What Entrepreneurs Can Learn From Figma's Creators

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The European Commission and the UK Competition and Markets Authority intervened in the case. The regulators declared a monopoly conspiracy that contravened European law. Adobe was forced to cancel the deal and paid Figma $1 billion for breach of the purchase agreement.

Dylan Field expressed gratitude to everyone who contributed to making the deal possible and said he will look for other ways to innovate - together with Adobe.

1. Don't look for a revolutionary new solution, but rather the same as your competitors, only better.

Figma was created as an alternative to an existing product. To take into account all jamaica phone number list the needs of the target audience that the competitor does not satisfy, the creators of Figma spent 3 years developing a test version. To attract the first investments, the founders did not have to explain why their product was revolutionary. It was enough for them to say that it was the same thing that Adobe does, but with functions that the competitor does not have.

2. Choose a narrow niche

Figma was initially developed as an image editing app. However, the creators of the service quickly realized that prototyping needed its own tool much more. When Field and Wallace focused on developing a tool that would allow designers to create design layouts, they managed to attract their first investments, and after the launch, they quickly gained their audience and became a unicorn.

3. Don't try to attract customers with free access

If you want to attract customers who can pay a lot, don’t try to sell them your product by offering it for free or cheap. This can raise unnecessary suspicions and scare off potential buyers, as Figma did.