From my story on Singular’s blog:
Money is definitely part of that equation, but it’s not where you need to start.
The cold start is a major challenge. Not everyone has multiple billion-user networks to kickstart your new Twitter competitor, after all. And while most have some funding, few have the ability to blow millions of dollars on massive ad campaigns. As an extra challenge, early in your app’s lifespan your product is also young, probably incomplete, and likely not as mature and polished as it will be in a year or two.
As all startup founders know, building the plane while flying the plane while also advertising for tickets on the plane is a significant challenge.