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A few months ago, I wrote a security product based on the whole "scratch an itch" philosophy. I had a couple bitcoins stolen, and realized that most modern malware includes such a routine. So I thought it would be neat to write a service that can generate and monitor a (sentinel / honey pot) bitcoin wallet that can function as an intrusion detection system by sending email/sms alerts when ever it detects on the network the movement of money. Fast forward to now: the product works great -- all my testing with malware, and potential customers testing has been really positive. However, I'm faced with one seemingly insurmountable problem -- I can't seem to monetize the product. And I'm left with the conclusion that my product is too narrow to stand on its own. Consumers just aren't interested, and companies seem to want a whole "security suite" or just one thing that is installed by a security consultant (Not to mention, a lengthy sales cycle -- which is hard on an engineer like me). So I'm getting a bit frustrated with the process, and already have been largely dedicating myself to a new venture. However, before I give up entirely, I would like to take a shot at selling the product. I'm not looking for a million dollar exit or anything -- I'd be happy to sell and support/integrate it for enough to cover my living expenses while I pursuit other ventures. I've tried cold-emailing/calling a few security companies, but they seem largely uninterested. And the two companies that had shown interest, ended up fizzling out after ~3 weeks of talks. Perhaps an acquisition at 50k is just not enough to be worth their time? So HN, what should I do with my security product? |
I'm not sure if there is a market need (don't know much about Bitcoin) but you can't expect to find any customers without putting significant effort into marketing it. Maybe try content marketing, writing about Bitcoin security and how to protect oneself. One problem I see is that people may not be actively looking for a solution. People don't care about securing their wallet until (like you) they have been bitten by malware. Convincing existing Bitcoin users that securing their wallet is important seems like a difficult task because you need to educate them. That's the problem of being the first-mover in a market (I assume there aren't lots of competing products). If you have competitors they can do the educating for you.
If you don't want to put your efforts into marketing maybe just leave it there for a while. As Bitcoin becomes more popular it may well be that people come realize the need to secure their wallet. Maybe it's just a bit too early?