Ninety-two percent of startups fail within three years. Only one percent of apps in the Apple App Store are financially successful. And even for the fortunate few companies that raise venture funding, seventy-five percent will fail to generate a return on investors’ capital.
What you need is GEM: Growth, Engagement, and Monetization
Growth
Ask yourself: Are we getting better at drawing the attention of people who need our product?
Evaluate: Number of new users or customers, and the cost of finding them.
Engagement
Ask yourself: Are we getting better at engaging people who need our product?
Look for: Percentage of retained users or customers
Monetization
Ask yourself: Are we getting better at capturing the value we create?
Expect: Profit