The CoffeeSpace Blog
Tips, Stories, and Updates on Entrepreneurial and Cofounder Journeys
April 22, 2025
Finding the right person to build a business with is a decision that can make or break your startup journey. If you're looking to find a cofounder, you're not just choosing a teammate you’re selecting someone who will share your vision, energy, and responsibilities during the highs and lows of entrepreneurship. Let’s break down what you should look for when selecting a business partner and the most essential cofounder qualities to consider.
Before diving into individual characteristics, it's important to understand why choosing the right cofounder is such a big deal. Think of a cofounder like a spouse in a business marriage. You’ll be making tough decisions together, solving problems, and leaning on each other through every stage of growth. The right match can accelerate success, while the wrong one can cause stress, delays, or even complete failure.
One of the first and most vital cofounder qualities to look for is someone who shares your vision. This includes your short-term and long-term goals, values, and overall mission. If you're dreaming big but your cofounder is playing it safe, your paths might quickly diverge.
It’s tempting to pick someone who thinks just like you but that’s not always the best strategy. You want to find cofounder who fills in the gaps in your skill set. For instance, if you’re a great marketer but not strong in tech, a technical cofounder can bring immense value.
Trust is non-negotiable in a business relationship. When selecting a business partner, make sure it’s someone whose integrity and honesty are unquestionable. You’ll be relying on this person to handle money, make critical decisions, and represent the company.
Strong communication is another must-have trait when you’re trying to find a cofounder who will stick with you for the long haul. Miscommunication or poor communication styles can lead to frustration and inefficiency.
Startups demand long hours, quick turnarounds, and persistent problem-solving. You need a cofounder who’s ready to hustle just as hard as you are. Differences in work ethic can easily cause resentment and imbalance.
A cofounder with high emotional intelligence (EQ) can manage stress, navigate interpersonal conflicts, and lead with empathy. EQ plays a massive role in how well your partnership functions under pressure.
No matter how aligned you are, disagreements are inevitable. The key is finding a cofounder who knows how to manage conflict productively rather than avoiding it or turning it toxic.
Discuss money early. If you’re pouring in capital but your cofounder isn’t, or if your spending habits don’t match, it can lead to major disputes down the line.
You want to find a cofounder who’s not just testing the waters. They should be all in. If they're treating the startup like a side hustle, you might need to rethink your partnership.
When decisions need to be made quickly, you and your cofounder should be able to act with confidence. Look for someone whose decision-making process complements your own.
When you’re trying to find a cofounder for your startup, passion is the fuel that keeps things moving even when results are slow. Choose someone whose excitement is contagious.
Being upfront about expectations, limitations, and commitments keeps everyone on the same page. A lack of transparency early on can lead to surprises that damage trust.
This isn’t about liking the same music or hobbies—it’s about working styles, values, and priorities. You want to find a cofounder who complements your company’s culture or who helps shape it in the right direction.
If possible, work on a small project or pilot together before jumping all in. This gives you a chance to observe their cofounder qualities in real time.
Process of finding a cofounder shouldn’t be rushed. Take your time, ask the right questions, and pay attention to more than just credentials. Look for chemistry, trust, and shared ambition. When you find the right cofounder, it can unlock incredible growth and long-term success in your entrepreneurial journey. Whether you're just starting your search or already speaking with potential candidates, keep these traits in mind. The right cofounder isn't just a helper—they're a partner in every sense of the word. At CoffeeSpace, we're here to help you connect with like-minded individuals who are just as passionate about building something meaningful.
April 22, 2025
Starting a business can be thrilling, but choosing the right direction is what makes all the difference. If you’re an aspiring entrepreneur looking to take the plunge, you need solid business ideas for entrepreneurs that not only suit your passion but also offer the potential to grow into a thriving enterprise. With the right mindset, dedication, and a bit of strategy, even the smallest ideas can lead to remarkable success. We'll explore various low-investment, high-potential business ideas for entrepreneurs, along with tips for small business growth and successful startup strategies. Let’s dive in.
Starting with the right business idea sets the foundation for everything else. A well-chosen idea aligns with your skills, serves a demand in the market, and has room to scale. Picking the wrong one, however, can leave you frustrated and financially strained.
Selling unique or specialized products online is one of the most promising business ideas for entrepreneurs today. Whether it’s eco-friendly home items or handcrafted jewelry, people love supporting niche businesses.
With zero inventory, low startup costs, and flexible operations, dropshipping remains a favorite. It’s ideal for entrepreneurs who want to test markets before committing fully.
Create and sell eBooks, online courses, or templates. This is a great route for those who already have expertise in a subject and want to generate passive income.
With busy schedules, people appreciate convenience. A mobile car wash business requires minimal investment but can offer recurring clients and small business growth over time.
If you love animals, this is a fun and scalable idea. Add services like grooming or pet taxi to grow your customer base.
With the rise in dual-income households, cleaning services are always in demand. A reliable, professional cleaning business can quickly build a solid reputation and client list.
If you have an eye for detail, starting a photography venture for events, portraits, or commercial shoots is a smart choice. You can start small and eventually open a studio or offer editing services.
Etsy and social media platforms have made it easier than ever for creatives to sell their work. From personalized gifts to home décor, handmade businesses can turn hobbies into income streams.
If you know how to code or have a solid idea, developing a mobile app can bring in massive success. Think about solving real-world problems with simple, usable apps.
Many small businesses don’t have in-house IT support. Offering affordable, on-call tech help is a high-demand, low-competition niche.
With remote work becoming more popular, entrepreneurs and businesses often need help with administrative tasks. Virtual assistants are cost-effective and flexible.
Turn your experience into a business. Whether you’re an expert in marketing, finance, or HR, you can offer valuable insights to startups and growing companies.
Healthy eating is a trend that’s here to stay. Starting a meal prep service can be profitable and rewarding if you have a knack for cooking and nutrition.
Instead of investing in a full-fledged café, try starting with a small coffee cart. This allows for lower startup costs and the chance to test locations.
Subscription boxes have boomed in recent years. Whether it's books, snacks, or self-care items, curating and delivering themed boxes is one of the most creative and scalable business ideas for entrepreneurs.
Help businesses and households go green. From energy-saving tips to waste reduction practices, eco-consulting is gaining traction.
Sustainable living is more than a trend—it’s a lifestyle. Sell reusable bags, containers, and eco-friendly alternatives to plastic products.
Don’t over-invest right away. Build a minimum viable product (MVP), gather feedback, and improve. This is a key principle in successful startup strategies.
Your brand is more than your logo. It includes your tone, message, and customer experience. Investing in strong branding helps with long-term small business growth.
Research your audience deeply. The better you know your customers, the better you can serve and retain them.
From SEO to social media, being visible online is non-negotiable. Use platforms that align with your audience and optimize consistently.
Keep an eye on key performance indicators like conversion rates, customer acquisition costs, and profit margins to measure your progress and adjust accordingly.
Your customers are your biggest advocates. Use newsletters, social media, and loyalty programs to keep them engaged.
Sometimes, growth comes from changing direction. If something isn’t working, be flexible enough to adjust your offerings or model.
There are countless business ideas for entrepreneurs out there, but the key lies in taking action and staying consistent. Every successful company today started as a small idea. Whether you’re launching a product, offering a service, or creating something digital, remember: small beginnings often lead to big successes. Stay focused, follow successful startup strategies, and don’t be afraid to make mistakes. With the right mindset, a bit of hustle, and a strong commitment to small business growth, your entrepreneurial journey can truly take off. At CoffeeSpace, we’re here to fuel your ideas, inspire your path, and help turn your vision into reality.
