Business idea · Agency
Multi-Product Strategy Consultancy for Startups
Multi-Product Strategy Consultancy for Startups is a consultancy service that helps startups identify and execute multi-product strategies to ensure sustainable growth and revenue diversification. It was pitched on My First Million, hosted by Sam Parr and Shaan Puri, in the episode "How I Reverse Engineered A $100 Million Exit - Jason Lemkin" (aired April 10, 2024).
At a glance
| Podcast | My First Million |
|---|---|
| Hosted by | Sam Parr and Shaan Puri |
| Episode | How I Reverse Engineered A $100 Million Exit - Jason Lemkin |
| Aired | April 10, 2024 |
| Category | Agency |
| Real companies on the episode | Nanogram Devices |
The problem it solves
Startups often miss opportunities to diversify their product offerings, leading to stagnation as their primary product matures. Existing resources typically lack the tailored guidance needed for identifying viable new products that can scale faster than the initial offering.
How it makes money
Consultancy and advisory services with fixed fees for initial assessments and ongoing retainer models for long-term partnerships.
Skills you need
Expertise in product management and development Knowledge of market trends and customer needs assessment Strong strategic planning and execution skills Experience in scaling businesses and revenue models
The market, and why this works now
The rise of subscription-based business models has prompted startups to explore diversified product offerings to maintain customer engagement. A consultancy could generate initial revenue by partnering with SaaS marketplaces like G2 or Capterra, where startups often seek guidance on product expansion. However, the consultancy may face challenges with customer acquisition costs, especially if the initial assessments require significant capital investment and time to build a reputation in a competitive market.
Our analysis, written after the episode. Not a quote from the show.
Real companies discussed on this episode
- Nanogram Devices
Founded by Jason Lemkin, Nanogram Devices was a startup that developed implantable batteries using nano materials. The company was known for creating a product that was previously thought to be impossible and made a significant impact in the tech and medical fields.
Where this idea came from
Podcast: My First Million, hosted by Sam Parr and Shaan Puri
Episode: How I Reverse Engineered A $100 Million Exit - Jason Lemkin
Aired:
Summarized from the episode transcript. The show does not say which speaker raised each idea, so we credit the show, not a person.