Timing is everything w/ Mads Petersen, Director of Founder Institute and VP of Product at OmniBnk

Here's what we discussed:

How Mads was an entrepreneur since high school. At the young age of 16, Mads started his first business

From Denmark and educated in London, Mads always knew he wanted to have his own company

Living all over Europe, with a fascination in tech, Mads now lives in Bogota Columbia with his wife and is VP of Product at a FinTech company, OmniBnk

After seeing the future in Crypto, Mads had friends who convinced him to jump in early and do something interesting with cryptocurrency

None of his friends, and Mads included, were technical, so the team outsourced the initial site to a team in Nepal

The concept was to be able to accept crypto to actually purchase products, and BitBrochure would aggregate products that could be purchased with crypto for crypto owners

For the first two iterations of the product, there was zero user research

After not seeing traction, Mads and his team started soliciting user feedback

Outside of user testing, Mads and his team started benchmarking against competitors and really diving into the details of why they weren't getting traction

The understanding of how crypto owners viewed their coins also influenced the number of users who actually wanted to cash in for physical goods

Why the UX and visual interface of the site also impacted adoption

How timing can impact the success or failure of your startup

Great advice to wrap up the conversation!

Connect with Mads: LinkedIn

Check out the book: Martin Dawes - wake up and sell the coffee

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