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I've had several Startup CTO Consulting sessions recently where it became apparent that the Founder needed help with the business and product as much or more than the technology. Then we discussed how they could go about finding this startup business advisor. Do you have any suggestions for how to find a good mentor?
To that end, last week, Los Angeles-based MuckerLab (www.muckerlab.com) announced its plans--and a big lineup of local CEO mentors--to start up a new, YCombinator- and TechStars-type program in Los Angeles, headed by former Silicon Valley venture capitalist Erik Rannala , and affiliated with the TechStars Network. Erik, thanks for the time.
Based on my experience advising new entrepreneurs as well as more mature businesses, I recommend the following strategies for building business momentum, while still optimizing the limited resources of every small business: Find more customers that like what you do best. Utilize outside expertise and mentoring.
Most people totally advise against stealth. They certainly struggle to find mentors as there is nothing more frustrating than trying to help a company who is afraid to tell you anything. You always have too much technical debt, too many problems, staff members quitting, not enough capital, customer complaints, etc.
Many of the entrepreneurs I advise or invest with spend considerable time on the Internet, keeping up with technology, customers, and competitors, but very few feel the need for an early personal presence. In fact, some totally avoid it, assuming their product or solution will speak for itself later.
In my business of mentoring new entrepreneurs and advising small company owners, I recognize that most don’t start as experienced leaders, and most don’t realize that people leadership is a primary key to their future success. Building a business is not a one-person job, and leading by edict rarely works today.
He and I connected, and walked through PartySlate and what we were doing, and he immediately said he wanted to invest and become an advisor to the company. 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.
Unfortunately, too many of the technical entrepreneurs I mentor and advise are focused on their technology, and assume that the value will be self-evident to customers. Voice recognition and artificial intelligence are great technologies, but very few customers today can tell you how these make their life more enjoyable.
The aim, according to the private college’s press release, is to provide “mentoring, advising and access to resources for up to 15 student- and community-run companies with a philanthropic twist.” Outlyer Technologies, and Your Village. The California Spirits Company. The Travel Experience Incubator.
I made the jump myself from IBM several years ago, and now have a satisfying startup advising small businesses and mentoring entrepreneurs. Most technical people I know love to discuss and debate technology, but avoid business subjects, including finance and marketing, like the plague.
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