April 18, 2025
Launching a startup is a thrilling journey, but it can be overwhelming when you're going at it alone. That’s why many entrepreneurs decide to find a cofounder to help bring their vision to life. A strong cofounder can complement your skillset, share the workload, and bring fresh perspectives. But how do you actually find cofounder candidates who align with your goals and values? We’ll walk you through proven cofounder search strategies, offer practical startup cofounder tips, and help you make smarter decisions when looking for the right person to join you on your startup journey.
Going solo might seem like the easier route, but building a startup is rarely a one-person job. Here's why having a cofounder early can make all the difference:
Before jumping into the cofounder search strategies, take a moment to reflect on what kind of partner you really need.
You don’t want a clone of yourself. Instead, look for someone who can fill in the gaps in your skillset. If you're a tech expert, a cofounder with business or marketing skills might be your best match.
Skill alignment is crucial, but so is sharing the same mission and long-term goals. Disagreements on core values can lead to conflicts down the road.
Let’s break down some of the most effective ways to find cofounder candidates who are serious, talented, and ready to build something amazing.
Websites like CoffeeSpace are built specifically to help entrepreneurs connect. These platforms allow you to create a profile, showcase your idea, and browse potential partners.
Live events offer face-to-face interactions that online platforms can't match. Look out for:
Don’t underestimate your own circle. Friends, former colleagues, and industry peers may either be a great fit or know someone who is.
There are vibrant online communities full of people eager to start something new. These are great places for startup cofounder tips and finding a match.
Having a product, even a basic one, makes you more attractive as a founder. It shows you're serious and reduces uncertainty for potential cofounders.
Right from the beginning, discuss how responsibilities and ownership will be split. Clarity avoids drama later on.
People are drawn to stories. Share your mission, why you’re building the product, and what excites you about the future. This adds emotional depth to your pitch.
If your potential cofounder is always “too busy,” it’s a sign they’re not ready to dive in with both feet.
Align on things like work hours, decision-making processes, and how you handle setbacks.
Startups are stressful. You want someone who can take feedback and resolve conflicts with humility and maturity.
Before legally forming a partnership, try building a small feature or running a mini-campaign together. This gives you a taste of what collaboration will be like.
Agree to work together for 30–60 days before signing any official agreements. This "dating" period helps uncover compatibility issues early.
Once you’ve decided to team up, don’t skip the legal side of things. You’ll want to formalize:
This protects both you and your cofounder from future misunderstandings.
Regular communication prevents small issues from becoming big problems.
Celebrate milestones together and support each other during setbacks. This strengthens your bond as cofounders.
Attend workshops, read books, and improve your leadership and startup skills side by side.
Your startup is like a baby—it needs the right environment and people to thrive. Choosing the right cofounder can set the tone for everything that follows. Whether you're using online platforms like CoffeeSpace, networking in person, or asking your community, the journey to find cofounder might take time—but it's worth it.
So don’t just look for someone with skills. Look for someone with heart, hustle, and a shared vision. With the right person by your side, your startup dreams have a much greater shot at becoming reality.
April 18, 2025
A technical cofounder is more than just a coder —they’re a core partner who brings your product vision to life with technology. They’re your go-to tech guru, handling everything from backend infrastructure to front-end features and user experience.
In the startup world, time and money are scarce. Having a technical cofounder means you're not relying on outsourced developers or freelancers who lack a long-term stake. You get someone who cares as much as you do because they’re a co-owner of the product and business.
A CTO is usually a hired executive with technical leadership duties. A technical cofounder, on the other hand, is in the trenches from day one. They're coding, testing, strategizing, and building your dream with you — not for a paycheck, but for ownership.
From choosing programming languages and frameworks to setting up servers and databases, the technical cofounder lays the technical foundation for the entire startup.
An MVP is the first real version of your product. It’s not fancy — it just works. The technical cofounder is in charge of turning the idea into a functioning product that real users can test and give feedback on.
Choosing between Python or Node.js and Firebase or MongoDB — these decisions can shape your product for years. The technical cofounder uses experience and vision to pick tools that scale and adapt.
Once the startup grows, your technical cofounder steps into a leadership role. They hire developers, mentor junior coders, and manage sprints to ensure the Product Development roadmap stays on track.
The best technical cofounders don’t just write code — they translate vision into code. They sit in on planning meetings, understand user needs, and shape tech solutions that align with product goals.
Not all features matter on day one. A smart technical cofounder helps decide what to build now and what to leave for later, focusing on user impact and speed.
Agile isn’t just a buzzword — it’s a survival strategy for startups. Technical cofounders lead with sprints, standups, and iterations to keep the team moving fast and flexible.
From debugging code at 2 AM to answering customer emails and fixing the Wi-Fi, a technical cofounder wears many hats. They’re a jack-of-all-trades until the team grows.
They speak fluent geek and business. That means they can explain product delays to investors without using jargon — and also tell devs what the business team really meant.
Investors love seeing a strong technical backbone. A technical cofounder often joins pitch meetings, explaining the tech and showcasing the product live.
A product that crashes under pressure or leaks user data is a startup killer. A technical cofounder builds a solid, secure foundation that grows with the company.
Code quality matters. A technical cofounder sets the standard for clean, maintainable code, making it easier to scale without breaking everything.
Culture starts at the top. A technical cofounder creates an environment where devs feel safe to experiment, fail fast, and try bold ideas.
It’s not uncommon for technical cofounders to feel stretched thin. They’re coding, managing, planning, and fixing bugs all at once. Burnout is a real risk if the workload isn’t balanced.
In a rush to launch, corners might get cut. But those shortcuts can cost a lot later. A great technical cofounder knows how to balance speed and sustainability.
Tech changes fast. One month, everyone’s using React. Next, it’s Svelte. A technical cofounder has to constantly learn and adapt.
Look for someone who’s not only technically skilled but also passionate, reliable, and aligned with your vision. You want a partner, not just a coder.
Start with networking events, hackathons, LinkedIn, or platforms like Y Combinator’s cofounder Matching. Or tap into startup hubs like CoffeeSpace — perfect for finding motivated tech talent.
Ask about past projects. Look at their GitHub. Give them a small test task. Better yet, work on a mini-project together before making it official.
Having a strong technical cofounder can be the game-changer your startup needs. From coding the MVP to scaling a full product, they lead the charge on everything tech-related. Their blend of technical leadership, strategic thinking, and cofounder responsibilities makes them irreplaceable in early-stage product development. If you’re looking to build a serious product, don’t just hire talent — find someone ready to build the future with you. Platforms like CoffeeSpace make it easier than ever to connect with passionate, skilled cofounders who are just as driven as you are.
April 16, 2025
Starting a business in today’s fast-changing world can feel overwhelming, but it’s also packed with exciting possibilities. Especially with the rise of emerging technologies, there are endless business ideas for entrepreneurs who want to innovate, create value, and lead the next wave of technology startups. We’ll dive deep into emerging tech startup opportunities and show you practical business ideas for entrepreneurs ready to make their mark. If you’ve been dreaming about launching your own tech startup, this guide is for you.
New technology is transforming industries faster than ever before. From artificial intelligence (AI) to blockchain, these tools open up new business ideas for entrepreneurs daily.
Tech startups have become the go-to avenue for creative minds. They allow entrepreneurs to solve real-world problems, create scalable solutions, and disrupt traditional industries.
Technology startups have exploded in popularity over the last decade. With low startup costs, access to global markets, and investor interest, it’s no wonder technology startups attract ambitious entrepreneurs.
Let’s explore why these technology startups offer some of the best business ideas for entrepreneurs today.
Keeping up with trends is crucial when evaluating business ideas for entrepreneurs. Let’s look at some technology trends driving startup success:
AI is transforming customer service, healthcare, finance, and more. Startups using AI offer innovative solutions with massive market potential.
Blockchain offers transparent, secure, and decentralized systems. Ideal for startups focused on finance, supply chain, or digital assets.
