mentors engaged with founders

How Smart Startups Keep Mentors Engaged

A version of this post originally appeared on the StartupYard blog in January 2016. As a new group of Startups joins us in the next few weeks for StartupYard Batch 8, we thought we’d dive back into a very important topic for them: How do the smartest startups engage their mentors?

But first: why do some of even the most successful startup founders continue to seek mentorship?

Mentorship is Core to Running a Startup

Founders have to balance mentorship with the day-to-day responsibilities of their companies. But sometimes founders approach mentorship as a kind of “detour” from their normal operations- something they can get through before “getting back to work.”

This is the wrong approach. Having worked with scores of startups myself, as a mentor, investor, and at StartupYard, I can comfortably say that those who engage with mentors most, get the most productive work done. Those who engage least, are generally the most likely to waste precious time. 

How can that be? Well, simply put, the first line of defense against the dumbest, most avoidable mistakes, are mentors who have made those mistakes themselves. I’ve seen this happen: a startup decides they’re going to try a certain thing, and it’s going to take X amount of work (often a lot of work). They mention it to a mentor, who forcefully advises that they not do it. The mentor tried it themselves, and failed.

Now this startup has 2 options: proceed knowing how and why the mentor failed, or change direction to avoid the same problems. Either way, an hour-long discussion with a mentor will probably have saved time and money, simply by raising awareness. I have seen 20 minute conversations with mentors save literally months of pain and struggle for startup founders.

Recently, one of our founders reached out to a handful of mentors for information on an investor who was very close to signing on as an Angel. The reaction was swift, and saved the founder from making a very serious mistake. The investor turned out to have a bad reputation, and was a huge risk. As a result, mentors scrambled to suggest alternatives and offer help securing the funds elsewhere. That is what engaged mentors can do for startups.

Engaged Mentors Defeat Wishful Thinking

There’s a tendency, particularly among startups that haven’t had enough challenging interactions with outsiders, to paper-over issues that the founders prefer not to think about. Often there “just isn’t enough data,” to prove or disprove the founders’ theories about the market.

We like to focus on things we can control, and things we have a hard time working out appear to be outside of that sphere, so we are more likely to ignore them, or hand-wave their importance away.

Founders sometimes long to go back into “builder mode,” and focus solely on executing all the advice they’ve been given. And they do usually still have a lot of building to do. But one common mistake -something we see every single year- is that startups will treat mentors as the source of individual ideas or advice, but not as a wellspring of continuing support and continual challenges.

The truth is that a great mentor will continually put a brake on your worst habits as a company. They will be a steadfast advocate of a certain point of view- hopefully one that differs from your own, and makes you better at answering tough questions. But you have to bring them in.

Treat Your Mentors like Precious Resources

I can’t say how many times great mentors, who have had big impacts on the teams they have worked with, have come to me asking for updates about those teams. These mentors would probably be flattered to hear what an effect they’ve had on their favorite startups, but the startups often won’t tell them. And the mentors, not knowing whether they’ve been listened to, don’t press the issue either.

Mentors need care and feeding. They need love. Like in any relationship, this requires effort on both sides.

But time and again, mentors who are ready to offer support, further contacts, and more, are simply left with the impression that the startup isn’t doing anything, much less anything they recommended or hoped the startup would try.

Mentors who aren’t engaged with a startup’s activities won’t mention them to colleagues and friends. They won’t brag about progress they don’t know about, and they won’t think of the startup the next time they meet someone who would be an interesting contact for the founders.

This isn’t terribly complicated stuff. Many founders fear at first that “spamming” or “networking,” is the act of the desperate and the unloved. If their ideas are brilliant and their products genius, then surely success will simply find them. Or so the thinking goes.

Alas, that’s a powerful Silicon Valley myth. And believe me: it doesn’t apply to you. Engaging mentors is just like engaging customers: even if you’re Steve Jobs or Elon Musk, you still need to be challenged and questioned. You still need support.

