For today’s episode, Mike is joined by Lukas Gentele, CEO and co-founder of Loft Labs, to discuss how to ensure that your open-source project doesn’t end up being one of the 80% that fail. Lukas has successfully launched multiple open-source projects and turned them into profitable businesses. Through this episode, he provides the bones of a framework you can use to do the same.
KEY TAKEAWAYS
Open source needs to solve real problems, ones that people are willing to pay to have solved.
Your open-source product needs to solve problems, but not to the point where nothing is left to build a commercial product that will still attract buyers.You are building 2 tools. Avoid interdepartmental rivalry - don´t silo the development of the two products.
The build it and they will come mentality doesn´t work.
Write and continuously publish content to increase the chances of your product taking off.
Create communities of your own. Use them to better understand who your customers are and what their pain points are now and in the future.
Fully engage with users to turn them into contributors. Value ideas and usage insights just as much as coding.
Don’t expect your community to build a lot of code. They will, but it will be limited.
Recognise those that contribute.
Years on, continue to engage with your users, release enhancements and new content to maintain momentum.
Continuously update your readme, include a demo video, don´t skimp on the support docs. Without these using your tool becomes too difficult and your reputation suffers.
Offer a free trial for paid features.
Make the transition from open source to your paid product a no brainer and easy.
BEST MOMENTS
00.30 "80% of open-source projects ultimately flop."
02:52 "Focus on the right problem in the right market."
07.47 “When you ship new features and talk about them, you create more and more opportunities.”
22.04 “ There needs to be a balance between what's open source and what's commercial.”
25.32 "That's the beautiful effect of open source; people actually want to work with the folks that built it."
30.12 "You are effectively building two different tools. One is open source, one is enterprise. ."
34.27 "If we had just launched a commercial offering, I don't think we would have a company today."
35.29 “There's a balance between what you open source and what you don’t. You don't want to tip the scale either way."
39.23 "Over 90% of users are consumers, not contributors."
45.29 "These people feel even more engaged with the product. They feel part of this community. They feel part of the project."
58.00 “Your success will equal other people's successes.”
ABOUT THE GUEST
https://www.vcluster.com
https://github.com/loft-sh/vcluster
https://slack.vcluster.com
https://www.linkedin.com/in/gentele
https://x.com/lukasgentele
https://www.loft.sh
ABOUT THE HOST
Meet Mike, a seasoned tech entrepreneur and visionary with over two and a half decades of invaluable experience in founding and scaling successful tech start-ups. Mike brings a wealth of firsthand knowledge, and a deep understanding of the challenges faced by entrepreneurs and tech professionals.
As a host, Mike is dedicated to sharing actionable insights, strategies, and stories gathered from conversations with industry leaders, innovators, and experts. With a remarkable ability to distil practical wisdom from guests, Mike curates engaging discussions that resonate with both aspiring entrepreneurs and seasoned professionals.