10 Quotes We Love for Startups and Why
Happy Friday! We sifted through tons of great advice and pointers from some pretty respectable names in the startup community and narrowed down ten of our favorites for you. Easy reading to get you ready for a great weekend. Enjoy.
1. “Know thy weaknesses” (Mark Suster). Suster is warning against the natural temptation to surround yourself with people just like you. Instead, he advises to staff your team with those who can fill the gaps in areas you aren’t so strong or gifted in. Cover all the bases needed to make up a well-rounded and successful business.
2. “Let your customers lead the way” (Anupy Singla). This Chicago-based Indian food-products company founder advises you to listen to your customers and act accordingly. If you aren’t giving them what they’re asking for, they’ll find someone else who will. Test a small market first, master that market, and go from there. Best to know your strengths and more importantly, your weaknesses, when the numbers are small and containable.
3. “Get everything in writing” (Marcia Kilgore). Kilgore explains that when a company is starting out everything is “friendly and exciting,” but as time goes on and real money comes into play, oh how quickly we forget.
4. “Pick a good market” (Caterina Fake). Flickr co-founder suggests going for solving a problem that’s widespread and widely shared. Your approach may vary significantly from others’ and that’s fine, what’s important is that your approach be unique, not the problem.
5. “You need to know exactly where you stand in a business at all times” (Bob Parsons). This is important from an internal perspective as well as an external one. It will be crucial when presenting to current or prospective investors to be aware of the business’ financials, your competition, the market size and so on. And this doesn’t just apply to the CEO- anyone spending time marketing the business or getting in front of people of influence needs to be able and ready to spout off these details.
6. “Your reputation is more important than your paycheck” (Ryan Freitas). This might be one of the most important pieces of advice. It takes a lot to develop trust and respect with consumers, investors, and any other breathing human, but it takes no time at all to destroy your reputation. This is why it’s is your most valuable asset and needs to be treated as such. Like begets like and you want to surround yourself with others who are reputable and trustworthy just the same.
7. “Don’t play games that you don’t understand, even if you see lots of other people making money from them” (Tony Hsieh). This one is pretty self-explanatory- stick with what you know or learn what you don’t before getting into the mess of it. Here’s another quote from a great mind to drive it home- “It is better to keep your mouth closed and let people think you are a fool than to open it and remove all doubt” (Mark Twain).
8. “Don’t be cocky. Don’t be flashy. There’s always someone better than you” (Tony Hsieh). Another one I love from the Zappos CEO. Again, pretty self-explanatory, but hugely important to live by each and every day. Remember that humility is the mother of all virtues, and you can thank Saint Augustine for that nugget of truth.
9. And speaking of virtuous mothers- “diligence is the mother of good luck” (Benjamin Franklin). Our team is in unanimous agreement that success is not a matter of luck- it’s a matter of just showing up and making the effort. The more you get out there to meet the right people and learn what you don’t know, the closer to success and growth you’ll find yourself.
10. “Do not tolerate brilliant jerks. The cost to teamwork is too high” (Reed Hastings). This is true from who you hire to who you do business with to who invests in your company. Not only is it costly to teamwork, it’s costly to the very integrity of your business and what you do. There are far too many talented and likeable people out there to have to deal with jerks. A bonus tip here- don’t be a jerk.
New Technologies at the 2014 FIFA World Cup
Innovation can be found in places of all shapes and sizes, from as small as a brand new start-up to as large as the World Cup. The World Cup is a cherished worldwide event where people gather to support their country. While the games are sure to be entertaining, the outcome can frequently be controversial. FIFA and other companies implemented some new technologies for the 2014 World Cup which helped provide fairer matches, better equipment for the players, and a better experience for the viewers.