IoT connects everyday devices, opening new possibilities for smart homes, health monitoring, and logistics.
These technologies provide immersive experiences in gaming, education, and e-commerce.
Emerging tech startups focused on clean energy, waste reduction, and eco-friendly solutions are highly sought after.
Here are the most promising emerging tech business ideas for entrepreneurs looking to launch their own technology startups.
With businesses needing 24/7 customer support, AI chatbots are one of the top business ideas for entrepreneurs.
Startups offering secure blockchain-based transactions are reshaping financial services.
IoT-driven smart homes are the future, creating opportunities for technology startups in home security, energy savings, and convenience.
Health monitoring apps, AI diagnostic tools, and telemedicine platforms are excellent emerging tech business ideas for entrepreneurs.
Startups providing VR training for industries like healthcare, education, or retail are highly profitable.
Green technology startups developing renewable energy solutions, smart recycling systems, or sustainable packaging are in demand.
With increasing online threats, cybersecurity startups are vital for small businesses, making this one of the best business ideas for entrepreneurs.
AI-based learning apps that customize content for users are transforming education technology startups.
With remote work on the rise, SaaS tools for team management, productivity, and collaboration are trending technology startups.
Emerging tech startups using drones for delivery, surveying, or agriculture are shaping future industries.
Starting technology startups begins with a clear strategy. Here’s a simple roadmap:
Great business ideas for entrepreneurs often start with solving a pain point.
Understand your target audience, competitors, and industry trends.
Utilize emerging technologies to create scalable solutions.
Start with a basic version of your product to test the market.
Explore funding options like angel investors, venture capital, or crowdfunding.
Leverage social media, SEO, and networking to grow visibility.
Despite the amazing business ideas for entrepreneurs, there are hurdles to watch for:
To thrive with emerging tech business ideas for entrepreneurs, here are essential tips:
Emerging tech startups offer exciting business ideas for entrepreneurs with the vision and drive to succeed. Technology startups allow you to build innovative solutions, shape the future, and create a lasting impact in the digital world. If you’re an aspiring entrepreneur, now is the perfect time to explore these emerging tech business ideas for entrepreneurs and turn your dreams into reality. At CoffeeSpace, we’re here to guide, inspire, and support entrepreneurs like you on your journey to building successful technology startups.
April 16, 2025
In today’s fast-paced, technology-driven world, launching a successful startup is tougher than ever. From building a scalable product to navigating complex technical challenges, startups face numerous hurdles that demand more than just a great idea. This is exactly why every startup needs a technical cofounder to stay competitive, grow efficiently, and win investor confidence.
But what exactly is a technical cofounder? Why are they so crucial for a startup’s success? And what happens if you launch without one? Let’s dive deep into these questions.
A technical cofounder is a founding member of a startup who takes full ownership of the technology side of the business. While the non-technical founder might focus on marketing, sales, vision, and customer acquisition, the technical cofounder builds the product, handles tech strategy, and leads the development team.
In simple terms, a technical cofounder turns a big idea into a working product.
Startups with a technical cofounder often move faster, spend less on development, and attract investors more easily. In contrast, startups without a technical cofounder frequently rely on external developers or agencies, leading to higher costs, slower progress, and limited technical ownership.
A technical cofounder plays a critical role in shaping a startup’s product and future. Let’s break down their key responsibilities and why they matter so much.
While non-technical founders focus on business development, customer relationships, and fundraising, technical cofounders bring the vision to life through technology. They speak the language of code and innovation, allowing the business to function seamlessly.
Let’s explore why every startup needs a technical cofounder through the major benefits they bring.
A technical cofounder rapidly builds an MVP and iterates based on user feedback, reducing time-to-market.
They design scalable systems that can handle growth without breaking down.
By having technical expertise in-house, startups avoid costly outsourcing and maintain full control over their product.
Startups are bound to face technical glitches. A technical cofounder ensures quick fixes without disrupting operations.
Real-time iteration and updates become possible when your technical leader is part of the core team.
Technical cofounders stay ahead of trends and integrate new technologies that give startups a competitive edge.
Outsourcing development can be extremely expensive. A technical cofounder eliminates much of this cost.
With a technical expert at the helm, resources are allocated more effectively.
They write clean, scalable code, preventing long-term issues that would cost more to fix later.
Investors want to know the team can execute the vision technically, not just talk about it.
A technical cofounder signals that your startup is serious about its product and execution.
With a technical cofounder, product demos are smoother and more impressive, which greatly improves fundraising chances.
Going solo without a technical cofounder comes with its own set of risks.
Without in-house technical leadership, startups are often at the mercy of external vendors, slowing down progress and driving up costs.
Finding the perfect technical cofounder requires time, patience, and strategy.
In today’s competitive startup ecosystem, having a technical cofounder is no longer optional — it’s essential. From product development to investor confidence, the benefits they bring are unmatched. Every startup needs a technical cofounder not just to build the product but to drive innovation, adaptability, and long-term success. If you’re a non-technical founder dreaming big, start your search today for a technical partner who believes in your vision as much as you do. At CoffeeSpace, we understand how vital the right technical cofounder is for every startup journey. That’s why we help founders connect, collaborate, and build extraordinary tech-driven businesses together.
April 11, 2025
Finding the right business partner can make or break your startup. A strong cofounder brings complementary skills, shared vision, and the motivation needed to scale your business. However, connecting with the right person offline can be challenging—networking events, referrals, and local meetups may not always yield the best match.
This is where a business partner finder platform comes in. These online tools help entrepreneurs discover like-minded individuals, evaluate compatibility, and build successful partnerships efficiently. We’ll explore the best business partner finder platforms, key features to look for, and tips to ensure a successful match.
Traditional networking can be slow and unpredictable. A business partner finder platform streamlines the process by connecting you with pre-vetted professionals who match your startup’s needs.
Instead of limiting your search to local contacts, these platforms expand your reach to skilled professionals worldwide.
Many platforms use AI-driven algorithms to pair founders based on skills, industry experience, and business goals.
A structured platform allows you to verify credentials, review past collaborations, and assess compatibility before committing.
CoFoundersLab helps entrepreneurs find cofounders, advisors, and early team members using profile-based matching and algorithmic suggestions. It's more structured than swipe-based apps, with a focus on serious startup connections.
Founders Nation offers a directory-style approach to finding cofounders across various industries like tech, health, and fashion. While not as active as some newer platforms, it still provides solid filtering for niche interests.
Startup Weekend runs 48-hour events where entrepreneurs come together to pitch ideas, form teams, and build prototypes. It's a hands-on way to see potential cofounders in action before making a long-term commitment.
Primarily known for hiring and fundraising, AngelList (now Wellfound for talent) also lets founders connect with potential partners through job postings and startup profiles. It’s a strong tool if you’re looking to join or build a venture.
LinkedIn remains a versatile platform for finding cofounders through shared networks, startup groups, and personalized outreach. With a well-optimized profile, you can attract experienced collaborators even outside traditional founder platforms.
Look for platforms with an active, high-quality community in your industry.
Read testimonials or case studies to see if others have found successful partnerships.
Test different business partner finder tools before committing to one.
Finding the right business partner can be a game-changer for your startup. Platforms like CoFoundersLab, Founders Nation, and AngelList help streamline the search by connecting you with aligned founders, advisors, or early teammates through profile-based matching and startup networks. To make the most of these tools, be clear about your goals, vet potential partners thoroughly, and try working together on a small project before committing long-term. If you're ready to take the next step, explore these platforms today and accelerate your startup’s growth—and for more expert insights on entrepreneurship, visit CoffeeSpace to stay ahead in the competitive business world.
