Stories
Journey And Growth Of Product Hunt
Published
4 years agoon
The proliferation of the internet across the world has been one of the biggest achievements of technology in the last two decades. The advent of internet technology gave many people a chance to display their talents for the world to see and take notice. However, like any good thing there is also another side to the coin, which in this case is the huge volume of talent on display.
What is it that famous apps like the group video mobile chatting app, Houseparty and the hugely popular $0 commission brokerage firm, Robinhood have in common? Both Houseparty and Robinhood launched their products on Product Hunt from where they got their initial traction; the kind of traction which resulted in funding from acclaimed investors. Product Hunt comes into the picture by giving deserving product creators a platform to display their wares.
Before we dive into the journey of Product Hunt, we need to understand what Product Hunt does primarily. Product Hunt is a website/platform which lets users share their own products and discover other products. Users can comment and vote (upvote and downvote) various products which they think are useful or not. A product with the most upvotes in a day reaches the top of the list for that day. Simply put, the more attractive and useful a product is, means the better the chance for it to be discovered by other users. Products are mainly classified and organized into four categories namely technology (web apps, mobile apps etc.,) games ( PC, mobile and web,) books and podcasts.
Product Hunt: The Beginning
Product Hunt was founded by Ryan Hoover in 2013 but initially Product Hunt was completely different than what it is right now. Before Product Hunt kicked off, Hoover was a Product Director at a gaming company named PlayHaven. Hoover was an active blogger and used to talk about tech products and answer questions from his audience about his thoughts on new things on TechCrunch, Hacker News, Redditt and Twitter. Product Hunt initially began as an email list using LinkyDink, a tool for creating an email digest.
Just announced a new experiment: Product Hunt http://t.co/wM3F7rF0Xr
cc @choosenick, @jongold, @stef
— Ryan Hoover (@rrhoover) November 6, 2013
Interested contributors submitted links of new products which would be included in the email newsletter and subscribers would receive the newsletters containing all the new products.
What began as a side project grew into Product Hunt. Hoover realised he had an excellent idea on his hands and one which would be helpful for everyone. Founders are using the platform (Product Hunt) as a launch pad, investors are using it as a scouting ground while tech enthusiasts are able to stay updated on new technology.
Once Ryan Hoover realised the potential for what Product Hunt could be, he reached out to his friend Nathan Bashaw for help with designing the original Product Hunt. The platform was designed over a Thanksgiving break and rolled out. Hoover and Bashaw tested the waters by seeking feedback from users about Product Hunt and also at the same time making them invested in the decision making process.
Five days after gaining feedback from initial users, the first Product Hunt beta was rolled out followed by gaining the first 30 users. Bugs were identified and corrected all the while collecting constant feedback and in a span of a week the users grew to 100. It was then that Product Hunt was publicly launched for the public. At that moment, Ryan Hoover however did not go for press publicity but instead worked on making Product Hunt as engaging as possible while retaining their users. Later a couple of strategically placed articles in the press worked wonders while reaffirming that Product Hunt was not just one of Hoover’s experiments.
Since the public launch, Hoover kept a keen eye on promising users and engaged with them and also collaborated with influencers in the tech space to promote Product Hunt. Twenty days after the public launch of Product Hunt, there were 2000 users on the platform.
Once Product Hunt started gaining traction, it was not long before venture capital firms came knocking on their doors.
AngelList Acquisition
Since Product Hunt began in 2013, there have been over 100 million product discoveries and 50,000 startups and makers introduced their product/service to the world on Product Hunt. AngelList is a U.S. website for startups, angel investors, and job seekers looking to work at startups. AngelList also helps startups with their challenges in fundraising and talent. Ryan Hoover used to browse AngelList to search for different startups that have been springing up.
My new favorite thing: browsing AngelList. I'm such a nerd.
