I recently read this interesting, and distressing, story of a man who was drugged and robbed. A form of crime which has been going on for centuries. But the 21st Century twist is that the thieves forced him to transfer large sums of money via his phone's banking apps.
While under the influence, the victim used his usernames, passwords, PINs, and biometrics to send money to the criminal's accounts.
Is there a "technological" way to stop this? His banks initially refused to refund the stolen money. Only once the press stepped in did they relent. One bank, Revolut, said:
This was an unusual case where the payments were authorised by the customer but, as is now clear, without his consent.
More than ever, people are choosing how to spend their time based on the amount of attention they can garner—and you and I are no exception. Everyone is susceptible to this logic. But what I want to argue in this piece is that tech startup founders are particularly susceptible to this tendency.
Working at and around startups for several years, I’ve noticed many founders prioritizing culture, visibility, and perception over product, customer development, and strategy. Maybe this is to be expected in a time where culture moves faster and is perceived as more important than ever. But I find it unusual that the tech industry seems unaware of a whole class of typical mistakes founders make in pursuit of cultural relevance.
Early stage companies often deal with questions like “Why don’t we have as much adoption as we’d like at this time?” “Why aren’t we driving enough sales?” “Why is our churn rate so high and how do we raise retention?” and my favorite, “Why do we have no users?”
There are many ways to address these issues, but I find that companies frequently—and incorrectly—identify their public presence as the way to solve them.