Spending graphs there are at least half of their expenses falling under They’d use Microsoft Money or Quicken and when looking at their Get over such an inconvenience, Mint focused on making it easy to get set upĪnd have the program running in approximately 10 minutes.Īrea of weakness was that a large number of users often had uncategorizedĮxpenses. Up an account – some had very tedious tasks for setting up and connectingĪccounts, and, in the end, it would take an hour for an account to be ready. For one thing, it was quite complicated to set The best defense is a good offense, and Mint wasĪble to put their competitors on their heels. Occupying the market – Quicken Online, Microsoft Money Online, Wesabe, Geezeo,īy having a superior product. There were, actually, a few heavyweights already Make it dead simple to get your finances in order and to feel in control of your life.” Would trust a startup with their financial and other private information. Or less 50 venture capitalists turned him down before he got his first “yes.”īut why? Simply because most of the venture capitalists didn’t think people Hurdle, not just for consumers, but also for investors. To this day, security concerns have also been well addressed on their security page: Courtesy: Mint An early Mint homepage design made their bank-level security clear: Image source: Neil Patel
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Information but rather asked if it seemed like a trustworthy service.Ī big plus for people? Reading the words “Bank-Level Data Security” made a lot more people say they would use it. Secure?” He didn’t ask if they would give them his financial More heavily than if someone monotonically said “yes.”Ībout security.
Were truly enthusiastic and genuine about their answer, Patzer would weigh that It, so he would have to gauge their enthusiasm in their “Yes” answer. That people probably would say “yes” more often than they actually would use Then went to a train station, stopped people, handed them the concepts, andĪsked them questions like “Does this sound like something you would use?” He suspected Which explained the idea for Mint and what it did. Whereas one said something like “Mint is your Money Ninja”,Īnother claimed “Mint is your Money Champion,” and another also said “Mint isįree Personal Money Management Software.” These were all written out on a page Patzer came up with the idea for Mint, he formed a few messaging concepts toĭescribe it.
You’re one of the only people in the world who can do it, or you have aįantastic idea and you have to be the best executor on that idea.” Image source: Mintĭon’t really matter, what matters is execution. Prototype, then to build the right team, and then to raise funding.”Ĭontrary to some entrepreneurs, Aaron Patzer did tell everyone he knew about his idea for Mint – and actually, out of the roughly ninety people he shared with, only one said he would use it. There were a lot of technical problems, connectivity to all of the banks, and But for finance, I wanted to be a little more rigorous and Prototype.’ That works for certain types of things I think anything that is Get the product out there, just iterate very, very quickly, (and) just make a
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I actually didn’t write a line of code until Iĭid about three or four months’ worth of thinking on Mint, which I think isĬounter to what a lot of people will suggest. Methodology that I formed” (Validate your idea > Create a prototype > Started Mint I took a very different approach…and this is sort of the Results are positive then you should build it according to the opinions received. The different philosophy: It is better to validate your idea first and if the Product and then iterating based on feedback, Millions of users at their very first beginning? Let’s read on to uncover! #1. So, what exactly standsīehind its marvelous achievement? Which specific factors have propelled Mint to Success to watch out in the exciting world of startups. To millions of users in just 2 years, Mint proves itself to be a howling Four years later, Mint has over 10 million users. At the time, Mint had acquired whoppingly over 1.5 million users and was adding a few thousand new users every day. In November 2009, Intuit bought Mint for $170 million. Mint officially launched in September 2007.
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Situation but also provides with advice on how to improve Management platform, Mint not only does offer a bird’s eye view of your financial Finances can be a daunting and time-consuming task – Aaron Patzer knew that and
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