As always, there are a few simple best practices to follow.

1. A Mentor Newsletter

Two of StartupYard’s best Alumni, Gjirafa and TeskaLabs, provide regular “Mentor Update” newsletters. These letters can follow a few different formats, but the important things are these: be consistent in format, and update regularly. Ales Teska, TeskaLab’s founder, sends a monthly update to all mentors and advisors.

In the email, he has 4 major sections. Here they are with explanations of the purpose of each:

Introduction

Here you give a personal account of how things are going. You can mention personal news, or news about the team, offices, team activities, and other minutiae. This is a good place to tell small stories that may be interesting to your mentors, and will help them to feel they know you better. Did a member of the team become a parent? Tell it here. Did you travel to Dubai on business? Give a quick account of the trip.

Ask

This is one section which I love about Ales’s emails. I always scroll down to the “ask” section, and read it right away. Here, Ales comes up with a new request for his mentors every single time. It can be something simple like: “we really need a good coffee provider for the office,” to something bigger, like “we are looking for an all-star security-focused salesman with 10 years experience.”

Whatever it is, he engages his mentors to answer the questions they know, by replying directly to the email. This way, he can gauge who is reading the emails, and he can very quickly get great answers to important questions or requests.

Audience engagement happens on many levels. Not everything engages every mentor all the time, and that’s important to keep in mind. A simple question can start an important conversation. You don’t know what a mentor has to offer you until you find the right way to ask for their help.

Wins

Here, Ales usually shares any good news he has about the company. This section is invaluable, because it reminds mentors that the company is moving forward, and making gains. A win can be anything positive. You can say that a win was hiring a great new developer, or finally getting the perfect offices. Or it can be an investment or a new client contact. These show mentors that you are working hard, and that you are making progress and experiencing some form of traction.

You’d be surprised how many mentors simply assume that a startup that isn’t talking about any successes, must have already failed. StartupLand in can be like Hollywood that way: if you haven’t seen someone’s name on the billboards lately, it means they’ve washed out.

The fact might be that you’re quietly doing great business, but see what happens when someone asks about you to a mentor who hasn’t heard anything in 6 months. “Those guys? I don’t know… I guess they aren’t doing much, I haven’t heard from them in a while.” There’s no good reason for that conversation to happen that way.

KPIs

Here Ales shares a consistent set of Key Performance Indicators. In his case, it is about the company’s sales pipeline, but for other companies, it might be slightly different items, such as “time on site,” or “number of daily logins,” or “mentions in media.” Whatever KPIs are most important to your growth as a company, these should be shared proactively with your mentors.

If the news isn’t positive, then explain why. You can also have a little fun with this, and include silly KPIs like: “pizza consumed,” or “bugs found.” This exercise shows mentors that you are moving forward, and gives them a reliable and repeatable overview of what you’re experiencing in any given week.

I heard one mentor complaining not long ago about these types of emails. “The KPIs don’t change that much, it’s always the same thing.” But he was thinking about the startup in question. The fact that the KPIs hadn’t changed might be a bad sign to the mentor, but probably the absence of any contact would be worse. At least in this case, the mentor might care enough to reach out and ask what’s going on.

2. Care and Watering

Mentors aren’t mushrooms. They don’t do well in the dark. Once you’ve identified your most engaged mentors, you need to put in as much effort in growing your relationship as you expect to get back from them.

How can you grow a relationship with a mentor? Start by identifying what the mentor wishes to accomplish in their career, in their life, or in their work with you. Do they want to move up the career path? Do they want to do something good for the human race? Do they just want to feel needed or important?

A person’s motivations for mentorship can work to your advantage. Try and help them achieve their goals, so that they can help you achieve yours.

Does a mentor want his or her boss’s job? Feed them information that will help them get ahead of colleagues and stand out. Mention them in your PR, or on your blog to enhance their visibility.

