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Mohit: We have a latecomer’s advantage. We can actually use the learnings from the category that other people have created. We could use first-principles thinking in terms of designing the product and multiply these two things. 

I also think we iterate much faster because our cost structure was much lower in the initial days, when (we were) shipping out a new firmware version or a new hardware device. That actually helped us quite a fair bit because, typically, the hardware iteration cycles are three to six months.

Bisu: The disadvantage is that you are late. Somebody’s already taken the first-mover advantage.

How will I prove that my product is better?

The advantage is that you learn what mistakes you can avoid and how much resources you can save when going into other markets.

One of the biggest challenges of expanding from India to other geographies is the resources. Spending. If you are going blindly, then you will actually spend whatever you want.

So there is a bit of an advantage that we can avoid the mistakes they made.

Mohit: I think this time, we should potentially win, because typically a new wave has always started with a bull cycle.

This new wave has started with a bear cycle in some ways. So I think this is going to be more fundamental. 

Both the companies—if you look at us and Kuku FM—we’ve actually been bear children in some ways.

Rohin: Bear kids. I like that phrase.

Mohit: Bear kids.

[…]

I think at least both of us (Ultrahuman and Kuku FM) have seen what a bull phase distraction can look like. You become celebrities too quickly without having a real business.

And I think the bear phase actually gives you more… like the time and space to work on things.