I wasted $40k on a fantastic startup idea (2020) (blog.tjcx.me)

Article summary

The author spent $40,000 on a startup idea called GlacierMD, which aimed to provide simple and practical answers to common medical questions using a structured database of clinical trials. Despite initial enthusiasm, the project failed to generate revenue, and the author eventually shut it down. The author reflects on the experience, realizing that they failed to create value for all stakeholders involved, including themselves and their customers. The author is now taking another shot at the idea.

Main themes

• startup failure
• market validation
• healthcare industry complexities
• business model design
• evidence-based medicine
• customer demand
• financial management
• US healthcare system critique

What commenters say

• The author's failure to validate the market and create a viable business model led to the downfall of GlacierMD.
• The healthcare industry's complex incentives and priorities may have contributed to the lack of interest in evidence-based selection.
• Some commenters believe that the idea has value, but the execution and marketing were flawed.
• Others suggest that the author should have targeted different customers, such as insurance companies or drug manufacturers, who may have been more willing to pay for the service.
• There is a disconnect between what people say they want and what they are willing to pay for, highlighting the importance of validating demand.
• The author's experience serves as a cautionary tale about the importance of careful planning, market research, and financial management in startup development.
• Some commenters argue that the US healthcare system's focus on profit over patient outcomes may have hindered the success of GlacierMD.
• The idea of creating a platform for evidence-based medical decision-making is valuable, but its implementation and monetization require careful consideration of the complex stakeholders and incentives involved.