Does the mentor want to be a humanitarian? Show them the positive effects they’ve had by sending them a letter, or inviting them to a dinner.

Does the founder yearn to be needed? Include his/her name in your newsletter and highlight their importance to your startup. These things are all easy to do, and can be the difference between a mentor choosing to help you, and finding other things to do with their busy schedules.

4 Ways to Never Fail a StartupYard Interview

The 17th century French poet Boileau famously said: Ce que l’on conçoit bien s’énonce clairement, Et les mots pour le dire arrivent aisément. Or: “An idea well conceived presents itself clearly, and words to express it come readily.”

Or to put it bluntly: An idea isn’t any good unless it can be explained to someone else. If there were one piece of advice I could drill into the head of every brilliant startup founder I’ve met in my career, it would probably be just that.

But since we have some time, I’m going to go deeper. Here is:

How to Never Fail at A StartupYard Interview 

StartupYard will begin interviews for Batch 8 next week, and in the meantime, we thought we would share with them (and you), 4 key strategies that any startup can use in an interview with us, or any investor, that will help them never to fail.

Now, this advice is not going to win you an investment 100% of the time.

Investments are complicated, and they involve the needs and priorities of multiple parties. A perfect meeting might not produce an investment for a million valid reasons. But I can guarantee that if you follow this advice well, you will not fail to give your best possible impression to an investor.

Follow this advice, and you will not fail for stupid reasons.

1. Answer Questions As They are Asked

Simple and yet incredibly difficult for many people. Answer a question as it is asked, not as you would like it to be asked.

Did someone ask you a question to which you can say Yes or No? Then say Yes, or No. Then explain your answer. If you’ve never interviewed someone, I can let you in on a secret: it is very obvious when someone does not want to answer your question.

It is also very annoying.

And this produces the world’s most frustrating non-answers to simple questions. The below example is not fiction:

    • Are you making any revenue?
    • Well, we only launched about 6 months ago, and we have been focusing on making partnerships with relevant partners who are going to help us scale to our target market, and define the right sales strategy while getting early feedback from customers.
    • But are you making any revenue now?
    • Currently we are in beta and we are talking with a few clients who are ready to become paying customers once the features they need are fully implemented.
    • Are. You. Making. Any. Revenue?
    • No.
    • Thank you.

We don’t ask trick questions. What would be the point? And yet this behavior is widespread among startup founders. It is a learned behavior that must be slowly and painfully unlearned.

We want to know about what we’re asking about. So don’t try to give us the “right” answer. Just give us the real answer. What do you think is worse, us hearing that you aren’t making any revenue, or us leaving the meeting thinking you’re not even capable of answering simple questions?

And the real answer can contain the same information. Just in a slightly different format:

  • Are you making any revenue?
  • No. But we have a few customers who want to pay us as soon as we have the right features implemented. We only launched 6 months ago, and we’ve been focusing on partnerships.
  • Ok, who are these customers, and what features do they want?

Now we’re getting somewhere. And it was so easy! Now we can move to more important questions. This is a real conversation.

If the purpose of an interview is to exchange information and to assess a relationship, we would much rather spend our time doing that, than trying to decode cryptic phrases and hints.

So answer the question.

2. Win the Argument: Lose the Interview

It might be in school where people learn that an impressive, intelligent answer to a question is necessarily the longest and the most complicated one. It might also be in school where we learn that the one who speaks last has won the argument. We probably learn that from watching our teachers. But are these really good lessons?

Among the worst qualities we observe in some founders is the need to triumph, rather than to persuade. But winning an argument is different from convincing someone you may be right, or that you at least know what you’re talking about. Winning is not the goal here.

Trust your interviewers to see you as a human being, and they will like you for it. Treat them as human beings, and they will love you. But make the interview into some sort of contest for control of the subject matter and the upper ground, and they will end up wanting to get rid of you.

So communicate. Don’t argue.

What’s the best answer to a question you don’t know how to answer? Try: “I don’t know.”

