My response to a question on Quora:
I guess, this is probably not the only risky bet they took.
I would not have. Hopefully, it pays out for them. I am sure they are also well meaning and sensible folks who thought deeply before taking this bold decision. No, I am not endorsing that decision. I believe it was reckless and irresponsible. Even if it eventually pays out, I think it is speculative and not worth the risk.
More importantly, on the UI and the product – I don’t think that houses are bought on the basis of maps. Buying or renting a house is a visual experience and a family would be willing to go with any area within a certain radius, if they like the house. Instead of spending 1mn USD on a domain, I would have spent my money on getting consumer insights and a great team to ensure a superlative visual and immersive experience for users.
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Author: Prajakt Raut
Prajakt Raut is the founder of Applyifi.com, and author of the book for startups - ‘Starting Up & Fund Raising’
Prajakt personal goal in life is to encourage and assist a 100,000 people to become entrepreneurs.
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Prajakt is the founder of Applyifi - an online platform that provides startups a 36-point scorecard and assessment report on the venture's investment readiness [www.applyifi.com], and helps them improve their odds of getting funded.
Prajakt is also the founding partner of The Growth Labs, a platform where growth-stage companies get sharp, incisive advice from senior professionals and experienced entrepreneurs. [www.thegrowthlabs.in]
Before starting Applyifi, Prajakt was the head of operations at IAN, founding member of a leading incubator, and the Asia-Director for TiE (2004 - 2007). Previously Prajakt had co-founded Orange Cross, a healthcare services company, and was part of the founding team member of Idealake Technologies. While in college Prajakt had founded a printing business and has spent over 10 years working in leading advertising agencies.
Prajakt’s book, ‘Starting Up & Fund Raising’, helps startups understand an investor’s perspective, and helps them improve their odds of getting funded. The book also helps entrepreneurs understand the building blocks of a business.
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