Coffee’s “Fifth Wave” is about automation.
The Big Idea: Blank Street Coffee’s business model focuses on decent coffee served cheap & fast.
What to Know: Blank Street Coffee is growing quickly. They’ve achieved their growth through:
- Money
- Research
- Branding
Hasn’t everyone done this? Not exactly.
Having money is one thing. Spending it wisely, another.
My attention: Research!
Blank Street is good at knowing where to put their shops.
This is due to research:
- Foot traffic
- Subway traffic
- Where people hang out
Do it yourself: We can spend a month talking about research. It can be complicated. You can also do it quickly and imperfectly. I wrote an article for the ALSD to explain.
The big idea on research:
- Have a question you are looking to answer. Don’t just do research.
The final word: Investment in research pays. You can find where your customers are. You can figure out if they will pay you for the product you are offering. You know how to build a brand.
If you don’t, you’ll waste your money, time, and other resources.
This is true in startups and every other business.