Mint, a web based solution for personal money management, was sold to Intuit for $170M this week. A remarkable feat for a company that is just three years old.
In a blog post discussing the acquisition, Mint CEO and founder Aaron Patzer, reflects on how Mint was started, and poignantly highlights what might be considered the obvious in hindsight. That is, Mint set out to fix a very specific problem.
So that’s the Mint story. $0 to $170m in three years flat. While everyone else was doing social media, music, video or the startup de jour, we tried to ground ourselves in what any business should be doing: solve a real problem for people. Make something that is faster, more efficient, cheaper (in this case free), and innovate on technology or business model to make a healthy revenue stream doing it.
The trap for most is coming up with an idea first, and building the case for the problem being solved second. Order matters.
You can read the full post here.