Hello, Idris here! Each week, I feature tips and stories from successful self-made founders, share insights on building great products. This week I want to share a summarized version of the product lessons we can learn from loom founders.
You can find the full case study here
This week, we shine a spotlight on a remarkable success story: Loom.
Loom, the brainchild of vinay, shahed and Joe, is a video communication tool that captured the attention of many, eventually being acquired by Atlassian in 2023 for a staggering $975 million.
My admiration for Loom dates back to its early days, long before the Atlassian acquisition. I've been an avid user, integrating it into my daily routine for tasks ranging from creating video walkthroughs of product features to sharing user feedback with my team and fostering collaboration among teammates.
Recently, I stumbled upon a tweet by the CEO reflecting on the company's journey. It struck a chord with me, prompting me to extract some valuable lessons that we can all apply to our own endeavors.
Here are some key takeaways that can enrich your product development journey...
Perfection Isn't Found at the Start
The journey of Loom exemplifies that there's rarely a perfect idea at the outset. In fact, they initially explored six different concepts before settling on their path. Loom began its journey as a user-testing marketplace named Open Test. However, they soon realized that true validation and evolution come from listening to users over time.
You Need to Pivot Quickly During Development
Loom's founders swiftly recognized that for their user testing marketplace, companies were less interested in expert opinions and more focused on direct user feedback. This realization was a pivotal moment.
Focus on Building a Great Product; Revenue Will Follow
During their initial seven months, Loom generated a mere $600. However, they prioritized product refinement over chasing investments. This strategy taught them the value of focusing on the product's quality.
Iterate and Understand User Behaviour
To gather feedback, Loom cold-emailed 300 founders to use their Chrome extension. Unexpectedly, a research team at Harvard used Loom to summarise insights from seven feedback videos, revealing unanticipated uses of the product
Timing Is Crucial
Loom's emergence coincided with the rise of remote work, a period when companies prioritized collaboration tools. Recognizing this demand was pivotal to their success.
A Great Product Attracts Users
After achieving product-market fit, Loom gained over 3,000 signups following their launch on Product Hunt, a significant leap from their previous user base.
Intense Focus and Some Luck Are Essential
Limit distractions while building, and focus on the product rather than investor meetings, and meet-ups that distract you from building, there is also a shared amount of good luck needed in building.
The in-depth version of the product lessons was posted here
Pls comment on your best product tip from Loom, I’d love to hear from you. I also try to feature indie tips and exciting product stuff .
Looking forward to hearing from you
You can find the full case study here
This week, we shine a spotlight on a remarkable success story: Loom.
Loom, the brainchild of vinay, shahed and Joe, is a video communication tool that captured the attention of many, eventually being acquired by Atlassian in 2023 for a staggering $975 million.
My admiration for Loom dates back to its early days, long before the Atlassian acquisition. I've been an avid user, integrating it into my daily routine for tasks ranging from creating video walkthroughs of product features to sharing user feedback with my team and fostering collaboration among teammates.
Recently, I stumbled upon a tweet by the CEO reflecting on the company's journey. It struck a chord with me, prompting me to extract some valuable lessons that we can all apply to our own endeavors.
Here are some key takeaways that can enrich your product development journey...
Perfection Isn't Found at the Start
The journey of Loom exemplifies that there's rarely a perfect idea at the outset. In fact, they initially explored six different concepts before settling on their path. Loom began its journey as a user-testing marketplace named Open Test. However, they soon realized that true validation and evolution come from listening to users over time.
You Need to Pivot Quickly During Development
Loom's founders swiftly recognized that for their user testing marketplace, companies were less interested in expert opinions and more focused on direct user feedback. This realization was a pivotal moment.
Focus on Building a Great Product; Revenue Will Follow
During their initial seven months, Loom generated a mere $600. However, they prioritized product refinement over chasing investments. This strategy taught them the value of focusing on the product's quality.
Iterate and Understand User Behaviour
To gather feedback, Loom cold-emailed 300 founders to use their Chrome extension. Unexpectedly, a research team at Harvard used Loom to summarise insights from seven feedback videos, revealing unanticipated uses of the product
Timing Is Crucial
Loom's emergence coincided with the rise of remote work, a period when companies prioritized collaboration tools. Recognizing this demand was pivotal to their success.
A Great Product Attracts Users
After achieving product-market fit, Loom gained over 3,000 signups following their launch on Product Hunt, a significant leap from their previous user base.
Intense Focus and Some Luck Are Essential
Limit distractions while building, and focus on the product rather than investor meetings, and meet-ups that distract you from building, there is also a shared amount of good luck needed in building.
The in-depth version of the product lessons was posted here
Pls comment on your best product tip from Loom, I’d love to hear from you. I also try to feature indie tips and exciting product stuff .
Looking forward to hearing from you