“If you can’t figure out something in a year, just throw it out and start something else. You can’t iterate your way to a business model. You’ll know when you’re on to something.” – my favourite quote by far.

Clever phrase but… the best ideas are born unbusinessmodelable, or some company would already be doing them. You iterate aka chop bits off until you get a business model. Angels pay the bills while you do this. If you’re a startup druggie, you iterate as long as possible without a model.

Good talk.

Not sure I agree that “you can’t iterate your way to a business model’… let’s hope twitter don’t take that to heart

I think If you have a good insight and consumer need to start with, you can iterate yourself into a better/great product. If your insight is off and people find no “reason for being” for your product or the competition fully meet their need (the switching cost is higher than any added value you could offer or the features competitor offer is not 100% it could be but is good enough for the people) then iteration won’t make a difference. Of course you won’t know if competitor’s offer is good enough at the start without trying your idea, so it’s always nice to test your theory but as jason says know when to get out. Test to see if it works, if it doesn’t get out of it fast.

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