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About the Episode
What is the one thing you should do before you sketch your idea or hire a developer? Well today’s guest says you should look at the market size and you maybe surprised at the reason he gives. Also, we start off the interview with a great story of how the app was created during a low point in his career.
All About the Market Size
The main element that Darren looks at before starting off or deciding if an idea is worth pursuing is how big the market is. If the market for that idea is massive, then the company has the potential to be big. In contrary, if the market is small, your company will remain small even if you perform well.
Darren focuses on ideas which integrates themselves within a massive market opportunity and then go from there. For Keeper, for example, they knew that everybody shares the same problem with passwords and that is pervasive enough to be tackled.
From Callpod to Keeper
Previously, Darren was involved with Callpod, a company they had started which made mobile necessities such as chargers and mobile electronics. But they were greatly impacted by the recession and they ended up filing for bankruptcy. Keeper was a result of a pivot as after that, they had created Keeper Security, Inc. and it turned out to be an absolute blessing. The idea of Keeper was born during a plane ride to China where they brainstormed on how to pick themselves up and created the first version of Keeper for iPhone from there and the rest was history.
It took Darren 18 months of grinding to get the company on its feet and now, they have grown to over 50 employees and with over 100 million downloads.
What advice would you give to anyone looking to build a mobile app?
Make sure that the product, the idea or the concept that you are creating addresses an extremely large market. Look at the market first and make sure that market is enormous because if it is, you can make a lot more mistakes and still be successful, but when it is small, you margin for error diminishes. Big market, big idea – make sure these two things align and you are good to go.
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