— Ryan Hoover (@rrhoover) October 25, 2011
Ryan Hoover and AngelList founder Naval Ravikant decided to meet and discuss Product Hunt after Naval reached out to Hoover over a text message. The meeting took place six months after Product Hunt was rolled out publicly. Ryan Hoover initially had a fear that AngelList might be a competitor to Product Hunt, as investors were using the platform to scout for promising startups. While Product Hunt’s focus was product discovery, Hoover took his time to learn about Naval’s vision for AngelList following which his fears were assuaged. It was then that Naval offered to invest in Product Hunt. Although the news was not publicly announced, both Product Hunt and AngelList have announced the acquisition on their company blog sites. AngelList had this to say about Product Hunt on their blog “Product Hunt will remain independent. It will maintain its playful, empathic and curious attitude (sic.)” AngelList acquired Product Hunt in November, 2016.
Today Product Hunt is used by product and app developers worldwide to display their creations in order to be launched or in the hopes of attracting investors. Stay tuned to Startup Stories to learn more about the revenue models of Product Hunt in the next article.
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Andhra Pradesh Hotels Association Announces Boycott of Swiggy Over Unethical Practices and Payment Delays!
Published
1 day agoon
October 8, 2024The Andhra Pradesh Hotels Association (APHA) has declared a statewide boycott of Swiggy, effective October 14, 2024. This decision stems from ongoing grievances regarding the food delivery platform’s alleged unethical practices and its failure to make timely payments to restaurants.
Reasons for the Boycott
At a media conference on October 4, APHA President R.V. Swamy outlined several critical issues that prompted this drastic action. One of the primary concerns is the significant financial losses that restaurants are experiencing due to Swiggy’s high commission rates. Initially, both Swiggy and Zomato operated in Andhra Pradesh with zero commission fees. However, these rates have escalated over time, with Swiggy now charging between 20% to 30% on orders. According to Swamy, restaurants are losing between 40% to 60% of their menu prices because of these practices.
Another major issue raised by the APHA is the delay in payouts from Swiggy, which reportedly holds restaurant earnings for up to 12 days. This delay places immense financial strain on smaller establishments that rely heavily on timely revenue to sustain their operations.
Allegations of Unethical Practices
The APHA has accused Swiggy of implementing “uninformed discounts,” where price reductions are applied without consulting restaurant management. This practice not only affects the profits of the establishments but also leads to confusion among customers regarding pricing. Furthermore, members of the association expressed concerns about Swiggy altering restaurant menus without prior consent, often selling items at lower prices or offering promotions like “Buy One Get One Free.” Such actions undermine restaurants’ pricing strategies and can damage their brand integrity.
Additionally, the association criticized Swiggy’s refund policies, stating that neither customers nor restaurants receive refunds for canceled orders. This lack of accountability exacerbates the financial difficulties faced by restaurants already struggling with high operational costs.
Response from Zomato
In contrast to Swiggy, Zomato has reportedly engaged in constructive discussions with the APHA and has shown willingness to address many of their concerns. Zomato’s responsiveness has fostered a more favorable relationship with restaurant owners, highlighting a growing divide in how each platform is perceived within the industry.
Future Implications
The impending boycott against Swiggy signifies a critical moment in the ongoing tensions between food delivery platforms and local businesses. As APHA prepares to halt sales through Swiggy, it remains uncertain how this decision will affect both the delivery service and participating restaurants across Andhra Pradesh.
This boycott could serve as a wake-up call for food delivery companies to reassess their business practices and consider more equitable arrangements with restaurant partners. The outcome may influence similar actions in other regions as restaurant owners increasingly seek fair treatment in an evolving market landscape.
In conclusion, the APHA’s decision to boycott Swiggy reflects deep-rooted frustrations within the restaurant industry regarding commission rates, payment practices, and overall treatment by food delivery platforms. As the deadline approaches, all eyes will be on how both parties respond and whether any resolutions can be reached before October 14.
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Mahindra Group Launches Dedicated AI Division to Drive Innovation and Efficiency Across Its Business Portfolio!
Published
2 weeks agoon
September 24, 2024The Mahindra Group has taken a significant step forward in its digital transformation journey by launching a dedicated Artificial Intelligence (AI) division. This initiative, spearheaded by Bhuwan Lodha, aims to harness the power of AI across the conglomerate’s diverse business sectors, streamlining operations and enhancing overall efficiency.