You might be surprised how much investors will respect a founder who is not afraid to admit they don’t know everything. In a room full of smart people, there are always going to be things you don’t know that others do.

When answering a question, watch the interviewers, and if they seem ready to speak or unsure what you’re saying, ask them: “is this answering your question?”

So much of what we do at StartupYard involves unlearning and deconstructing the behaviors and impulses that stop founders from being great communicators and effective leaders. Most of that boils down to their motivations in any given situation. What do you want to accomplish here? Do you want to win, or do you want to be understood?

So start with this simple goal in mind: you want the investors to know you. You want to get to know them. If in the course of an interview, you can achieve this basic understanding, on a human level, then you will have succeeded.

3. Look Like You Belong Here: Because You Do

My father wore a suit and tie to work for 30 years. When I got a bit older and started working, I told him I’d never wear a suit and tie to work.

What he said sort of took me by surprise. He said: “we dress according to social customs, not just to show respect for others, but also to show self-respect. We dress to show that we feel we belong.”

I still don’t wear a suit to work, because I work with startups, and nobody does. But still, I notice when a person is poorly or inappropriately dressed for any given situation.

And that can swing both ways: a guy in an immaculate 3-piece suit who wants to talk about his startup is as out of place as the guy in the bathrobe with sleep in his eyes. Neither belong in that situation. Failure to dress like you belong can show that you don’t respect the social customs of your surroundings, but also that you don’t see yourself as belonging to them.

So think just a bit about how you look. Do you look like a startup founder? If you’re not sure, you may need to think more about this. Not too much. But a little.

4. Plan Ahead: Most Questions are Obvious

Here are three things any startup investor should ask you about:

  1. What is the problem you’re solving?
  2. What is the solution?
  3. Who are your customers?

If you can’t answer these three questions clearly, and succinctly, then perhaps you don’t know the answers well enough yet.

And when you sit down to answer these questions, try and imagine an investor hearing this for the first time. What is that person likely to ask you?

  • The problem we are solving is that X can’t Y when Z
  • Why does X want to Y when Z?
  • They just do…

Oops. Do you know why your problem is actually a problem? It might surprise you how frequently founders aren’t all that sure that the problem they’re solving is even a real problem at all.

Because “answering the question,” as in literally stating the problem, is not really answering the question. The object of the question is to get a useful answer: Why is it a problem? When is it a problem? How is it a problem? What is the result of the problem?

So be ready for a follow up. It will come.

Remember, a good investor, especially at an early stage, should be evaluating your ability to think clearly, as much as the idea you are describing to them. They can hate the idea, but be impressed with the clarity of your thinking. That happens to me all the time.

We have invested in companies whose ideas we didn’t fully agree with, because they showed they could think well and be receptive. That’s more valuable than an idea you love, and a founder who can’t answer simple questions about it. In assessing which of those two founders is likely to be a success, the one who can answer questions is the one we pick every time.

StartupYard is a GAN Accelerator. What Does that Get You?

You probably know that StartupYard is the oldest and leading Seed Accelerator for technology startups in Central Europe. What you might not know is that StartupYard is also a member of the exclusive GAN: The Global Accelerator Network.

GAN: The Global Accelerator Network

GAN is an invitation-only network of the leading technology accelerators in the world, including TechStars (all campuses), NUMA, StartupBootCamp, and MuckerLab.

GAN is more than just a network: it offers a package of perks and free services to member accelerators and their startups, that vastly reduce the early-stage costs of starting up. In the past, our startups have used GAN perks to do everything from cloud hosting, to email management, and much more. If you can think of it, there is probably a GAN perk that covers it. And all those services, our startups get for free.

What StartupYard Members Get from Gan

$34M in Perks – In the last year, GAN startups received $34M in free or reduced cost services they needed to get off the ground successfully. But more than just free credits, partners like Sendgrid offer credits as well as guidance for any GAN company in setting up and establishing an impact email strategy

$400K invested – GAN Ventures, the investment arm of GAN, provides seed stage funding and has made investments in four GAN alumni companies so far this year.

