Solution in search of a problem.

A lot of commentary is being written about the current financial environment for startups, which is dominated by two broad themes: new funding is scarce and valuations are lower; and well-funded startups are cutting costs (mostly staff 😟) to conserve cash so they survive this economic downturn. On the first point, it seems to me there is too little 'adventure' in the mindset of venture capital investors right now. A shame as there is ample evidence that many successful businesses have started (and flourished) during economic downturns. There's no reason to think this time around won't provide similar stellar investment opportunities, particularly if they directly solve the 'cost of living' pressures which are not going away anytime soon. The second theme provokes more robust debate. I deliberately used the term "well funded" to describe those startups that have attracted big investment dollars in the past 2-3 years and are now facing serious financial and operational pressures. Many of these startups are based on gig economy fundamentals (delivering people/parcels/ provisions), are in FinTech-related fields (NFT, Web3, blockchain, cryptocurrency, etc.), and those that are building with no-code apps, AI and AR to make our lives better. I have no doubt that many of these technologies and platforms will play a big part in the future of the digital eco-system but it'll be a long road to achieve mainstream adoption. It does strike me that many of the current startups built on this tech are in more stress because they are a solution in search of a problem! The tech industry's appetite for the 'next big thing' will never be satisfied. It drives entrepreneurs to seek out emerging tech trends and obsessing over the transformational opportunities they can deliver to people, communities, commerce and society. They get too focussed on the solution rather than first asking "what problem exists and how can tech solve it simply and efficiently?". I understand that some industries need entrepreneurial flair and ingenuity using nascent tech to take us forward to better days; like health, transport, energy, agriculture, and even entertainment. And I acknowledge that a once-in-a-generation tech pioneer will come along and deliver a product we didn't know we needed (yes that would be Steve Jobs). B2C and B2B startups in finance, retail, education, hospitality, property, law, accounting and sport are key areas where tech innovation is reshaping service delivery, transaction processes and user experiences. My message is that entrepreneurs hoping to raise millions of dollars and build a sustainable business that can ride out economic downturns must solve a universal 'user' problem, not just be a shiny, futuristic tech solution.