Building in public is a very crucial part of every organization. In 2020, David Perell, an author and podcaster, shared a ten-year plan for his online writing course, Write of Passage.
This marked a notable shift in business practices, where founders now opt to unveil their product development journey to the public, seeking feedback along the way, rather than keeping everything under wraps until a grand launch.
In this context, Victor Fatanmi, Co-founder and CEO of Fullgap, weighs in on the concept of “building in public” and strategies available to startup founders.
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What is building in public?
According to Fatanmi, it entails carrying the public along with your business’s progress, seeking feedback from the audience even during the early stages.
However, there are boundaries to what founders should share, depending on the nature of their business and the sensitivity of the information.
While transparency can be beneficial, timing and prudence are crucial to avoid potential harm to the business or competitors gaining an advantage.
The Benefits of Building in Public
Building in Public: Boosting Startup Growth
Building in public offers various advantages. It can serve as a powerful marketing tool, providing an organic approach that engages the audience effectively.
By involving the public in the development process, potential investors and talent can discover the startup, increasing opportunities for funding and attracting skilled individuals.
How to Build in Public
Building in public is not a one-size-fits-all approach, and Fatanmi acknowledges that it might not suit every founder.
Delegation of tasks is crucial for founders who choose this path, allowing them to focus on core responsibilities while involving co-founders, senior executives, or employees in sharing the company’s progress.
The choice of communication channel is up to each founder, and Fatanmi favors Twitter due to its informal tone. He cautions against simply dropping links on social media platforms and suggests repurposing content to engage the audience effectively.
Regarding feedback, founders should value and consider every opinion received. While they retain the final decision-making power, acknowledging feedback and providing explanations for the choices made maintains transparency and fosters a positive relationship with the audience.
Conclusion
Building in public can be a valuable approach for startup founders, but it is essential to strike a balance between transparency and protecting sensitive information.
By involving the public in the process, businesses can benefit from increased marketing exposure, potential investment opportunities, and attracting top talent.
However, not all founders may find this strategy suitable, and delegation and prudent communication are vital for successful implementation.
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