Kleiner Perkins invests in a Turkish startup

When I saw that Kleiner Perkins made their first investment in Turkey, I was ecstatic (see here).  For those who are not familiar with Trendyol, its business model mirrors that of Gilt Groupe or HauteLook. It’s a great example of how one can take a proven business model and apply it to a new market, if the appropriate market dynamics exist.

 

In addition to providing deals on goods to its users, Trendyol has a social element. Trendyol’s Facebook page has over 500K followers and it provides fashion advice to its community. This allows Trendyol to not only bring great deals to consumers but also keep them up to date with the latest fashion trends and create an entirely new shopping experience. As a result, Trendyol creates a stickier relationship with the consumers increasing the customer lifetime value.

 

I think that countries like Turkey have great potential in the future for new generation commerce companies to emerge. With the acceleration of adoption of new technologies in the relatively underpenetrated emerging world, we are going to see more investments being made to startups focused on addressing these markets.

mobile is now!

Once again, I really enjoyed reading through Mary Meeker’s Internet Trends presentation this year (see below).

 

 
One interesting highlight that caught my eye was how quickly the mobile adoption rate was growing despite the recession. Also, Meeker highlighted some countries that had the highest Y/Y adoption rate which is truly incredible and shows how much opportunity there is overseas.

 

Another interesting highlight was in mobile search. I have been focusing on mobile search for almost a year now and there was little focus on it back then and very few companies were even talking about mobile marketing strategies. However, as mobile adoption rate rapidly increases, the tremendous potential in this area has been more and more emphasized. What makes mobile so special is that it makes the Internet ubiquitous and our connection to it seamless. We can be connected to the rest of the world 24/7.

 

With the continued adoption of smartphones, there’s so much opportunity for disruptive mobile companies to emerge and make consumers’ lives easier. As mobile industry continues to evolve, we’re going to see a continued focus on geolocation. Mobile behavior is more real-time and task driven as opposed to desktop user behavior, hence there’s a lot of opportunity for utility focused products/technologies to emerge that will enhance people’s lives.

why consumer focused design is key

This may come off a little idealistic, but I am a firm believer in focusing on user experience and real consumer problems when creating products.

 

I recently came across this awesome presentation from UC Berkeley professor Sara Beckman on product development*, which reinforces why Product Managers should “forget about personal problems and worry about customers lives.” Like she says, the important thing is NOT why you personally want to use this product or why you think it’s cool.  Instead, you should be thinking about why your customer would rather use your product, rather than any other product.

 

Many companies fall into the trap of making profit and forgetting about their consumers. When times are good, they can get away with this.  When times are tough, however, things can get ugly really quickly when you stop innovating or focusing on consumers. This is why having PMs who live and breathe what their customers need and how to solve their problems will make any company more successful than their competitors.

 

*unfortunately this awesome presentation has been taken down from the website.

what motivates us

Building an ideal company culture is a challenge that every startup experiences. From personal experience, working at a re-startup, I understand intimately the challenges associated with managing strategy and growth while remaining cognizant of the company culture being developed. When one of my colleagues recently raised the question “what kind of environment would I like to work at”, it got me thinking…

 

While it is important to make sure that business goals are met, and employees are meeting deadlines on their assigned projects, it is also important to focus on individual goals and creating a nurturing environment where employees feel like they are working on what they’re passionate about. This reminded me of a video that I watched a year ago which really inspired me.  It gives an incredible insight on what motivates people. I really think this is why companies who focus on product and their people do so well.

 

Enjoy: