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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WhatsApp’s Bharat Yatra: Empowering Small Businesses Across India!
Published
3 days agoon
December 18, 2024WhatsApp has embarked on a nationwide initiative called Bharat Yatra to empower small and medium businesses (SMBs) across India. This innovative mobile bus tour aims to provide hands-on training and support to help businesses leverage the power of digital technology, particularly through the WhatsApp Business app.
Key Focus Areas
- Digital Skill Enhancement: The Bharat Yatra program is designed to equip SMBs with essential digital skills necessary to thrive in the digital age. This includes training on how to effectively navigate the digital landscape and utilize online tools for business growth.
- WhatsApp Business App Training: Participants will learn how to use the WhatsApp Business app to connect with customers, share product catalogs, and manage inquiries efficiently. This training is crucial for businesses looking to enhance customer engagement and streamline communication.
- Latest Features and Updates: The tour will highlight the latest features of WhatsApp Business, including Meta Verified, which enhances business credibility, and custom messaging options that allow for personalized communication with customers.
- AI Integration: Businesses will also be introduced to the potential of Meta AI integration, which can streamline customer engagement processes and boost overall productivity. This aspect of the training aims to familiarize SMBs with advanced tools that can enhance their operational efficiency.
Tour Details
The Bharat Yatra will kick off its journey in Delhi-NCR, visiting bustling markets such as Laxmi Nagar, Rajouri Garden, and Nehru Place. Over the coming months, the bus will cover key business hubs in cities like Gurugram, Noida, Agra, Lucknow, Indore, Ahmedabad, and others. Each stop will feature interactive demos, expert guidance, and personalized support tailored to the unique needs of local businesses.
Impact on the Indian Economy
By engaging directly with businesses across major cities, WhatsApp aims to create a tangible impact on the Indian economy. The initiative aligns with WhatsApp’s broader goal of supporting small businesses and fostering digital growth in India. According to Ravi Garg, Director of Business Messaging at Meta India, “Small businesses are the backbone of India’s economy, and with the right digital tools, they have the power to supercharge the country’s digital transformation.”
Conclusion
As the Bharat Yatra continues its journey across India, it is expected to empower thousands of SMBs, contributing significantly to India’s economic development and digital transformation. By providing essential training and resources, WhatsApp is not only enhancing business capabilities but also reinforcing its commitment to fostering a robust small business ecosystem in India. This initiative builds on previous efforts such as WhatsApp Se Vyapaar, which aimed to upskill millions of traders, further demonstrating WhatsApp’s dedication to supporting India’s entrepreneurial landscape.
Entrepreneur Stories
OpenAI Expands ChatGPT Advanced Voice Mode to Web Users!
Published
4 weeks agoon
November 21, 2024OpenAI has introduced its Advanced Voice mode for ChatGPT on the web, extending the feature that was previously available only on iOS and Android apps. This announcement, made via a post on X (formerly Twitter), signifies a significant expansion of the conversational capabilities of ChatGPT to desktop users.
Enhancing User Interaction
The Advanced Voice mode aims to make interactions with ChatGPT more natural and conversational. The feature is being rolled out this week to subscribers of ChatGPT Plus, Enterprise, Teams, and Edu. Free-tier users will have to wait a few weeks to access the feature as part of a limited monthly preview.
How to Use Advanced Voice Mode on the Web
Activating the voice feature on the web is straightforward. Users simply need to click the Voice icon in the prompt window’s bottom-right corner and grant their browser permission to access their microphone. Once activated, a blue orb at the center of the screen indicates that voice chat is active.
The voice feature offers nine output voices with unique tones and personalities. OpenAI has introduced five new voices—Arbor, Maple, Sol, Spruce, and Vale—in addition to existing options like Breeze, Juniper, Cove, and Ember. These voices are designed to create a lifelike and engaging dialogue experience, each with distinct emotional tones and the ability to emphasize certain words for more natural interaction.
For instance:
- Arbor is described as “easygoing and versatile.”
- Ember conveys a “confident and optimistic” tone.
This nature-inspired naming reflects OpenAI’s focus on making AI interactions feel smoother and more relatable.
Usage Limits for Subscribers
While paying users gain early access to this feature, there are daily usage limits in place. Plus and Teams subscribers will receive notifications when they have 15 minutes of voice usage left for the day. Free users will receive limited monthly access to test the feature.
Kevin Weil, OpenAI’s Chief Product Officer, noted that these measures are necessary to manage resource availability as the feature scales up.
A Controversial Missing Voice
One notable absence is the previously available “Sky” voice, which was removed following legal and ethical controversies. Critics alleged that Sky bore a striking resemblance to Hollywood actress Scarlett Johansson’s voice, leading to backlash and a lawsuit against OpenAI. Johansson’s legal representatives claimed that the company lacked permission to use a voice that closely mimicked her own. In response, OpenAI suspended this feature in May 2024.