April 16, 2025
In this edition, we explore the journey of Bitcoin, the decentralized digital currency that has become synonymous with financial innovation and the future of money. Since its creation in 2009, Bitcoin has revolutionized the way people think about financial sovereignty, establishing itself as a defining financial and global tech force. This article explores Bitcoin’s founding journey, examining its pivotal role in fostering a new era of peer-to-peer digital transactions in an ever-evolving economic and technological environment.
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Although there have been earlier attempts to create a decentralised cryptocurrency for the masses, Bitcoin is the first to succeed at such a grand scale. It is a peer-to-peer transaction without intermediaries like banks or governments, operating on a public database known as a blockchain which records all transactions securely. Its blockchain serves as a public ledger that ensures transparency, with every transaction being cryptographically verified, while its protocol enables trustless transactions reliant on consensus mechanisms like Proof of Work to maintain its network integrity and resistance against control by centralisation and wealth alone. Bitcoin is also not controlled by a single entity, making it censorship-resistant and therefore eliminating counterparty risks and control. In short, Bitcoin exists digitally, is easily transferable and divisible into smaller units, verifiable, and scarce with its limit capped at 21 million coins, perfecting the beginning of introducing cryptocurrency to users worldwide, making it accessible to anyone at all.
In the annals of technological innovation, the emergence of cryptocurrency remains as mysterious as it is captivating. At the heart of this narrative of the first blockchain cryptocurrency, Bitcoin, stands Satoshi Nakamoto, a pseudonymous figure who fundamentally challenged the global financial ecosystem with a single white paper published in 2008. This is a story of the technological rebellion and financial innovation of Bitcoin, and with it the rise of the power of decentralized thinking.
Here are some commonly used concepts in Bitcoin for a simpler understanding into the world of cryptocurrency.
Before Bitcoin's inception, digital currency was not a novel concept. Cryptographers and computer scientists had long explored the potential of creating a digital monetary system that could operate outside traditional banking infrastructures. Pioneers like Wei Dai's B-money in the late 1990s and Nick Szabo's Bit Gold laid critical groundwork, demonstrating the theoretical possibility of a decentralized digital currency.
These early attempts shared a common vision, which is to create a financial system that could operate without central authorities such as banks or governments, protect user and transaction privacy, and eliminate the inherent inefficiencies of traditional banking. However, they all struggled with a fundamental challenge known as the "double-spending problem", which is ensuring that digital currency couldn't be duplicated or spent multiple times.
On 31 October 2008, an unknown person or a group of persons by the name of Satoshi Nakamoto published a groundbreaking white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” to a cryptography mailing list. This document laid out the blueprint for a decentralized digital currency system that could function without relying on trust in centralized authorities, such as banks or governments which may have power to control the systems.
Bitcoin was built on a novel technology at its release called blockchain, which is a distributed ledger secured through cryptographic methods. Nakamoto proposed a way to solve the double-spending problem by using a consensus mechanism called Proof-of-Work (PoW), which was a problem previously encountered by other cryptography enthusiasts when hypothesizing the model of transactions.
Bitcoin was soon released as an open-source code in January 2009, with Nakamoto mining the starting block of the chain which is also known as the genesis block on the 3rd of January, kickstarting the Bitcoin blockchain network. This blockchain, however, did not immediately cause a ripple or garner significant public attention. Bitcoin’s launch was relatively quiet and primarily limited to a niche group of cryptography enthusiasts, developers, and members of the cypherpunk community as these were people already interested in privacy, decentralized systems, and cryptographic innovations. Well-respected cryptographers such as Wei Dai, Nick Szabo, and Hal Finney were among the earliest adopters of Bitcoin, with Finney receiving the first Bitcoin transaction from Nakamoto of 10 BTC.
The first few years of Bitcoin had slow traction as there was a lack of immediate public attention due to its technical complexity for an average person to understand and see its value. Another reason was due to the fact that Bitcoin had a price of zero when it was introduced, often seen more as an experimental project than a usable currency at that time, with its price slowly jumping to $0.30 by the end of 2010.
On May 22 2020, the first known commercial transaction was publicised, when programmer Laszlo Hanyecz bought two Papa John’s pizzas for 10,000BTC, which at the time were worth approximately $41, but now valued over millions of dollars today. This would later be celebrated as “Bitcoin Pizza Day” by cryptography enthusiasts around the world.
Blockchain analysts had estimated that Nakamoto had approximately one million BTC mined in his wallet before completely disappearing on December 12, 2010. The total untouched value is estimated to be around $40-50 billion (as of 2024) with the figure continuing to grow as time goes on. After Nakamoto published their last communication and handed the network alert key and control of the code repository over to Gavin Andresen, who later became the lead developer at Bitcoin Foundation which was founded in 2012 to promote Bitcoin. The last known communication from Nakamoto was an email to a fellow developer and since then, their true identity remains unknown with no definitive proof of who this person is despite numerous investigations and speculation of claims. To this day, Satoshi Nakamoto remains an enigma.
2011 was an eventful year for Bitcoin, starting with February when Bitcoin finally reached parity with the US dollar (1 BTC = $1) for the first time and it started growing past $1, reaching a peak of $29.60 on June 8 2011.
The first Bitcoin halving took place on November 28, 2012 at block height of 210,000, which reduced the block reward for miners from 50 BTC to 25 BTC. This event is a part of Bitcoin’s programmed deflationary model, designed to limit the total supply of Bitcoin to 21 million and reduce inflationary pressures over time. The halving event gained attention in the cryptocurrency community as it marked a significant milestone in Bitcoin's monetary policy, underscoring its scarcity and setting the stage for its long-term value proposition. Following the halving, Bitcoin's price experienced significant growth, partly due to increased awareness and reduced supply inflation, further solidifying Bitcoin’s reputation as a deflationary asset.
After the early “proof of concept” transactions to ensure Bitcoin’s reliability, a surge of transactions came from black markets such as the dark web Silk Road which started to exclusively accept Bitcoin as payment, transacting millions of BTC in their trades. However, in October 2013, the FBI quickly shut down Silk Road, arresting its founder who is now serving a lifetime imprisonment, Ross Ulbricht, and seizing 26,000 BTC.
However, Bitcoin continued with its staggering gains in 2013 with the total cryptocurrency market cap being approximately $15 billion. Bitcoin crossed $100 by April and doubled its value to $200 by October the very year. The rest was history as Bitcoin crossed $1000 in November and the cryptocurrency closed the year out at $732.
Over the years, Mt. Gox had risen to become the largest Bitcoin exchange, having faced multiple security breaches and operational issues, including hacks in 2011 and 2013. These incidents eroded confidence, though the exchange remained dominant. With the People’s Bank of China prohibiting Chinese financial institutions from using Bitcoin and restricting purchases of real-world goods with virtual currencies in China, Bitcoin started to plunge due to regulatory uncertainties.
2014 was the year that broke Mt. Gox after suffering from hacks during the years. The company filed for bankruptcy and ceased operations on February 28, 2014 after losing 850,000 BTC, shaking confidence in the crypto market with the company announcing that approximately 850,000 Bitcoin (worth around $450 million at the time) had been lost or stolen, representing nearly 7% of all Bitcoin in circulation. This included 750,000 BTC belonging to customers and 100,000 BTC belonging to the exchange itself. Mt. Gox's CEO, Mark Karpelès, faced legal scrutiny and was later charged with embezzlement and fraud. He was eventually found guilty of falsifying records but acquitted of embezzlement. However, the collapse caused a sharp decline in Bitcoin's price, which dropped from around $850 in early February to below $400 by April 2014.
