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I’ve been having discussions with several people recently about the role of the CTO (Chief Technology Officer) in very early stage companies. What are the biggest areas of technical risk? What technology research is required? What technologies will we use? What specific technical innovations might make sense?
community in many ways, including his weekly Internet TV program on entrepreneurism, and participation in several mentoring programs. . Access to new technologies. Perform preliminary duediligence: Review the business plan including marketing, sales strategies and financial needs.
New entrepreneurs, especially technical ones, are excited by early adopters, and tend to focus on their feedback, which will always suggest more product features and options. It’s important to define your growth strategy, document it, communicate it to your team, and align metrics and employee rewards to target goals.
I reviewed a deal for a friend of mine tonight. He’s an incredibly smart investor and somebody that I actually consider to be a mentor to myself. He wanted to know what I thought of his technology deal. He called me 15 months later excited to show me his metrics and wanted to talk about his A round. Fair enough.
Almost every entrepreneur and new business owner I mentor is certain that his/her idea has a very high probability of success, and all find it hard to believe that ninety percent of startups ultimately fail. Bill Gates was the technical genius, but Steve Ballmer, from Procter & Gamble, ran the business side of the equation.
In my experience, even in startups, longer-term strategy often gets pushed off the agenda due to current challenges. It’s your job as a leader to be the model high performer, quantify the team view with metrics, and expand awareness to the best outside competition and new tools. Connect operations today with long-term goals.
As a long-time mentor to entrepreneurs, here is my collection of smart risks that investors and I look for in new startups: Focus on a tough customer problem rather than a fun technology. Investors hate technology solutions looking for a problem, due to the high risk of no customers. Customers like leaders, not followers.
As a long-time mentor to entrepreneurs, here is my collection of smart risks that investors and I look for in new startups: Focus on a tough customer problem rather than a fun technology. Investors hate technology solutions looking for a problem, due to the high risk of no customers. Customers like leaders, not followers.
Unlike Yelp and listings sites that are focused on user-generated reviews or things like that, we're really a portfolio sharing site, and a tool of professionals. He introduced me to Wavemaker, also in LA, and also Halogen Ventures, which is led by Jessie Draper, which invests in women-run technology companies.
As a long-time mentor to entrepreneurs, here is my collection of smart risks that investors and I look for in new startups: Focus on a tough customer problem rather than a fun technology. Investors hate technology solutions looking for a problem, due to the high risk of no customers. Customers like leaders, not followers.
In my role as a mentor, I challenge every business leader to be more open-minded as they face the challenges of change and new competitors entering their space. Technology, competitors, and customers are changing every day, so the “ tried and trusted ” ways you do things need to be reviewed and updated regularly.
As a long-time mentor to entrepreneurs, here is my collection of smart risks that investors and I look for in new startups: Focus on a tough customer problem rather than a fun technology. Investors hate technology solutions looking for a problem, due to the high risk of no customers. Customers like leaders, not followers.
The nuts and bolts of our tech company is that CMS in the middle, the connection engine. When I went full-time, I did not have the full-time support on the tech side I wanted. So, I have no tech support right now. Which I have shown to do, but anybody who invests in tech, invests in team. It’s a huge challenge for me.
The best startup founders are ready and able to roll up their sleeves and jump into any issue and contribute, whether it's business related or technical, no matter how much expertise team members may possess. The founder needs to be a mentor and advisor, as well as a leader. The best founders know how to pull the best out of others.
One of the attributes that I often recommend to the business professionals and entrepreneurs I mentor is to always be totally accountable for your actions and ideas. Setting your own metrics, and measuring yourself , will facilitate accountability. Generously give credit to others where credit is due.
For example, even though Mark Zuckerberg built Facebook as an innovative product, most experts believe it was successful due to his relationship with Peter Thiel and other top VCs that he convinced to invest early. They mentor each other, and seek out experts in domains outside their current expertise and experience.
Thus, I’m more impressed with entrepreneurs who ask me to review their implementation plan, rather than listen again to their idea. There are lots of resources available for the challenge of that activity, including the Internet and mentors like me. Some dreams sound great, but may not yet be viable or proven with today’s technology.
As a long-time advisor to entrepreneurs and business owners, I rarely find someone who doesn’t proclaim that the business world is changing rapidly, with new technology, new customer expectations, and new cultures. You need to communicate quantified and updates goals quarterly, including the metrics to assess progress and success.
Yet, in my experience as a mentor to entrepreneurs, the majority of failures I see are related to starting and growing the business, not developing the solution. In today’s world, the market evolves even faster than the technology. Manage the business with metrics and goals. Time is of the essence in everything you do.
As a long-time mentor to entrepreneurs, here is my collection of smart risks that investors and I look for in new startups: Focus on a tough customer problem rather than a fun technology. Investors hate technology solutions looking for a problem, due to the high risk of no customers. Customers like leaders, not followers.
According to many observers , we can thank or blame technology for these higher expectations, providing information at the speed of light, leading everyone to expect more. Some entrepreneurs are so focused on their technology, they assume their customers think the same way. Provide coaching and mentoring as well as training.
In my years of mentoring and advising business leaders, I find that real planning for the future always gets the short shrift. Due to social media and the Internet, these relationships now need to extend to customers, partners, and suppliers. Data technology facilitates more fact-based decisions.
I’ve been a part of dozens (maybe hundreds) of product launches And in each of these cases I ask my team to put together a simple dashboard of a small set of metrics for our paid and free products that let me know the success of our efforts. For startup entrepreneurs, you can also track these metrics with Google analytics.
I’ve been a part of dozens (maybe hundreds) of product launches And in each of these cases I ask my team to put together a simple dashboard of a small set of metrics for our paid and free products that let me know the success of our efforts. For startup entrepreneurs, you can also track these metrics with Google analytics.
In the same way, you may think that people assessment is all about skills and experience, but as a mentor to business owners, I have learned to look more for the right attitude, persistence, and determination, as success factors. Smart business executives learn to use new technology software to give them new insights and more free time.
What are the biggest areas of technical risk? What technology research is required? What technologies will we use? What do we need to do to make sure we can survive technicalduediligence by investors and partners? What specific technical innovations might make sense? How can we address this risk?
And then in the late 90’s money crept in, swept in to town by public markets, instant wealth and an absurd sky-rocketing of valuations based on no reasonable metrics. Almost no financings, many VCs and tech startups cratered for the second time in less than a decade following the dot com bursting.
As a mentor to entrepreneurs, I often get asked for the magic that has made Amazon the world's most valuable brand , from a total unknown only twenty years ago. My simple answer is that they keep their focus on customers, rather than technology. Incorporate AI-powered data and metrics systems.
5 Lessons from 150 startup pitches - A Smart Bear: Startups and Marketing for Geeks , July 11, 2010 I just reviewed several hundred startup pitches for Capital Factory. Though this was 2000 , and all startup & VC blogs we've grown to love didn't exist yet, I did have mentors available. Metrics availability. Silly, right?
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