We were super excited by the technology and didn't focus enough on what customers actually cared about.
Relatedly: we addressed a need all the CIOs we talked to were in their top 3 concerns. But what we forgot was concern #0: not losing their job. Basically: if you use startup S's product and increase sales by 5% you're a hero, but if startup S's product fails you can be fired. While if you stick with your current crummy approach, if it fails, well, it's the industry standard. It's worth costing the company 5% of revenue to make sure you don't lose your job.
Relatedly: we addressed a need all the CIOs we talked to were in their top 3 concerns. But what we forgot was concern #0: not losing their job. Basically: if you use startup S's product and increase sales by 5% you're a hero, but if startup S's product fails you can be fired. While if you stick with your current crummy approach, if it fails, well, it's the industry standard. It's worth costing the company 5% of revenue to make sure you don't lose your job.