20+ Corporate Partners – GAN founders have exclusive opportunities to connect with large enterprises for business development opportunities.

Access to global locations – No matter where your startup is based, if you need a place to work or take meetings, the GAN Exchange gives you access to GAN program offices around the world.

Mentorship from the best minds in the industry – Mentors are a key part of a startup founder’s success. GAN startups benefit from more than 13,000 mentors throughout the GAN community.

A community of entrepreneurs – No matter where you or your company are based, you’re surrounded by a community of more than 5,000 startups who have launched their business in a GAN accelerator.

Make User Projections That Mean Something

(Update: May 2017) This post originally appeared in 2014. We’ve updated it with what we’ve learned since then. 

Startups often join StartupYard right at the beginning of their journey. For B2C companies, having a few hundred or a few thousand MAU (Monthly Active Users), can provide a wealth of insights about what in the product works, what doesn’t, and what the users want from it.

But how does a startup with essentially zero confirmed users make decent User Projections based on little or no evidence?

Context

One of the key mistakes that B2C companies make is to see trends in their user growth that don’t actually hold up. Every B2C startup wants hockey-stick growth, but the less data you actually have, the less precise your projections based on that data will be.

If my user numbers doubled last week from 1 to 2, I can claim that my userbase is doubling on a weekly basis. Then I should reasonably predict that by week 26, I will have nearly 68 Million users!

Depending on your sense of what’s reasonable. Or I could as easily predict that I will have just 26 users. Regardless, I can be very sure that the real number will probably fall somewhere in the middle.

Startups need to be both ambitious, and realistic about their growth projections. This is essential to creating a plan that will actually achieve those results. In this post, we’re going to go through the process of establishing reasonable and falsifiable assumptions, that will help you achieve your user growth goals.

Working Backwards

Noah Kagan of Mint.com, discusses this process in his informative blog. He points out that the only workable approach to gaining users is to work backwards from a clearly defined goal, breaking down the channels and methods of user acquisition, their costs and their timescales, into one simple to follow spreadsheet. And while his own projections of how Mint.com would reach 100,000 users in 6 months seem wildly optimistic (including a 25% conversion rate from sponsored adds on Digg.com, with a CTR of 10%), this type of planning actually brought Mint a million users in that same period.

 

All-Your-Base-Are-Belong-To-Us

World domination comes one user at a time.

 

The Assumption Spreadsheet

Before launching, it’s important to relate your marketing goals to your assumptions. If your goal is, say, 30,000 users within the first six months after launch, you’ll have to justify that growth with something more than hope. You’ll have to show how you assume it can be done. Catalogue and quantify your methods of getting this growth, in ways that can be tested quickly and definitively, including the costs of acquisition per user.

Your assumptions for marketing costs might look something like this:

Source Traffic CTR      % Conversion CPC Users
Organic Search 100000 10% 25% $1 2500
Native Ads 500000 10% 20% $2 20000
Google Ads 1000000 %2 20% $0.50 4000
Media 500000 %5 25% $2 5000
Direct Marketing 1000000 %1 25% $1 2500

Cost Total:  $56,000       User Total: 33,000

Projections are Not a Plan

Your assumption spreadsheet is more than just a plan for user acquisition, or a marketing plan.

This is just a part of a much larger set of assumptions. Other factors include your churn rate, your pricing, your internal growth costs, etc. But everything should relate back to basic assumptions that can be challenged and adjusted before launch.

Ask yourself: what will happen in 30 days, when I find that the CTR for one source is half what I expected? Alternatively, what if my CPC for one source is much lower than I predicted?

Going back to the table and adjusting the assumptions as data comes in, helps you to see where your time is best spent going forward. If CTR is low, maybe the message doesn’t match the medium, and you need to rethink your call to action. If conversion is super high somewhere, maybe you need to increase the spend there at the expense of other channels.