In July leading up to August of 2017, Bitcoin experienced one of the most pivotal moments since its release, which was a hard fork that resulted in the creation of a new cryptocurrency, Bitcoin Cash (BCH). A hard fork is essentially a permanent split in a blockchain that creates two separate networks, typically due to disagreements over rules or major protocol changes. This split was the culmination of years of debate within the Bitcoin community over how to scale the network in order to accommodate its rapidly expanding user base. The main conflict was Bitcoin’s 1 MB block size limit, which capped the number of transactions that could be processed at a time at about 7 transactions, leading to higher fees yet slower transaction speeds during high demand and traffic periods.
The scaling debate revolved around two competing solutions. One faction, which included many miners and developers, advocated for increasing the block size (e.g., to 8 MB or more). They believed this would allow more transactions per block, improving speed and reducing fees for users. The opposition, consisting of developers and Bitcoin purists, argued against this approach. They proposed Segregated Witness (SegWit), an upgrade that would optimize block usage by moving certain transaction data outside the main block, effectively increasing transaction capacity without changing the block size. This group prioritized preserving decentralization and network security, fearing that larger blocks could lead to greater centralization by making it harder for smaller participants to run a full node.
When no consensus was reached, a hard fork occurred. The blockchain split into two: the original Bitcoin (BTC) retained its 1 MB block size and adopted SegWit, while Bitcoin Cash (BCH) increased the block size to 8 MB (and later even larger) to prioritize fast, low-cost transactions. Users who held Bitcoin before the fork received an equivalent amount of Bitcoin Cash on the new chain.
The fork caused significant ripples in the cryptocurrency space. Bitcoin Cash quickly gained traction and became one of the top cryptocurrencies by market capitalization. Its proponents argued it was closer to Satoshi Nakamoto’s vision of Bitcoin as a peer-to-peer electronic cash system. However, despite early enthusiasm—especially from miners attracted by BCH’s larger blocks—Bitcoin retained its dominance as "digital gold," benefiting from its broader recognition, adoption, and strong developer ecosystem.
The 2017 fork also highlighted the difficulties of achieving consensus in a decentralized system. While Bitcoin Cash sought to resolve the immediate scaling issue, Bitcoin continued to pursue long-term solutions, such as the Lightning Network, an off-chain scaling solution. The split also inspired numerous other forks in the years that followed, though none achieved the same level of prominence. However, Bitcoin remained a valuable asset and had skyrocketed to close at $19,188 on December 16 that same year.
Since then, major companies and institutions have started to integrate Bitcoin as a payment option, and some even started to acquire the cryptocurrency itself. In February 2021, Tesla announced it had purchased $1.5 billion worth of Bitcoin and accepted it as payment while Paypal added support for Bitcoin in the US. Other companies like MicroStrategy, Square Inc., and MassMutual have all invested tens and hundreds of millions in Bitcoin as treasury reserve assets.
As of late 2024, Bitcoin’s price hit another all-time high of $76,999 on Coinbase following Donald Trump's re-election as President of the United States. On December 5, 2024, Bitcoin reached and broke through $100,000 on nearly every exchange following news about the appointment of a crypto-friendly Securities and Exchange Commission Commissioner. It continuously breaks records following news releases, leading many to wonder what Bitcoin will do next.
A Triple A reporting shows an estimated 6.8% of the global population, equating to over 560 million individuals, owned cryptocurrencies. As the cryptocurrency continues to break records and reach new milestones, its future remains a subject of intense speculation and excitement to the public. Bitcoin’s recent $100,000 mark represents a significant psychological barrier, and with the ongoing growth of institutional investment, the rise of Bitcoin ETFs, and increasing mainstream adoption, many experts believe that the digital asset could reach even greater heights. However, as Bitcoin matures, it may also face regulatory challenges and growing competition from other cryptocurrencies and blockchain technologies. The introduction of scalable solutions like the Lightning Network and the eventual transition of Bitcoin's block reward nearing its final halving will further influence its future. Its role as a store of value, potential use as a hedge against inflation, and integration into global financial systems could reshape the broader economy. As more people look to Bitcoin as a digital gold equivalent, its volatility, scalability, and evolving regulations will be key factors that determine how it shapes the future of money.
Some forecasts on price predictions suggest that Bitcoin could reach between $200,000 and $500,000 by 2025, driven by factors such as increased institutional adoption and the potential establishment of a U.S. strategic Bitcoin reserve. In regards to the topic of institutional adoption, analysts from Bernstein project Bitcoin to hit $200,000 by 2025, attributing this to growing institutional and corporate demand. They note that corporate treasuries and ETFs have acquired significantly more Bitcoin since the U.S. election, indicating strong demand.
Despite optimistic forecasts, some experts caution about potential market corrections. For instance, David Foley of the Bitcoin Opportunity Fund warns that increased market volatility could lead to a price decline to $70,000, though he also sees a possibility of reaching $200,000 by 2026 if a Strategic Bitcoin Reserve is established. The incoming administration's crypto-friendly policies are expected to influence Bitcoin's future. While some anticipate a financial boom due to favorable regulations, others warn of potential market crashes and economic destabilization if deregulation leads to increased volatility.
In conclusion, Bitcoin’s journey continues to reflect its dual nature — a groundbreaking financial innovation with immense potential, yet constantly shadowed by uncertainty and volatility because of its nature. As experts debate whether the next chapter will bring record-breaking highs or sharp corrections, one thing remains clear: Bitcoin has cemented itself as a permanent fixture in the global financial conversation. Whether driven by institutional adoption, regulatory shifts, or evolving market sentiment, Bitcoin’s future will likely be shaped by both belief and speculation, making it a fascinating yet unpredictable asset to watch in the years ahead.
If your conviction is strong enough, the right believers will find you. Bitcoin wasn’t built to chase trends or quick hype. Satoshi Nakamoto believed deeply in decentralization, financial sovereignty, and a distrust of centralized systems (especially after the 2008 financial crisis) and hence Bitcoin was created with the first batch of supporters being strong believers of Nakamoto’s shared vision. It is important to constantly remind yourself that the strongest products aren’t just built for markets, they’re built for missions. Build for belief, and the believers will find you.
Bitcoin started as a tool built for very niche internet communities — cryptography nerds, dark net markets, and libertarian outcasts. It didn’t need nor did it expect mass adoption immediately but instead it started with building to serve a passionate, underserved niche that truly understands and needs the product. But over time, it evolved into digital gold and attracted institutional players. Serve a passionate niche first. Mass adoption comes later.
If you’re inspired by this story and want to start exploring your own ideas and find someone to get off the ground with, join us at CoffeeSpace, as featured on TechCrunch's Startup News podcast on Spotify.
January 31, 2025
Hi everyone, hope that your 2025 is off to a great start! Today's update covers highlights from the past two months, including user + activity milestones, the completion of the CoffeeSpace 'CRM', a new success story, our radio + podcast appearances, and a special bonus content of a Spotify-inspired 2024 Wrapped! :) Let's dive in.
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That's all for this edition! Wishing you a fantastic weekend ahead, and as always, feel free to reach out with any questions or feedback :)
Cheers,
Hazim, Carin & Fauzan
November 23, 2024
Hi everyone, it's Hazim here from CoffeeSpace :) This has been our best month since launch across all fronts – user growth, in-app activity, feature launches, and even PR (we were featured on both TechCrunch and Tech in Asia!). There's a lot to unpack, so I'll dive right in.
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That's all for this edition! Wishing you a fantastic weekend ahead, and as always, feel free to reach out with any questions or feedback :)
Cheers,
Hazim, Carin & Fauzan
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December 31, 2024
In this edition, we explore the journey of Spotify, the Stockholm music streaming platform that has become synonymous with modern listening experiences. Spotify has revolutionized the way artists connect with their listeners and audiences since 2006, establishing the music platform as the hallmark of success in the tech landscape. This article wraps up Spotify’s founding journey, examining its pivotal role in fostering a new era of how listeners consume and connect with music in the ever-evolving digital landscape and market. From combating music piracy to pioneering personalized listening experiences, Spotify’s story is inspirational for its unwavering commitment to serving high quality audio content.