The most significant innovation brought to this year’s World Cup was goal-line technology, dubbed GoalControl. In the past, there has been a lot of controversy about whether the ball has crossed the line as a goal or not. An infamous example of this was a shot by England’s Frank Lampard in the 2010 FIFA World Cup. In a match against Germany, Lampard’s shot was ruled a no goal where replay images clearly showed the ball crossing the line (Video). This was not the first time such a call was made in the world cup and it likely wouldn’t have been the last if it weren’t for this new innovation. The GoalControl system was equipped with 14 high-speed cameras set up all around the pitch, 7 of them focused on each goal. 3D imaging of the ball sent confirmation of a goal to each game officiate, received within one second on a wrist-watch device.
Another useful, yet simple innovation to the World Cup was the use of an aerosol spray that put a foam line on the ground for free kicks. In the past, the “wall” of players would move closer to the ball to give the kicker less of an angle. Regulation is that the wall must stand 10 yards from the ball, so in order to prevent a creeping wall the official would spray the vanishing foam both where the ball was and where the wall must stand behind. This proved to be an effective innovation during this year’s games.
Some other innovations seen at this World Cup were less about controversy and more about logistics, such as Nike’s sock-like cleats, the Adidas Brazuca (the Cup’s official match ball), and a vending machine that dispensed jerseys. The Nike cleats called Magista provided a sock-like fit around the player’s foot to provide a better fitting cleat. The Adidas Brazuca ball had six identical panels that covered the ball. Compared to the usual 12, 16 or even 32 panels, the Brazuca’s mere 6 were said to increase the consistency of the ball. And lastly, the jersey vending machine by Netshoes, a Brazilian sporting goods company, provided a way for fans to get jerseys instantaneously from a trusted name. The vending machines were placed in metro stations throughout Brazil so that fans could buy a shirt for just over $100 while waiting for the metro.
While the US didn’t win the World Cup, we can appreciate the level of innovation that occurred at the grand event. FIFA, Nike and Netshoes were able to bring new ideas to the table to create a better overall experience for players and spectators alike. As innovators, rather than just trying to develop ideas never before seen, we should always be looking for opportunities and events where we can improve upon what already exists.
The Future of Health Care is Here
It’s apparent that health care has done an about-face over the past decade. With people living longer and more people having access to health care, there is no other choice but to advance and identify progressive solutions for the industry both now and a hundred years from now.
Technology has catapulted health care innovation toward advancements in patient care, preventative care, medical devices and medicine. More and more we are able to use genetics as predictive data, with molecular tests being able to tell doctors of a patient’s risk for certain diseases and therefore allowing for preventative treatment before any symptoms have occurred. Personalized healthcare is quickly becoming the standard of care as it provides the capability to specify dosages, ingredients and intake based on the need of the individual. Allergies, weight, gender and age all can be considered and used to tailor a prescription or treatment for a patient.
MD Daniel Kroft, who has a decorated background in clinical practice, biomedical research and healthcare innovation, points out how technology has the ability to lower the cost of health care, empower the patient, enable the doctor, and prevent illness rather than treat it after the fact. With that being the case, scientists and doctors are jumping on board the vessel of innovation in order to execute solutions that fit this model. Already there are platforms set up that allow patients to have virtual doctor appointments via video chat, smart phone apps and accessories are giving us inside access to information such as heart rate, blood pressure and sleeping patterns, and the technology for 3D organ printing is developing at a rapid pace. With eighteen deaths a day caused by inaccessibility to an organ transplant, this beats the Jetson’s flying car by a landslide! (organdonor.gov)
These mentioned technologies don’t even scratch the surface of the incredible advancements being made and explored in health care. The landscape is shifting in exciting and necessary ways, with a population growing by the billions and life expectancy higher than ever. We have come into the future that has for so long been the subject of fictional musings and fantastical speculation. And it’s only going to get stranger.
Join Wiss and Worksite Ventures to Expand Philly’s Entrepreneurial Ecosystem!
http://www.expandphilly.com/announcements/philly-echo-system
About Expand Philly:
“Expand Philly was developed by business owners who have a stake in Philadelphia’s emerging
business community. We believe working together is vital to success. That’s why we only invite
non-competing businesses to share skills and resources.
Your success is our success. The Expand Philly incubator offers support during the most
vulnerable stages of entrepreneurship. We will see you through the critical startup survival phase,
to your next phase of growth and sustainability.
