Recursive product strategy can be the first step in building for a long term success.
Civic as an example:
- End goal: To enable a delegated democracy at scale. But there is no legal ability or cultural familiarity to do that now.
- Stage 4: To fix the "person-not-present" challenge of those not voting in-person. It needs government endorsement. Agencies can't verify identities of people on the other end.
- Stage 3: To build a product that securely verifies the identities. But no one has successfully built this yet.
- Stage 2: To create the largest network of personal identification data. The time is now!
- Stage 1: To offer a free product to protect personal identification information.
Four step framework to apply the recursive product strategy:
- Find a big market to dent. Yola was a failure since the market is crowded with only $1bn in total size. Gyft competes in $125bn industry.
- Swing a wedge to make a ding before a dent: The wedge helps to break in and maintain the edge.
- Look to adjacent markets to place your first swing: Gyft designed digital wallet to be integrated online or at every POS to let more customers swing the wedge for them.
- Each swing must reward customers and partners.