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Spotify Wrapped 2024 just dropped while users from all over the globe eagerly anticipate the annual personalized recap of their musical year on the streaming platform. This feature not only highlights individual listening trends but also reflects the broader cultural impact Spotify has made since its inception in 2006. With Spotify Wrapped, let us backtrack to when Spotify first opened its doors to popularize the music streaming industry to become the most popular audio streaming service with over 640 million users in more than 180 markets today.
Daniel Ek and Martin Lorentzon were both successful entrepreneurs prior to starting Spotify. The two met in the mid-2000s during which Ek was contemplating about his future and next steps after selling an online advertising service called Advertigo, while Lorentzon was transitioning away from his role as chairman and cofounder of Tradedoubler, a digital marketing company he had taken public. The two sparked conversations from mutual acquaintances and bonded over their shared interests. Over time on discussions such as the rampant piracy issues plaguing the entertainment industry, Ek expressed his interest and vision of creating a legal music streaming service which then led to the creation of Spotify together.
In 2006, after Ek set a deadline for Lorentzon to decide on their partnership, Lorentzon publicly resigned from Tradedoubler and committed €1 million in seed funding to the new venture. They officially incorporated Spotify AB later that year on 23 April 2006, marking the beginning of their journey to disrupt the music industry with a legal streaming platform that would benefit both listeners and artists alike.
At the time, Napster was the first ever peer-to-peer music sharing platform launched in 1999, allowing users to share music files over the Internet for free. This quickly became a popular platform for music listeners to download and listen to songs without paying for CD albums. While Napster democratized access to music, Napster’s existence posed a significant threat to the traditional music industry as a vehicle for piracy, leading to numerous lawsuits against conventional access to music. In 2001, Napster was forced to close its doors and shut down its service after legal battles and court ruling that it was facilitating copyright infringement.
Two years of development and on October 7 2008, Spotify officially launched its service by invitation only, operating on a freemium model that allows users to listen on the service for free with ads, or subscribe for an ad-free, more seamless experience. The existence of Spotify also filled the gap left by the closing of Napster, offering a legal alternative to online music streaming while providing a reliable revenue stream through streaming royalties paid to artists and record labels.
By early 2009, Spotify had approximately one million active users, showcasing its appeal as a legal alternative to music piracy. Following the success of Spotify in Sweden, the company quickly expanded its territories and markets to the United Kingdom in late 2009 providing free, but limited features, reaching over 10 million registered users with 500,000 paying subscribers across Europe in October 2010.
In July 2011, Spotify made its much anticipated debut in the United States, marking a significant milestone for Spotify to enter the world’s powerhouse in the music industry. This market entry was also supported and facilitated by various big record labels such as Universal Music Group, Sony Music Entertainment, Warner Music Group, and EMI (which was later acquired by Universal Music Group). Subsequently, the company secured $100 million in funding and was valued at US$ 1 billion.
After its successful entry to the global music market, Spotify quickly expanded towards iOS, allowing developers to build apps that play anything from Spotify’s entire 15-million-song-plus music catalog, with support for full-track streaming, playlists, search, and so on. In November 2011, the platform officially became the music platform that we all know of, and launched its first round of apps for desktops.
Spotify grew significantly with its popularity, announcing the app users listened to 1,500 years of music in three months back in March 2012. The platform also boasts 10 million total active users, with 30% of the users being subscribed to the premium version of Spotify, a notably high user conversion rate.
Spotify for Artists was introduced in December 2013 as a dedicated platform designed to empower artists by providing them with valuable insights and tools to manage their presence on Spotify. This initiative aimed to enhance the relationship between Spotify and its artist community by offering features that allow musicians to track their performance, understand their audience, and control their profiles. The introduction of this platform marked a significant step towards transparency in the streaming industry, allowing artists to gain insights into how their music is performing and who is listening with real-time data and audience insights to be accessed by artists big and small. By providing these tools, Spotify aimed to foster a more collaborative environment between the platform and its users, helping artists maximize their reach and engagement with fans, especially smaller or indie artists who may not have resources and analytics to subjectively measure their own performance and success.
To cater to the mass public and compete against rising competitors in the market, Spotify introduced a new, discounted Premium subscription tier for active students starting in the United States in March 2014, offering half-pride for a Premium subscription. Later the same year in October, its Family subscription plan was introduced, allowing users to connect up to five family members living in the same address for a shared Premium subscription. This strategy has helped Spotify to increase its total number of paying subscribers from approximately 15 million in early 2014 to over 30 million by early 2015, demonstrating their effectiveness in attracting new users through a more competitive pricing strategy.
In November 2014, American singer-songwriter Taylor Swift made headlines by removing her entire music catalog from Spotify, with the exception of a single track, "Safe & Sound." This decision was rooted in her strong beliefs regarding the value of music and the compensation artists receive from streaming services. Swift articulated her stance in a Wall Street Journal op-ed, where she emphasized that "music is art, and art is important and rare. Important, rare things are valuable. Valuable things should be paid for." Her comments highlighted her concerns about the low per-stream payouts that artists receive on platforms like Spotify, which she felt undermined the value of their work.
After nearly three years of absence, Taylor Swift's music returned to Spotify in June 2017. This decision coincided with a broader shift in her approach to streaming services. By this time, Swift had recognized the growing importance of streaming in reaching new audiences and engaging with fans. Her return was seen as a significant moment in the ongoing conversation about artist compensation and the role of streaming platforms in the music industry.
In July 2015, Spotify introduced its Discover Weekly feature, bringing personalized music recommendations to users with its sophisticated algorithms. Using collaborative filtering, natural language processing (NLP), and audio analysis, users are recommended a custom selection of 30 songs each week, tailoring to their current listening habits and preferences. The feature quickly gained popularity among users, becoming a cornerstone of Spotify's appeal as it helps listeners discover new music they are likely to enjoy, increasing user retention rate in the app as well as to make users feel magical having their own playlist curated, just to their taste, for them. By 2020, app users had streamed over 2.3 billion hours of their own personalized playlists, enriching the user listening experience but also encouraging exploration of a wider range of genres and artists, helping them discover new music and artists that they may love.
In October 2015, Spotify cofounder Martin Lorentzon announced he would be stepping down as chairman and Ek would be taking over alongside his role as CEO. However, he remained an active member on the board of directors. This transition was part of a strategic move as Spotify, having shifted its management base from Europe to New York, aimed to streamline its leadership structure and align more closely with practices common in U.S. companies.
After Lorentzon’s departure in the previous year, 2016 was a significant year for Spotify, as it reached 100 million active users in the year while the number continued to climb as days went by. This milestone was reported in early 2016, following a period of rapid growth where the platform had previously celebrated reaching 30 million paid subscribers on its app.This milestone solidifying its position as a leader in the music streaming industry, overshadowing its competitors such as Apple’s own music streaming platform Apple Music and Amazon Music by Amazon.
In December the very same year, Spotify Wrapped was first introduced to the public, with this smart marketing campaign allowing users to review their year in the app, viewing a compilation of their most streamed songs, genres, and artists, presented through shareable infographics that instantaneously became an internet sensation. The virality of the phenomenon was evident with users posting their personalized lists and results onto their social media, boosting Spotify’s presence and user engagement in the festive seasons, concluding their year with a year of music in review.