Expand Philly exists for growth-oriented businesses. We are committed to job creation and
strategic partnerships that benefit our city. Whether you want to sharpen business skills; boost
revenue, income, and jobs; or strengthen community outreach, we provide the services and
opportunities you need.”
Taking on the 800lb. Gorilla
While at first glance a startup looks more like a fly that the 800lb. gorilla (Fortune 500 Company) would pick off his mates back and eat, the startup has the possibility to replace to gorilla at the top of the food chain if it plays its cards right.
The Fortune 500 Company has dominance over the startup in man power and revenue which gives it command of the market and its customers. In addition, the startup will also need to fight several battles ranging from convincing its customers to trust it over the established product/service to convincing investors to provide it with necessary capital. Fortunately for startups, being the 800lb. gorilla is not a permanent position. Only 13.4% of the Fortune 500 Companies from 1955 are still in the list today.
The best advice for startups is not to directly attack the 800lb. gorilla but rather stick to the variables of your business that differentiate you from the 800lb. gorilla. One strength for all startups is the ability to move quickly and quickly enact decisions. This helps it by allowing it to adapt to the market and make big decisions before the 800lb. gorilla. A fly would obviously lose in a head to head battle with an 800lb. gorilla, so the more discrete and opportunistic approach must be taken. If the fly can successfully remain undetected and grow (gain customers) and wait for the moment that the 800lb. gorilla slips on a banana peel to strike, it can switch places with the 800lb. gorilla in the food chain.
A great example of this is Siebel (800lb. gorilla) vs Salesforce (fly). Salesforce started as a low-end sales tool that was small enough to remain undetected by Siebel. Salesforce continually proved that they were different by playing the “no software” card and successfully convinced early adopters. Next thing you know, Siebel falters and Salesforce capitalizes and take the top spot in CRM technology.
While the odds are against the fly, by fighting the right battles, differentiating from the competition, and waiting for the right opportunity, the fly can improve its chances in overtaking the 800lb. gorilla.
10 quick tips to personalize the customer experience
10 quick tips to personalize the customer experience
Easy strategies to connect your customers with your brand and product in a meaningful way. It’s time to get personal!
How to Close a Deal with an Angel
From websites to TV shows like Shark Tank, entrepreneurs everywhere are trying to get angels to invest in their ideas. Sadly, though, only 1 percent of entrepreneurs that pursue angels get an offer. In order to be in the 1 percent, you must consider these six tips on how to attract angel funding:
1. Explain why you are the right person to lead your startup. Many angels will consider the 3 P’s when investing in a startup: product, process, and people. While most entrepreneurs will explain their product and their process, they forget to sell themselves. For angels, the people behind the idea are just as important as the idea itself. An angel wants to know that they are investing in an experienced, knowledgeable, and motivated individual that will do everything in their power to make their idea a success (which will provide a return on the angel’s investment).
2. Have a Web presence. In today’s world, if you are not online, you do not exist as a business. When an angel receives your pitch, he or she is likely to do their own research on your start up. A clean, easy to use Website goes a long way in making your startup stand out from others.
3. Protect your intellectual property. Not all startups have protectable intellectual property, but if you do, you need to defend it. Patents and trademarks can be your best selling point. They can prevent future headaches of other startups or larger corporations mimicking your product or service. Angels always want to take a safer bet and protecting your intellectual property is one way to lessen the risk for an angel.
4. Build a prototype. Having a working prototype proves that your idea is possible. You can have one of the best ideas but without a prototype, an angel won’t know if it is even possible. Demonstrating that you have taken the steps to produce an actual product only increases your odds of being considered by an angel.
5. Show them the money. In the end, angels want to know that they are going to get their money back on their investment. By providing a financial model in your business plan, investors can analyze your actual and projected numbers to see if the potential return is worth the risk they are taking by investing in you.
6. Close at least one customer. Closing a customer proves that your product or service has a demand. Some ideas while they sound great on paper just don’t seem to have the predicted success in the market. By proving that your idea is demanded in the market gets you that much closer to getting the investment.
