way to measure this. A startup’s ARR target is dependent on the target customer. For instance, are you selling to large enterprises or small businesses? Is your target user an individual or a company. You get the idea.