Centralizing AI Efforts
The newly established AI division is designed to centralize all AI-related activities within the Mahindra Group. By consolidating these efforts, the group seeks to implement a more coherent and effective strategy for utilizing AI technologies across its various enterprises. Lodha, who previously served as the digital chief for Mahindra’s automotive sector, emphasized that the growing importance of AI over the past two years necessitated this focused approach. He noted that many companies had been experimenting with AI on a smaller scale, but now there is a concerted effort to bring these initiatives into mainstream operations.
Tailored Solutions for Diverse Sectors
The AI division is committed to developing tailored solutions that cater specifically to the needs of Mahindra’s diverse business units, which include automotive, real estate, and hospitality. The division will not only create proprietary solutions but will also seek out innovative technologies from startups and academic institutions globally. This collaborative approach aims to ensure that each sector benefits from cutting-edge advancements in AI.
Collaboration with Tech Mahindra
While the new division will not have the same capacity to hire domain specialists as Tech Mahindra, the group’s IT services arm, it plans to closely collaborate with Tech M to leverage their expertise. This partnership will facilitate the development and deployment of advanced AI solutions tailored to enhance operational efficiency across Mahindra’s various businesses.
Building Talent and Career Opportunities
One of the key goals of the AI division is to consolidate talent within the Mahindra Group. By creating a dedicated career path for professionals specializing in AI, the division aims to attract and retain skilled workers who can contribute meaningfully across multiple sectors. Lodha highlighted that this initiative would not only provide exciting career opportunities but also foster a culture of innovation within the organization.
Generative AI Implementation
Mahindra & Mahindra (M&M), a prominent entity within the group, has already begun implementing generative AI technologies in its operations. The company has automated maintenance processes for robots and heavy machinery on factory floors, significantly reducing downtime and improving productivity. Additionally, generative AI is being utilized to enhance customer service through advanced chatbots, which streamline interactions and save time for customer service agents.
Strategic Partnership with Google Cloud
In a complementary move, Tech Mahindra recently announced a strategic partnership with Google Cloud aimed at accelerating generative AI adoption across Mahindra’s businesses. This collaboration will leverage Google Cloud’s advanced AI technologies to develop applications that enhance critical business functions such as engineering, supply chain management, and customer service. By integrating these technologies, Mahindra aims to optimize operations and improve customer experiences significantly.
Conclusion
The establishment of a dedicated AI division within the Mahindra Group underscores its commitment to embracing technological innovation as a driver of business success. By centralizing its AI initiatives and fostering collaboration with industry leaders like Tech Mahindra and Google Cloud, the group is well-positioned to unlock new growth opportunities across its diverse portfolio. As this division evolves, it will be interesting to observe how it transforms operations within Mahindra and sets new benchmarks in various industries.
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CCI Approves Merger Between Reliance and Disney
Published
1 month agoon
August 29, 2024Competition Commission of India (CCI) has granted approval for the merger between Reliance Industries Limited (RIL) and The Walt Disney Company’s Indian media assets, valued at approximately ₹70,000 crore (or $8.5 billion). This significant development was announced on August 28, 2024, and is set to create the largest entertainment
conglomerate in India, encompassing 120 television channels and two streaming services.
The merger involves RIL, Viacom18 Media Private Limited, Digital18 Media Limited, Star India Private Limited, and Star Television Productions Limited. Following the deal, Reliance will hold a 63.16% stake in the new joint venture, while Disney will retain 36.84%. The CCI’s approval comes after previous concerns regarding the merged
entity’s potential dominance in cricket broadcasting rights, which could adversely affect competition and advertisers in the market.
The CCI noted that the approval is contingent upon the compliance with certain “voluntary modifications,” although specific details of these modifications have not yet been disclosed. The merger is expected to be completed by the end of 2024 or early 2025, with Nita Ambani appointed as the Chairperson and Uday Shankar as Vice
Chairperson of the joint venture.
This merger positions the new entity to compete vigorously against major players such as Sony, Netflix, and Amazon, leveraging a vast content library and extensive distribution capabilities. The merger agreement also includes provisions for Disney’s films and productions to be distributed in India through the new joint venture, which is anticipated to significantly enhance its market presence and operational efficiency in the competitive entertainment landscape.
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