By utilizing these six tips, you can give yourself a better chance of getting backed by an angel investor who will enable you to pursue your startup.
Step One: Come up with Your Million Dollar Idea.
Starting at the most basic level of all entrepreneurship is coming up with the idea that will allow you to work for yourself and pursue your own dreams. The first and most important part of formulating your great idea is choosing one of the following ideas:
- Automate a labor intensive process.
- Fix something that is broken
- Take a luxury and make it a commodity
- Make something cheaper and easier to use
- Take a current solution to the next level.
These five base ideas (taken from 5 Problems to Incent Million Dollar Idea Startups) are just the framework to place your specific idea inside. Once you have familiarized yourself with the five frameworks above, you want to think about things that you are knowledgeable about (or are willing to become knowledgeable about) and most importantly, passionate about. It is so crucial to be passionate about what your idea is because if you’re not, it will be harder to convince others to believe in your cause and you will be less willing to put in the extra hours later down the road to make your idea a reality.
Once you have chosen a few topics that you are passionate about, you need to do the research. See what innovations are already associated with your passion. See what makes those products/services great and see what their pit falls are. After analyzing what you have found, draft your idea and get feedback from your peers and investors. Once you have people investing in you, you know you might be on to something.
An example best demonstrates how to use this framework. Let’s say I am really passionate about shaving. I have massive amounts of facial hair and nothing quite wakes me up in the morning like a good clean shave. I decide one morning that, while I am not sure what I can do to improve razors and/or the shaving experience, I would love to create something that can make my life and several others’ lives better.
So I start with the frameworks listed above, automating a labor intensive process… (Shaving Helmet Video). While it may be possible to have a machine shave your head/face, my gut is telling me that I want to be in control of the razors on my face. The razors in the shaving industry are not broken; they have razors for just about any preference. There are both luxury and commodity razors, and being a startup trying to make a razor that’s cheaper than the current razor manufacturers would probably not be profitable.
This leaves us with taking a current solution- razors remove facial hair- and taking it to the next level. While an idea in this framework might not initially be easy to see, the guys at Dollar Shave Club saw the opportunity. They were able to take the standard way razors were bought and create a new model where for just $1 a month you can get razors shipped to your door. This takes the whole product to the next level not only by creating a convenience factor but also in assuring you will never again reach into your bathroom drawer to find that there are no razors left.
Going back to the process, once the innovators came up with their idea and found no major players in that market, they were able to get backed by several investors who believed that they had a good idea. From there they have become better known for their creative advertising and unique business model. (More info on Dollar Shave Club (https://www.dollarshaveclub.com/)
Just remember when coming up with your idea- don’t force a solution into an unknown problem, and get the research and feedback required to feel confident about your million dollar idea.
Happy innovating!
Why Coworking Space May Be Just What Your Startup Needs
Coworking is a shared working environment where people can gather together from different start-up businesses and work in the same place. It is a growing concept that people are taking advantage of.
The benefits of doing this include:
- Innovation through observation
- Meeting Potential Clients
- Networking Opportunities
- Professional Conference Rooms
- Maintained Office Space
Small businesses work on interesting projects that you may never think of which will expand your mind in different ways to approach the current project you are working on. It will also give you more ideas for potential projects in the future. Coworking spaces host seminars that benefit entrepreneurs. They present case study growth strategies as well as expert panels on specific business topics. Coworking spaces cater to start-up businesses and entrepreneurs. Knowing this, meeting clients who need the services that you provide will likely help increase your clientele. It is also a great way to network with other people working in the same office as you through lunch outings and entertainment. Another benefit to Coworking space is the professional conference rooms. This allows you to set up meetings with potential clients that want to talk to you about your business opposed to working from home where you will be talking in a non-professional setting of your living room. Lastly you will have a maintained office area that you can work from which will increase productivity. You do not have to worry about maintaining your area. Coworking is growing and is a great way for start-up businesses and entrepreneurs to get together from different business to work together.
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