Spotify went public on April 3 2018 via a direst listing instead of an Initial Public Offering (IPO). It was listed on Direct Public Offering (DPO) on the New York Stock Exchange (NYSE) under the ticker symbol SPOT, meaning that the company has listed and offered shares without any underwriting from banks. The company has achieved a valuation of around $26 billion at launch, Spotify also pioneered the direct listing instead of IPOs like many other unicorns in the market back then. Since then, Spotify Technology has a market cap or net worth of $93.73 billion as of November 19, 2024, with its market cap increasing by 182.95% in a year compared to the previous year.
As of 2021, Spotify's per-stream payout ranged from approximately $0.0033 to $0.0054, meaning artists needed hundreds of thousands of streams to earn significant income. Reports have shown that Spotify throughout the years have paid billions of dollars in royalties each year to rights holders, and according to Spotify's "Loud & Clear" report, the company generated approximately $9 billion in streaming royalties alone in 2023, emphasizing its position as one of the largest payers of music royalties globally. According to their calculations, more than half of the 66,000 artists who earned at least $10,000 on Spotify are from countries where English is not the primary language, such as countries with Spanish, German, Portuguese, French, and Korean speakers that stand out as significant contributors to the platform's diverse musical landscape. This trend underscores the growing global influence of non-English-speaking artists within the streaming industry.
In conclusion, Spotify has undeniably transformed how listeners engage with music, interact with artists, and also audio formatted content over the decades, its presence has also pushed forward progress for more ethical and legal avenues for listeners and music fans to support artists in more affordable ways without resorting to piracy and violation of copyrights. As of latest information and statistics shared by the company, Spotify boasts over 640 million monthly active users, including approximately 252 million paying subscribers, and the app now offers more than 100 million songs and over 6 million podcast titles, and this number continues to grow exponentially throughout the years.
Ek and Lorentzon recognized a significant gap and market opportunity in the music industry during their time, which was the need for a legal, user-friendly music streaming service that addressed the rampant piracy issues. They took years to understand the consumer’s needs and strategize to act upon the unmet needs of potential customers, solving the issue to access music digitally at a more affordable and equitable system. As startups are usually solving consumer problems, being able to catch what is not solved in the market can present many opportunities for ideas to grow big and beyond.
As the music industry was already maturing with the existence of record labels that worked with artists and have copyrights to songs and music distribution, Ek and Lorentzon worked within the music industry rather than attempting to disrupt the existing systems. This approach helped build trust between all parties and secure essential licensing agreements, demonstrating that fostering partnerships can sometimes lead to mutual benefits rather than building from scratch.
Spotify has become known for its personalized playlists, such as Discover Weekly, and also its annual Spotify Wrapped summarizing a user’s year through the music they listened to. The founders understood early on that using data to tailor experiences would enhance user engagement and satisfaction, highlighting the importance of leveraging analytics in modern business to provide better service to users to make them feel valued and seen.
If you’re inspired by this story and want to start exploring your own ideas and find someone to get off the ground with, join us at CoffeeSpace, as featured on TechCrunch's Startup News podcast on Spotify.
December 12, 2024
In this feature, we are shedding light on our first founder trio: Dave, Abdul, and Youssef, where they are all part-time founders working on roadtripAI, an AI-enabled platform that provides the most reliable EV chargers along your route, along with insights to help you find the most reliable public fast chargers. This platform aims to alleviate the burden of EV owners having to do a significant amount of research and planning, which gas drivers do not have to deal with. With roadtripAI, an easy all-in-one EV route planner is ready for assistance.
Dave: I am CEO, so a lot of my focus is on business development, focusing on pitching a company, trying to find investors, so investor relations, trying to source accelerators, incubators that could be good partners, reaching out through the different communities networks that I'm a part of to kind of get our company name out there. So that's kind of my focus right now. I’ve worked with Youssef in the past and his technical expertise in the automotive industry makes him the perfect person to be the CTO. Abdul on the other hand is our COO and he mainly navigates investor relations, business development, connecting with accelerators, partners, and networks with communities to help get us off the ground to reach our users as well.
Dave: RoadtripAI is essentially a platform which focuses on easing the transition from gasoline-powered vehicles to electric vehicles (EVs) by addressing common misunderstandings and challenges associated with EV ownership. The platform aims to educate drivers on optimal charging practices, such as avoiding charging to 100% to prevent battery damage and recognising that charging from 80% to 100% is significantly slower. Additionally, the initiative highlights the reliability issues in public charging infrastructure, where about 25% of stations (excluding Tesla's network) are non-operational at any given time. To empower users, roadtripAI is developing tools that serve as a "lie assistant," providing essential information on vehicle care and helping drivers make informed decisions about where and when to charge, ultimately enhancing the overall EV driving experience.
All of us (myself, Abdul, and Youssef) are as of now part-time Stealth founders, working on the MVP as well as trying to line up initial contacts with customers and users as quickly as possible with other groups to build out our network.
Dave: The ideation process for my current endeavour started at the beginning of this year when I initially focused on the reliability of EV charging, specifically targeting the needs of charging companies in sourcing reliable repair technicians with an entirely different group of cofounders that I knew were interested in that kind of space. That group ended up just not being as engaged and founder-oriented, as we had initially thought we would be. And we also got some industry intel that suggested that this was sort of a problem, not everybody acknowledged existed and that would exist, and that would be sort of an uphill climb to try and address.
So I pivoted to this new idea, and used that as an opportunity to let my cofounders at the time know that I don't think the original idea is working. I want to look at this other thing, which became the road trip concept, and that was a good opportunity for them to sort of do a gut check and say, “You know what? I don't have the time or the energy to devote to this. I'm out.” So this was sort of a reboot for me.
I was sort of floating ideas past Youssef, since we were working together in our day jobs. And he also had this automotive background and a real interest in doing something of his own. At the same time, I was also on CoffeeSpace, because I was like, “I'm rebooting, but I definitely need at least one cofounder to keep me honest, keep me motivated, to help me do some of the stuff I don't have time to do right now,” etc.
Dave: So Abdul and I connected on CoffeeSpace. But interestingly enough, before Youssef formally said “Yes, I'm part of this now”, but it might have been exactly at the same time, I'm not actually sure. But yeah, Youssef knew there was something interesting going on. I knew that even if Youssef joined us,, he and I would be sort of necessarily duplicative with our technical backgrounds, but that also we would need someone who was able to focus more on operations and business development while we were trying to build up technology, which is exactly what I was looking for on CoffeeSpace, and when Abdul and I connected, he seemed to have all the relevant expertise I was looking for. The interest in his role was exactly what I was looking for.
We had a call, I sort of pitched the idea. And actually, if I recall correctly, Abdul was like, “Cool. So, you want me to maybe start as an intern?” I was like, “I'm not looking for an intern. Man, cofounder, you good.”
Abdul: I kind of acquainted myself with Hazim through some WhatsApp tech focus community groups that we were in. He reached out to me, actually to see if I’m interested in trying CoffeeSpace. For a while, I had used the YC cofounder matching platform and didn't really enjoy it. It wasn't the best in terms of, like filtering, maybe the kinds of people you wanted to talk to. Also, a lot of the people didn't really seem super serious, or a lot of their ideas didn't really have a ton of merit to them. So when I connected with Dave, I was really happy to be able to find someone and something I was interested in.
Youssef: I was a bit less involved, because at the time this was going on, I was taking a couple of weeks off and traveling. I was still in touch with Dave, but we basically had the discussion from a technical perspective to not look for anyone since we can have that covered. However, from business operations, investment, and all of the other sides of very important pieces we might need to find someone.
And I was in agreement with that. So basically, the way Dave had presented that to me is, oh, I he had mentioned CoffeeSpace before, then he looped back to meeting Abdul on CoffeeSpace. Seems like a good fit, and he's interested. I was like, I worked with Dave before long enough, so I trust his evaluation as well.