OpenAI stated that any resemblance was unintentional, but internal comments referencing the film Her, where Johansson voiced an AI assistant, added fuel to the controversy. The company has since refrained from including voices that could lead to similar disputes.
What’s Next for Advanced Voice Mode
With this introduction of Advanced Voice mode on the web, OpenAI is taking another step toward making AI interactions feel more personal and accessible. The feature promises to transform user experiences by combining natural dialogue capabilities with versatile voice options.
As the rollout continues, OpenAI is expected to refine this feature further, eventually extending it to all ChatGPT users while addressing concerns around voice replication and ethical usage.
Future Enhancements
OpenAI plans ongoing improvements based on user feedback and technological advancements. The goal is not only to enhance user experience but also to ensure compliance with legal standards regarding voice replication.
In summary, with Advanced Voice mode now available on web platforms, OpenAI reinforces its commitment to creating engaging AI experiences that cater to diverse user preferences while navigating complex ethical landscapes associated with voice technology.
Entrepreneur Stories
Zepto Secures $300 Million, Doubling Its Funding Target Amid Quick Commerce Battle!
Published
1 month agoon
November 17, 2024Quick commerce startup Zepto is gearing up to raise $300 million from domestic investors, doubling its initial funding target, according to a report by The Economic Times. This latest funding round underscores Zepto’s growing influence in the competitive quick commerce sector, where it competes against Zomato’s Blinkit and Swiggy’s Instamart.
Overwhelming Investor Interest
The funding round has reportedly been oversubscribed, attracting prominent Indian family offices and ultra-high net worth individuals (ultra-HNIs). This reflects strong confidence in the sector and Zepto’s potential. The company has previously raised $1 billion and continues to position itself as a leading player in the booming quick commerce market.
Previous Funding Rounds
Zepto’s recent fundraising efforts have been impressive. In June, the company raised $665 million at a valuation of $3.6 billion, marking one of the largest financing rounds in the quick commerce space this year. The Series F round was co-led by existing investors such as StepStone Group, Nexus Venture Partners, and Glade Brook Capital, with new investors like Avenir Growth and Lightspeed Venture Partners joining in.
Increased Indian Ownership
Following this round, Indian ownership in Zepto is expected to surge to approximately 35%, which includes stakes held by its founders, Aadit Palicha and Kaivalya Vohra. Sources revealed that the founders have been granted an additional 1% equity for achieving key performance milestones.
Strategic Focus on Domestic Investors
Zepto’s strategy emphasizes building a strong base of Indian investors ahead of its anticipated IPO. The company aims to deepen relationships with high-quality domestic investors as part of its preparations for going public.
Celebrity and Corporate Participation
The funding round has attracted high-profile backers, including Bollywood legend Amitabh Bachchan and cricket icon Sachin Tendulkar, highlighting the optimism surrounding Zepto’s growth. Prominent investors such as the Ravi Jaipuria-led RJ Corp, Harsh Goenka’s RPG group, and the Motilal Oswal group have also committed significant funds. Notably, Motilal Oswal reportedly increased its commitment from $40 million to over $60 million.
Diverse Investor Base
Additionally, participation from other notable figures like Ranjan Pai of the Manipal Group and Ramesh and Rajeev Juneja of Mankind Pharma further solidifies Zepto’s support from domestic heavyweights.
Valuation and Stake Sale
Zepto is reportedly selling a 6% stake at a valuation of $5 billion, reflecting its growing dominance in the quick commerce space. A source familiar with the development stated, “The round was oversubscribed, prompting Zepto to increase the total offering.”
Focus on Growth and Innovation
With 1 million daily orders, Zepto has emerged as the only large private player in the quick commerce sector, distinguishing itself from publicly listed competitors like Swiggy and Blinkit. The company plans to expand its operations significantly over the next year by opening new dark stores—mini warehouses for rapid delivery—in various cities across India.
Expansion Plans
Zepto aims to increase its number of dark stores from around 350 to 700 by March 2025. This expansion is crucial as it seeks to enhance delivery speed and efficiency while meeting rising consumer demand for quick commerce solutions.
A Bright Future Ahead
Zepto’s ability to attract significant domestic investment and its strategic focus on Indian ownership signal its readiness to scale further in the competitive quick commerce market. This funding round positions Zepto for robust growth as it prepares for its next big milestone: going public.
Market Dynamics
As competition intensifies in India’s quick commerce sector, Zepto’s aggressive expansion strategy and strong financial backing will be critical in maintaining its market leadership against rivals like Zomato’s Blinkit and Swiggy’s Instamart.
Conclusion
With a successful track record of fundraising and an ambitious growth strategy, Zepto is well-positioned to capitalize on the burgeoning demand for quick commerce services in India. The recent funding initiatives not only reflect investor confidence but also underscore Zepto’s commitment to enhancing customer experience through innovation and operational excellence.
As it gears up for an IPO, Zepto’s focus on building a robust foundation with domestic investors will play a pivotal role in its long-term success in the rapidly evolving e-commerce landscape.
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