The Global Entrepreneurship Monitor Global Report 2015 revealed the astonishing statistic that 100 million startups are launched annually. There is even a giddy infographic published on City AM by Shopgasoline which shows how many startups are launched each second across location, gender and investment.
Product Hunt: How to Find the Next Big Thing in Startups
With these kinds of numbers it seems like something of a hunt for that mythical needle in a haystack for the angel investor, founder and enthusiast who wants to throw much-needed cash at a brilliant idea. How do they find the next big thing?
The answer for the tech startup is simple – through Product Hunt. This startup won the Crunchie Award for the ‘best new startup’ in 2014 and, at its most basic, lists products that other people love or want to find. On this site other startups can catch the attention of eagle-eyed investors and engage with one another using a series of social features, voting options and apps. Many of these have been designed by the community at large, not by Product Hunt themselves.
The Legend Product Hunt of Startups
As startup stories go, Product Hunt is one of those that will go down as legendary. It started out in 2013 when the founder, Ryan Hoover, began what he describes as an ‘email experiment’. He then posted it on Quibb and got some great feedback from entrepreneurs and investors, inspiring him to keep on going. Within a week hundreds of people had subscribed to the list, so Ryan engaged the help of a developer, Nathan Bashaw, and five days later the site was live.
The rest of the tale is woven around investor interest, a passion for the product and the fact that the idea hit a global nerve. As Product Hunt evolved, it brought in new features to make it easier for people to find ideas they loved. It has allowed for entrepreneurs to collaborate with one another and to learn from others in a forum which encourages free thinking and ideas.
Hottest Solutions on the Block
It has also become something which investors use to find the hottest solutions on the block. According to Tech Crunch, a number of the products which have made it big on Product Hunt have ended up becoming startup sensations. A great example of this is HowsItGoing, a web app designed by company #SixBySix, was uploaded to Product Hunt which saw it drive more than 1500 people to their site and gain a ton of publicity.
Currently, Product Hunt is focused exclusively on technology-based solutions and businesses, but it may change in the future, especially if things carry on going the way they are. Ryan Hoover has carefully steered his idea through the often murky startup seas to create a platform that is used as Holy Grail, icon and example for all those who follow.
In the time it has taken you to read this piece, more than 25 startups have opened shop. The tech ones can be found on Product Hunt, the rest need to look to how this company was made to learn valuable lessons about making it big in a busy market.