And that's what I meant by being a little detached from the process in the beginning, but I trusted his process. I know he wasn't just jumping into anything. So my perspective of it was more, oh, that's an interesting platform to have. I did not even know such a thing existed. Pretty cool that you can go and get matched. But it was mostly all through Dave's lens as well. Like I didn't go on the platform. I mostly just reaped the benefits of the platform, so to speak!
Dave: Youssef and I had ways of working with each other from our day jobs that were just known, so we put in a concerted effort as a group to have some real deep conversations a couple of times with the three of us to be like, "Listen, Abdul, we know you haven't been part of this working relationship before, but now you are. And there are going to be times when Youssef and I are going to be talking in what sounds like a coded language, probably because we're just so used to working together, and you need to flag for us when we're saying things that don't make any sense to you, or it seems like we're making assumptions that you don't have the context for, you know, sort of the equivalent of a professional inside joke, if you will."
And so we just had to be very real with everybody, in a way that I think if it had just been me and Abdul, it would have been obvious and natural, but since Youssef is now part of the team, we sort of had to get a little more structured in sort of addressing that, making sure everyone was aware that that was happening, and talking through tangible ways we could make sure that no one feels like they're outside the conversation at any given moment in time.
One thing we agreed to early on was the reflection of the seriousness of this when we were part-time. We each needed to devote time, with the expectation that it would wax and wane as availability existed, two to four hours a day, seven days a week, to try and make and keep making progress and all the various elements. And we also meet on Zoom primarily once a week to discuss progress live, but a lot of it's done by Slack chatter in between times. We also meet monthly in person and do a bit of co-working in a shared space in order to make sure that whatever stuff we might be missing from the asynchronous and remote aspects can be addressed on a regular cadence.It's something about being in person that allows you to easily look at somebody else's computer screen and give them live feedback and stuff like that.
Youssef: Oh, I know I was out of office for a bit, and then I know during that time Dave and Abdul had spoken. So maybe you can count that as when I got back and we met for the first time, like early August. Maybe that's when all three of us kind of officially started working together.
Dave: But I mean, basically right after Abdul and I met on a zoom call, I think it was from our CoffeeSpace match to make sure we agreed that this was a good match. Pretty much right after that, we started talking about, Okay, what do we need to do? How soon, how often we're going to meet? We're going to use Slack as our platform of communication, blah, blah, blah. We sort of got a lot of those operational bits online. Started marching towards some of the stuff that Abdul and I had talked about I needed help with. And then when Youssef rejoined and was like, “What's been going on here?” I think that's a fair point when it comes to all three of us. Early August, sounds about right.
Dave: For me, speaking with the context of how we all know each other, Abdul and I from CoffeeSpace, Youssef and from work, it's the things you can't easily put in a scorecard. It's the things like, sure when, as far as our stats are concerned, we seem to fit each other's needs very well, which is a great starting point. But like with any dating website where a very similar process happens, you still don't know if there's going to be chemistry between two people and they're going to sort of resonate until they actually meet. And you know, having had the experience I did with my original idea and founder group, who turned out not to be as engaged as I thought they would be, I was very keen to index on you know, is this a person who wants to talk as soon as possible, who shows up to the conversation, who is communicative on Slack, when things need to be done, etc.
Fun fact, I think Abdul even started our conversation with, like, I'm a serious person who's serious about doing this, and I just want to make sure you are too. And I was like, Oh man, that's music to my ears. That is exactly how I came into this conversation, too. But yea, I would say it’s the commitment and dedication from people to actually want to build this thing together.
Abdul: Having used the YC platform before, I think it's a blend of the technical and non-technical portfolios, especially because I'm a non-technical person who’s in more of the strategy and ops space for startups, and I haven't done coding.
I had advised a pre-seed startup before, and what I learnt about those cofounders was the idea of founder-market fit, where it's not just the person coming in and kind of creating a product for a market they know nothing about, but they're actually really well versed in that market, right? I think that's extremely important; you can have a great idea, but if you don't know how to execute it, you're going to fail. And I think just like a seriousness about dedicating your time and effort into bringing this idea to fruition and not just giving up, because after the first week, no one really bites.
So, like, we've been at this for a couple of months now. And like, you know, we're still trying to get investors; we're still trying to get partnerships. Yes, it's tough, but like, we're all kind of committed to the idea of it, and I think that's something that I really appreciate, is like, not giving up very quickly, because finding a company. So those two factors, for me, would be the challenges that I found before.
Dave: Yea, sounds like Abdul’s Y Combinator experience is the most relevant example there. I didn't. I knew about the founders network, or something like that, but Y Combinator, that I hadn't used before, but I could totally see what Abdul was describing. In some ways, the success of YC has led to probably a glut of people who want to be associated with the program, but maybe aren't as serious about it.
I think we're probably seeing a similar pattern with Product Hunt, where people are complaining about how it used to be a great place to launch new products with makers and get feedback quickly, and get exposure and all but some folks I've seen started to complain about being able to buy rate reviews from third parties that didn't actually use the product and stuff.
Abdul: I think on top of what we mentioned above, the users are also more active on CoffeeSpace. And also more serious. I also think that the person’s background is a very important factor, so having the LinkedIn integration is perfect just to see what they are actually working on and how it is going for them. From the start I knew I was interested in a startup that has 2 cofounders, so the filters are definitely helpful for me to better choose who to engage with.
But what I enjoyed about CoffeeSpace was I could see the backgrounds of the people. I was also specifically interested in a startup idea that had at least two cofounders already because I had noticed that that probably would lean more towards being successful as a startup than kind of just one guy who's working on a technology. But I just think that there was a level of maturity that I think that, like, Dave, and because Dave and Youssef were working on this before, I knew that this would have a little bit more legs to it. But, yeah, I like the UI; I like that the LinkedIn profiles were there so that I could reach out and kind of see what people were working on. So yeah, to me, it was a great platform.
Dave: CoffeeSpace so far has been a pleasant experience, I found that the filtering criteria were really good for figuring out what experience someone had, they worked at a startup before, had they founded the startup before? Where were they in their current career? What level of involvement did they want, and how soon, etc. It was really quite handy to have all those scorecards in the Tinder Interfaces.
Dave: I'd say, personally, the main piece of advice from me, is to take the common wisdom seriously that you need at least another founder. Don't try to go into it alone. There's too many things testing the validity of an idea, coding reviews or whatever you're doing for your product that are very easy to stay and be stuck in a bubble. I mean, you get in the bubble even as cofounders certainly of thought and like alignment and belief that the world is a certain way. But when you're doing it alone, it's even easier to do that and to have no one to gut check. So try to find someone who's as serious as you are to help you with your idea, as soon as possible so that it has a better chance to survive.
Abdul: I think my advice would be especially for pre-seed companies. From just my conversations with many other investors when it comes to investing in a pre-seed company that's pre-revenue, they focus a lot on the founding team. What they're trying to see is how successful the founding team is going to be. I think my advice goes back to founder market fit. For example, if you're trying to build a company and you're trying to find somebody to build that company with, do the both of you actually know the market enough to be able to really solve a problem there? Are you technical enough? Do you know the major players? Do you think you'll be able to get the partnerships needed to launch your product?
So with that in mind, I think the number one advice from me is to find a space that you're most knowledgeable in, and find people who are just as interested and knowledgeable in the field that you are building since that dictates the foundation of a more likely to be successful team from the get go.
Youssef: On a more personal side, my one piece of advice would be to not let hesitation or fear hold you back from doing what you want to do, even if those steps do not amount to a whole lot at the start. It’s easy to get caught up in our own bubble and overthink things, which can prevent us from actually doing it and making progress. Push yourself a little outside of your comfort zone, embrace the discomfort of being proactive, and remember that every small action contributes to your overall journey. Don’t be afraid to reach out, seek feedback, and engage with others, it is the small steps that make a big difference.
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