Almost every failed startup has a product. What failed startups don’t have is enough customers. (Location 219)

The number one reason that we pass on entrepreneurs we’d otherwise like to back is they’re focusing on product to the exclusion of everything else. Many entrepreneurs who build great products simply don’t have a good distribution strategy. Even worse is when they insist that they don’t need one, or call [their] no distribution strategy a “viral marketing strategy.” (Location 221)

Note: Customer acqusition and distribution channels

50 percent of your time on product and 50 percent on traction. (Location 229)

you could build something people want, but for which you just can’t figure out a viable business model. (Location 232)

you could build something people want, but there are just not enough customers to reach profitability. (Location 233)

you could build something people want, but reaching them is cost prohibitive. (Location 235)

you could build something people want, but a lot of other companies build it too. (Location 238)

often these products and services are useful, but the companies die because they don’t have a good distribution strategy. (Location 241)

Note: Distribution strategy

pursuing product development and traction in parallel has a couple of key benefits. First, it helps you build the right product because you can incorporate knowledge from your traction efforts. (Location 248)