Be Reactive

Death to an early stage startup is a failure to react to data. I can’t count the number of times I’ve looked at early marketing data for a startup, and pointed out the above issues, only to be met with blank stares. You must incorporate changes in your data as often as possible, and iterate as often and as quickly as you can, in order to press advantages, and eliminate disadvantages.

“Wait and see” is death to a startup. You must react to every change in the data. Data must guide your planning.

Be Inquisitive

Sometimes you need to seek outside advice. Divorcing your assumptions from objective reality can be hard for anyone. That’s why mentors and advisors exist, so use them.

For example, my spreadsheet above has a few obvious problems. First, I’ve obviously fallen in love with the idea of “native advertising,” or the kinds of ads that fit in with the content of a given site. This makes sense, as I am personally a fan of this type of advertising. But by scrutinizing the spreadsheet, I can see that native advertising is predicted to cost me $40,000 out of a total marketing budget of $56,000, or 71% of my budget. Despite that, only 58% of my users will come from native ads. They will cost me a lot, and will not be as valuable as the users I gain from Google Ads, or even direct email marketing, according to my own assumptions.

Having your plan challenged can reveal your biases and hangups. Often, just sitting down and gaming out the plan for yourself can show you that you’re locked into the wrong thinking.

Have an Answer

It’s not necessarily wrong that I would spend 70% of my marketing budget on native ads, when they will only bring me 58% of my users. After all, users are not points of data in the end: they are people. Different kinds of users will behave in different ways. Maybe the CLV (Customer Lifetime Value), of a user acquired from a particular channel is higher than one from another. I can’t know that. The best I can do is assume, and test assumptions. 

These are the kinds of details that investors will pounce upon when they are shown your user projections. You need to have an answer for why you would pursue that avenue of user acquisition over another. The conversation has to be about your assumptions, not about what you don’t know. 

Perhaps these users are of a higher value (they buy more expensive products), or perhaps they are likely to stay with your product for longer. Perhaps the market for your product in Google ads won’t give you that same CPC if you spend twice as much on them. The size of the market may not justify a bigger focus on Google ads over native ads.

Don’t Fall in Love with Unknowns

Donald Rumsfeld, U.S. Secretary of Defense under George W. Bush, famously justified poor planning for the American occupation of Iraq in 2003 by saying: “There are known knowns, known unknowns, and unknown unknowns.” As many critics later pointed out, the Bush administration leaned heavily on the idea of “unknown unknowns,” to justify a lack of realistic long-term plans that matched their aims in the conflict. Anything that was inconvenient to think about or defend to the public became an “unknown unknown.”

The result was years of escalating conflict that have continued to plague the region to this day.

You can surely see the parallels between this kind of expensive, poorly planned and overly-optimistic strategy can be a cautionary tale in business as well. Refusal to undertake planning and spell out -and then recognize and react to- expected difficulties can lead you to do things that cannot be undone. You can undo a product change, but you can’t un-spend wasted advertising budget. You can’t un-launch a product that has failed to launch.

 

How Big is Your Mountain?

“How big is your mountain?” That’s the metaphor our StartupYard’s MD Cedric Maloux uses to describe this process of reconciling ambition with the need for some realism, even in the growth phase of a startup.

Ambitions to reach 1 billion users are great, if your product is the kind of thing 1 billion people can get some value from at the same time. Not many products are like that, which is why most don’t have the chance to grow that big.

But perhaps your mountain isn’t made of a massive user community. Perhaps it’s made of a smaller, quality user base, that pays a reasonable but significant amount to use your product, and gets a disproportionately large value out of it. In either case, your first six months or so should represent the first “summit” of your mountain.

Within that time, with the help of investors who understand and support your journey, you should reach a goal that is both ambitious and achievable, and you should gain valuable understanding of real users, and what it takes to make them happy.

Also no explanation for this man's success.

No fairy dust.

