In today’s episode of The Startup Chat, Steli and Hiten talk about how to come up with a name for your startup.
Finding the right name for your startup can be challenging, and it’s important you come up with a great name because it can have a significant impact on your success. For example, if you choose the wrong name for your startup, it could fail to connect with customers or worse.
In this week’s episode, Steli and Hiten talk about how to come up with a great name for your startup, how they came up with the names of their companies, they share some tips that can help you come up with a name for your own startup and much more.
Time Stamped Show Notes:
00:00 About today’s topic.
00:40 Why this topic was chosen.
01:43 Why you should choose a name that makes sense to your customer.
03:00 How thinking about the customer can help you come up with a better name.
03:37 How Hiten and his team came up with the name FYI.
04:17 How to come up with a name that doesn’t take you a lot of time.
05:07 Why it’s a not a good idea to come up with a name and rebrand it.
05:36 Steli wasn’t involved in naming close.io.
06:23 How they came up with Elastic Inc.
07:34 A different approach to coming up with a name.
3 Key Points:
I don’t think anyone is exceptional at naming.
The best names are the ones that make sense to your customer.
I was not involved in naming close.io
Steli Efti: Hey everybody. This is Steli Efti.
Hiten Shah: And this is Hiten Shah.
Steli Efti: Today on this followup chat, we're going to talk about something I can not believe we've not touched on in almost 400 episodes, which is how to come up with a damn name for your startup. This is probably focused on early days. You have an idea and you now need to give that idea a name, or the company a name, or the product a name; and obviously there's considerations. You know, domain names, competition. What's easy to spell? Should I spend a lot of time on this and try to get it perfect and really think long term branding? Or should I just MVP it? it doesn't fucking matter, I can rename it later. Let's touch on some of these most obvious and big questions on how to help in the early days and how to come up with a name. How do I come up with a name for my idea, Hiten? How do I do that in 2019?
Hiten Shah: Oh man. I think that on one hand, the people put a lot of weight on a name and make it almost too hard on themselves to come up with a name. The most common thing I hear is I'm not good at naming. I'll be the first to tell you, I don't think anyone's exceptional at naming or anything. I don't think it's this big thing you got to be great at. It's something you don't really do that many times, to be honest. To me, the best names are the ones that make sense to your customer. Let's just throw down and just say that because I know you agree with that. Right?
Steli Efti: Yes. Yes, and it's the one thing nobody was ex- ... It's one of those things nobody was expecting you to say this at this moment, but nobody's surprised you said this at this moment.
Hiten Shah: There you go.
Steli Efti: Those are the best things because almost every episode right now, we find a way to go back to like, "What does your customer think about this?" Right?
Hiten Shah: There you go.
Steli Efti: Or how is this for your customers? But when people come up with names for their startup, the last thing they think about ... Honestly, I don't know if we thought about our customers when we came up with the name of the company, but I don't think ... I've never heard somebody go,