De-risking Projects and Supporting Writers: A Tale of Innovation and Empowerment

De-risking Projects and Supporting Writers: A Tale of Innovation and Empowerment

In today's rapidly evolving landscape, both product development and journalism face unique challenges. From reducing product risk to revamping the business model for writers, innovative approaches are necessary for success. While these may seem like unrelated endeavors, there are commonalities in the way we approach risk and support creative individuals. In this article, we will explore the importance of iterating and inferring solutions, the need for a reliable business model, and the value of diversity in thought. Additionally, we will provide actionable advice for de-risking projects and supporting writers.

When it comes to product development, the MVP (Minimum Viable Product) mindset has become a popular approach. However, we must recognize that the initial release will not have all the features and functionalities desired by teams. The key is to continue iterating and delivering value to users as new features become available. Users may not always accurately communicate their needs, making it essential for product thinkers to infer solutions. As Henry Ford famously stated, "If I'd asked customers what they wanted, they would have said a faster horse." This highlights the importance of understanding the problem and viability of the solution before investing heavily. By building features incrementally, we can de-risk our vision technically and observe how the product scales or breaks over time.

Similarly, the traditional business model for journalism has been disrupted by the internet. The need to aggregate an audience has shifted, requiring a reliable and trustworthy model. Substack, a platform for independent writers, recognized this challenge and introduced the Substack Pro program. This program aims to absorb more risk on behalf of writers, ensuring they get paid for a year of work regardless of their publication's performance. By aligning their success with the writers' success, Substack establishes trust and reliability. Although Substack keeps a significant portion of the subscription revenue in the first year, the deal flips after that, allowing writers to keep 90% of the revenue. This business decision enables writers to contribute to the quality of the Substack ecosystem while becoming long-term customers.

In both product development and journalism, taking risks and supporting creative individuals require a strategic approach. To de-risk projects effectively, it is crucial to iterate and deliver value to users regularly. This allows for incremental scalability and identification of potential issues. Furthermore, inferring solutions from user feedback and understanding the problem's core is essential. By investing in features that solve the problem, we can unlock the product or feature idea's true potential.

For writers, embracing a reliable business model is paramount. Substack's Pro program demonstrates the importance of aligning success with writers' success. By assuming most of the risk in the first year, Substack encourages writers to focus on producing quality content while enjoying financial security. The commitment to a minimum publishing frequency ensures that writers are dedicated to their craft. Aspiring writers should leverage their audience size, social media engagement, and respect within their niche to demonstrate their market opportunity. Supporting a diverse array of voices fosters healthy discourse and enriches the free press.

To conclude, de-risking projects and supporting writers share common threads of innovation and empowerment. By iterating, inferring solutions, and investing strategically, product development can thrive. Similarly, embracing a reliable business model and empowering writers can revolutionize the field of journalism. Three actionable pieces of advice for de-risking projects and supporting writers are:

1. Continuously iterate and deliver value to users, focusing on solving the core problem.
2. Embrace a reliable business model that aligns success with the creative individuals' success.
3. Foster diversity of thought and support voices that challenge the status quo, as they often contribute the most to our society.

As we navigate the ever-changing landscape of innovation and creativity, it is essential to adapt our approaches, share knowledge, and support those who bring unique perspectives. By de-risking projects and empowering writers, we can create a more inclusive and impactful future.