Life is short. I believe if you can stick to something for more than 5 years in a row, you might have found something that you’re truly passionate about. In today’s day and age, being able to find your passion and make a living in the same time is a rare luxury. 2015 is my 6th year at CoInvent. I honestly believe that 2015 is an inflection point where CoInvent will have much bigger breakthroughs.
What is CoInvent? I got asked this a lot by other folks that I meet. Honestly, I don’t try to ask myself the same question or define CoInvent on a day-to-day basis. When you’re set out to accomplish something, you must do it with a vision. Once that vision is locked in, you just go for it, whatever it takes! Trying to repeatedly define your vision or mission doesn’t help you get there faster. Our vision at CoInvent is to enable startups and entrepreneurs to succeed with the resources at our disposal, be it events or content. Here are a few principles we must adhere to while striving to achieve our goals:
Great brands know how to maximize its product usage. To do this, Google makes its search product basically free for average users like you and me while only charging for advertisers. Facebook and Twitter have adopted similar business models. Hulu and Spotify have both free and paid versions for their products that suit for customers with different price sensitivities. At CoInvent, we intend to make our base product free of charge as well for as long as it takes – i.e. this newsletter, and our Happy Hour event series are both the by-products of this principle. When practiced right, this model can be used for the greater good of the startup ecosystem and all its components.
The ability to constantly provide free resources won’t do a brand any good if the brand doesn’t figure out a way to monetize soon. Great companies with freemium business models must know how and when to charge for its premium content which is customized for its high end customers. At CoInvent, we are obviously implementing this “customization” strategy because we know, in order to be relevant for the years and decades to come, we must figure out a way to stay relevant in the long term. And a good revenue model can help us do that! That means the ability to serve our high end customers well and find out what they really need, in addition to the commoditized product that we have for everyone. We hosted a startup conference last December, which was the first step for our realization of the “customization” model. We will continue to tirelessly execute this model to design a better niche product. Moreover, stay tuned for more exciting news to come soon!
3). Breadth vs Depth
As an event/content platform, it’s inevitable for us to be based in multi-cities. NY, SF, and LA are three top booming cities in global tech ecosystem. We are happy that CoInvent has taken a deep root in all these markets thus far. We are not going to expand to more areas in 2015, as I believe it’s time to further expand our influence in each of our existing markets. I look forward to announcing a slew of new exciting initiatives in the months to come!
With enough time, I can probably further elaborate on each of the above operating principles at CoInvent. But I’ll stop here as I believe the best way to explain them is by real examples. Anyhow, it feels good to get this one out of the way at beginning of the year. These principles will make a lot more sense as you come back to revisit this post later during the year. In the meantime, BELIEVE that we have your best interest and we will work hard to help you succeed!