Started from the pitch, now we're launched: SpendLight
As with every pitch we get on LaunchSky, they all start out the same. Just add your problem, solution, description and a valid user case. But what happens after can really help you transform your idea into something doable, something worth investing your time and energy to build.
That is what happened when David pitched his idea to LaunchSky. Although awesome, it's not magic.
"Don't expect to communicate your idea's value perfectly the first try," he said.
Our users responded with their questions, comments and feedback, and his idea became stronger and more defined as a result.
This type of feedback accomplished several important things after his inital pitch:
Verified he was solving a real problem
Responding to LS comments helped him practice his pitch and become a better communicator.
Found missing features and functionality that he overlooked.
Like every other idea-man (or woman) that came before him, David also realized that SpendLight couldn't be where it is today without keeping an open mind.
"Rather than trying to force your solution, listen to objections and ask questions," he said. "One comment introduced an idea that is going to become a primary feature for my next release."
Through SpendLight's accomplishment, we found our own value prop being validated. We started LaunchSky to create the type of community that curates good ideas and creates real products out of them. A big thanks and many high-fives to your guys for doing it with us.
Stay tuned for the next iteration of LaunchSky, with an absolute emphasis on commentary and discussion to better evaluate your ideas.
Check out the full interview below:
SpendLight is a web app (desktop + mobile) that improves your thought process to consistently make better spending decisions.
Instead of just tracking dollar amounts, users record the circumstances and quality of their spending decisions to recognize and change spending behavior.
What inspired you to start SpendLight?
My wife and I wanted to spend our money wisely. But sticking to a budget is much easier said than done. But why did we keep running out of money? After trying a number of the well-known personal finance tools, none of them really helped. There was a feeling that it was just a wall of numbers that wouldn't trigger better decisions when we were actually spending money.
Finally, we started to make progress when I printed up a simple worksheet on our fridge. To keep things realistic, we decided to only track our grocery spending. The focus shifted from a simple accounting of the numbers to a real emphasis on the decision making process.
After using a paper version for many months, I began to tinker with the idea of doing the same process with a web app. I built a simple prototype, and my wife and I began to use it. And compared to what we had been spending, we recorded over $1,700 in savings in 2013 just on our groceries.
Although SpendLight certainly isn't the right approach for everybody, I'm genuinely excited about anyone I'm able to help. Troubled finances can cause a lot of stress, and easing that a bit is very satisfying.
How did LS help you validate your idea?
One of my big worries was that folks would generally think that mint.com and other popular personal finance tools had already adequately addressed the problem of bad spending habits. Through the comments, it became clear that I had a chance at carving out a meaningful niche.
More important than validating my idea, the comments really helped shape the idea into something more concrete. It helped to hear real concerns and potential objections to "yet another personal finance tool."
How important is continued feedback to your product?
Feedback is a critical component to help keep me on track. Right now, I ask everyone who signs up how they feel when they spend too much money. Although the question isn't specifically about SpendLight, it helps ensure my product addresses the pain and frustration people experience every day.
Any lessons learned that you would be willing to share with other Launchskyers?
Make the most of your pitch. Don't view subscriptions as the only measure of success. The process itself can add so much insight to your idea.
Even if your idea has merit, don't assume that you'll communicate its value perfectly on the first try. But responding thoroughly to each comment was a great opportunity for me to practice communicating the value of SpendLight.
Keep an open mind. While you want to do your best to present your idea in its present form, keep your ears open. Rather than trying to force your solution, listen to objections and ask questions. One comment introduced an idea that's going to become a primary feature for my next release.
Without a doubt, LaunchSky helped develop the value proposition and move the idea forward.
Inspired? Pitch your own idea and share the Launchsky love.
