How Krip Is Changing the Game in Credit Card Deals—And What Founders Can Learn

Welcome to Maven Club! If you’re an early-stage founder navigating the challenges of finding product-market fit, acquiring customers, or figuring out how to scale your startup, this newsletter is for you. Today, we dive into the journey of David, the founder of krip, a platform dedicated to making credit card deals more accessible to consumers. David shares his insights on product ideation, customer research, sales cycles, and more. Here are the lessons that you can apply to your own startup journey.

1. Your Startup Idea May Be Right Under Your Nose

David didn’t set out to create a credit card deal platform; he was simply passionate about credit cards and their benefits. His frustration with the complexity and hidden nature of these deals led him to start krip. By addressing a personal pain point—realizing that there were credit card deals he didn’t know about—David created a solution that has a broad market appeal.

“I’m admittedly a very geeky, nerdy credit card guy. I found that there were deals that I wasn’t aware of, and that triggered me to realize there was a need in the market.”

Founder Takeaways:

• Find inspiration in your personal frustrations. If something frustrates you, chances are others feel the same.

• Start with a problem you care about. Your passion for solving a pain point can drive the product vision.

• Leverage your personal interests to identify market needs that others might overlook.

2. Customer Research Is About Listening, Not Confirming Your Assumptions

One of the most common traps founders fall into is seeking validation for their ideas instead of truly understanding their customers' needs. David warns against this "founder bias," where you look for customers to confirm your assumptions. Instead, he focused on understanding real pain points.

“My product is only as good as the people who use it. If it exists in a vacuum, you’re not really achieving your mission of getting people to use it.” 

Founder Takeaways:

• Don’t guide customers toward your idea. Instead, ask open-ended questions to uncover their true challenges.

• Understand the problem before building the solution. Validate the problem first to ensure there’s real demand for your solution.

• Avoid falling in love with your product. Focus on creating something people actually need, not just something you think is great.

3. B2B Sales Cycles: Expect the Long Haul

When selling to large enterprises, expect slow sales cycles. David highlights that even after winning prestigious industry awards, krip still faced delays in enterprise sales due to the long decision-making process within large organizations. The key challenge: getting in front of the right decision-makers.

“B2B sales cycles are long. Even finding the right decision-maker can take a long time, and the sales process can stretch over years.” 

Founder Takeaways:

• Be prepared for a lengthy sales process. B2B sales, especially with large corporations, can take years, so plan accordingly.

• Start building relationships early. Cultivate connections before you launch to ensure you can hit the ground running.
  Leverage industry recognition to establish trust with potential clients. Awards like the ICT award help prove legitimacy.

4. Segmentation Is Critical in Small Markets

David emphasizes the challenge of serving multiple customer segments in a small market like Hong Kong. krip initially served a diverse group, including local Hongkongers, expats, and mainland Chinese, but learned that segmentation is crucial for success. The key takeaway is to focus on one customer segment to optimize your acquisition strategy.

“If you're looking to grow outside Hong Kong, you’re better off narrowing down one segment to focus on first. It’s a strategic play that you have to invest in from day one.” 

Founder Takeaways:

• Focus on one segment initially. Trying to serve too many customer segments can spread your resources too thin.

• Tailor your product to one specific market before expanding into new regions.

• Segment early and strategically. Know who your ideal customer is before scaling.

5. Stand Firm on Your Value Proposition

David's philosophy is to stick to your product’s core mission, even when faced with competitors. While krip could have expanded into acquiring credit cards for users, they chose to focus on maximizing card usage—an underserved area in the market. This strong focus on their niche helped them differentiate and build trust with customers.

“If you keep changing your focus or doing different things, you lose customer trust. Consistency in what you offer is key.” 

Founder Takeaways:

• Find your niche and stick with it. Don't be tempted by every new opportunity that comes your way.

• Be consistent with your offering. When you focus on a single, clear value proposition, you build trust with customers.

• Positioning matters. Having a clear, unique position helps you stand out in crowded markets.

6. Managing Cash Flow and Long Sales Cycles: Survive Until You Thrive

In startups with long sales cycles, it’s vital to extend your runway. David shares how krip focused on keeping cash burn low and finding short-term revenue sources while waiting for bigger deals to close. This approach kept the business afloat during tough periods.

“Be resourceful and stretch your cash as far as you can. If needed, focus on short-term revenue streams to keep the business going.”

Founder Takeaways:

• Minimize cash burn. Keep your expenses lean, especially in the early stages or when dealing with long sales cycles.

• Find short-term revenue streams to sustain the business while waiting for longer sales to close.

• Plan for flexibility. Be willing to pivot if you find alternative ways to generate income.

7. The Power of Community: Startups Helping Startups

David notes that in Hong Kong’s startup ecosystem, the lack of funding is a significant hurdle. However, he also emphasizes the importance of building a supportive community. He encourages founders to help one another, share resources, and form partnerships as a way to survive and thrive together.

“Founders need to help each other out. We’re all fighting the same war, so let’s not fight against each other. We need to fight the big boys together.”

Founder Takeaways:

• Cultivate relationships with other founders. Collaboration can lead to mutual support and business growth.

• Build a strong network. Engage with other startups to share resources, advice, and connections.

• Foster a cooperative mindset. Helping others can lead to unexpected opportunities down the road.

8. Expansion: When It’s Time to Go Global

David shares that krip plans to expand beyond Hong Kong in 2025, starting with Singapore and Japan. This expansion is necessary to overcome the limitations of the local market and access larger growth opportunities. The message is clear: think globally and start planning for market diversification early on.

“2025 will likely be the year that we start expanding beyond Hong Kong. It’s always been in the roadmap, and we’re excited to take that next step.”

Founder Takeaways:

• Start planning for global expansion early. Don’t limit your business to your home market—think about growth in other regions.

• Identify high-potential markets where your product can thrive.

• Expand strategically. Focus on regions that align with your product and have the infrastructure to support growth.

Final Thoughts: Build for What Matters

David's journey with krip teaches us that success lies in deeply understanding the problem you're solving, staying consistent in your approach, and being resourceful in navigating long sales cycles. Whether you're in the B2C or B2B space, the key to growth is building a product that people genuinely need and positioning it in a way that cuts through the noise.

Remember, your startup's best days might still be ahead. Keep refining your idea, listening to your customers, and staying focused on solving real problems.

Until next time,
Maven Club