 

Justify the Impossible : Control the Conversation

While the assumption spreadsheet functions as a roadmap for growth, it also works as a roadmap of your thinking for investors and partners.

Blind ambition, particularly when you’re asking for money, is not an attractive quality. But qualified ambition, in which you set hard goals for yourself, but also show how achieving those goals can be possible, can be very enticing to investors.

To use the mountain analogy: you can ask investors to help get you to the first summit. A goal they can believe in. That moves the conversation about the ultimate goal to a more appropriate time; a time in which you have more data and more momentum.

Imagine two founders who have essentially identical products. Both will meet with investors. One does not prepare these predictions because, as he says, “you just can’t know what will happen.” The other makes predictions, each representing his ambitious plans to achieve benchmarks in user acquisition. One of these two has something real to talk about with the investors. The other doesn’t.

How do you think those two conversations differ? I can tell you from experience: the one who comes with predictions gets enormous value form investor feedback about those predictions. The one without them gets, at best, idle speculation. If you aren’t willing to do the mental heavy lifting of making predictions, investors aren’t going to do it for you.

To define the conversation and lead it, you have to make statements that you can back up. Instead of having investors question your ideas, have them question your predictions. They’ll be speaking in your terms, rather than theirs.

You can now apply for StartupYard Batch #8.

  • Robots
  • Artificial Intelligence
  • VR/AR
  • IoT
  • Cryptography
  • Blockchain
Applications Open: Now
Applications Close: June 30th, 2017
Program starts: September 4th, 2017
Program ends: December 1st, 2017

Friday Funnies: Thought Leaders

 

Our Thoughts

Thoughts are very important. Leadership is very important. Thought leadership may be the most important development in thinking, or leadership, since before thought leadership.

In all seriousness, this video is a valuable teaching tool for StartupYard, and we use it to show startup founders that the elements of a convincing presentation are from a separate skill-set than a deep knowledge of what you’re actually doing.

Knowledge is never enough, but nailing the format is also never enough. Always, founders must compromise between what they know, and the things they need to do to gain the trust of others. We call it “being clear,” rather than “being accurate.”

You can now apply for StartupYard Batch #8.

  • Robots
  • Artificial Intelligence
  • VR/AR
  • IoT
  • Cryptography
  • Blockchain
Applications Open: Now
Applications Close: June 30th, 2017
Program starts: September 4th, 2017
Program ends: December 1st, 2017

StartupYard will be at Startup Safary Budapest: April 20-21

We’re pleased to announce that StartupYard will take part in Startup Safary Budapest, April 20th and 21st, 2017.

What is Startup Safary?

Budapest turns into a startup exhibition for 2 days

For two days only, most of the tech community of Budapest opens its doors, and takes part in a broad series of meetups at dozens of locations around the city. This year, an estimate 3-5,000 people will participate.
As an attendee, you can register online and pick from the program sessions you want to attend. This way, you create your personal schedule, which you will follow during the event, traveling around the city and visiting various offices.

 

StartupYard Events

From Genius Idea to a Global Business: creating AI startups from Scratch

20/04/2017 17:30 – 18:00 – thehub.hu, 1061 Budapest, Paulay Ede utca 65.

21/04/2017 TBA Mosaik, 1136 Budapest, Pannónia utca 32.

StartupYard helps technically sophisticated developers and makers turn their ideas into real, growing businesses. In recent years, we have helped launch a series of high tech startups including TeskaLabs, Neuron Soundware, Cryptelo, and Rossum.ai. Find out how these startups went from a brilliant idea, to companies serving clients all over the world with cutting edge technologies.

 

Office Hours with StartupYard

20.04.2017: 13:00 – 16:00 – thehub.hu, 1061 Budapest, Paulay Ede utca 65 

21.04.2017: TBA – Mosaik, 1136 Budapest, Pannónia utca 32.

