UPDATE: The beginning of this post used to have a section that outed a competitor for perhaps being a little too inspired by Nugget. I have removed that, because, it had data which enabled a reader to identify the competitor.
Firstly, I want to say congratulations to this competitor for doing something. The fact that he is actually doing something is a big deal. Most people don’t do anything.
Secondly, I want to say thank you to the new competitor. When someone is first to market with a new concept it’s a bit precarious. It’s not until a competitive market starts to emerge that a product category becomes validated.
Thirdly, I’m open sourcing the core Nugget Mechanical Turk HIT. Feel free to use it to create more competing products in this category or to get ideas for yourself.
Fourthly, Nugget originally offered 7 free ideas and then a premium subscription to get more. I’m launching a competing offer where you can get a free business opportunity every day from Nugget.
I’ve been executing on Nugget for over six months now. I’ve paid over $3,500 dollars to Mturk workers to get more than 3,500 ideas, of which I’ve distributed about 350(ish). I’m quite picky about what I let through.
What I have deeply learned is this: Ideas don’t matter.
What truly matters is product/founder fit, serving a market you care about, learning from your customers and maintaining momentum.
Ideas are simply stepping stones to a market and a lot of hard work.
. . .
I’m creator of Nugget, an online incubator & community. We help founders start and grow profitable side projects.