This is your chance to meet the management team of Central Europe’s leading seed accelerator for tech startups, and find out how we can help you turn your experience and knowledge of AI, Machine Learning, IoT, Blockchain, or Cryptology into a globally scaleable business. Come to find out about our program, pitch us an idea, or make a connection.

How do I meet the StartupYard team in Budapest?

There will be a few opportunities. First, we warmly invite you to join our workshops at TheHub and Mosaik, where you can hear about real-life examples of startups that have been through our program, and what they have accomplished as a result.

You can also sign up for our office hours. Because this event is happening under the umbrella of Startup Safary, you should sign up directly on their platform, and you will need to purchase a ticket on their website (tickets are just 8 Euros, and go toward organizing the events).

We will update this post when we have times for our appearances at Mosaic on April 21st.

We look forward to seeing you!

Bulgarian Tech Ecosystem

StartupYard Visits Puzl CowOrKing in Sofia, April 11-12, to meet Deep Tech startups

We’re excited to announce that on the 11th and 12 of April, StartupYard visits Sofia, Bulgaria, to meet with Deep Tech startups, entrepreneurs, and others with ideas for businesses built around AI, AR/VR, cryptology, blockchain, IoT, and related technologies.

Our visit will be at Puzl CowOrKing, one of Sofia’s most exciting startup workspaces.

This is the first of 5 visits to Central European capitals this spring, with an eye to attract brand new startups to StartupYard Batch 8.

 

DEEP TECH FOCUS

The focus of StartupYard Batch 8 will be “Deep Tech.”

Deep Tech means companies working on technologies and products that are unique, difficult to replicate, or are exploring areas of innovation where the barrier to entry remains high, and the problems scientifically complex and difficult, such as Robots, AI, IoT, VR/AR, and Cryptography.

Today, the barrier to entry for globally scalable startups is lower than ever. However, there are still tremendously complex problems left to solve. In years past, our focus on the Data Economy has shown us that there is a growing need for novel approaches to the way people work, communicate, do business, participate in the economy, and understand the world around them.

Deep Tech solutions seek to develop never-before-possible opportunities to profoundly alter the way everyone, not just the tech industry, works, thinks, and sees the future. Deep Tech companies work at the edges of possibility for emerging technologies, and so have the potential to disrupt and change whole industries overnight.

 

 

Taking the time to apply costs you only a bit of your time, and is the first step in the StartupYard selection committee and investors getting to know you and your team. There is no risk in applying, so why not start today?

StartupYard “Training Days”

April 11th and 12th in Sofia will be StartupYard’s first visit to one of 5 cities, including Budapest, Bucharest, Vilnius, Krakow, and Sofia. Unlike a typical roadshow, where an accelerator gathers early-stage startups to show off their pitches, StartupYard will instead offer workshops for Deep Tech engineers and idea makers in these different cities, about how to turn a high tech concept into a real business.

These “training days” will include a series of workshops and open hours with the StartupYard management team (myself, and our CEO Cedric Maloux).

Workshops

From AI to a Real Global Business- April 11th at 16:00, Puzl CowOrKing

cedric maloux startupyard

StartupYard Managing Director Cedric Maloux

Do you have a Deep Tech idea that could potentially become a tech startup? This is your ideal chance to find out what it takes. StartupYard CEO Cedric Maloux will walk attendees through the process of turning AI and other Deep Tech startups into thriving businesses, from proving their concepts with real-live pilot customers, to signing their first paying clients, and gaining venture investment.

This workshop will go into detail about how StartupYard has guided startups like TeskaLabs, Neuron Soundware, and Rossum, from idea phase, to seed investments and onto the market.

 

 

Deep Tech Positioning- April 12th, 10:00, Puzl CowOrKing

StartupYard Community Manager Lloyd Waldo

In this workshop, StartupYard’s head of communication and community Lloyd Waldo (that’s me), will show would-be entrepreneurs how early stage startups in Deep Tech can use practical storytelling skills to convince the earliest stakeholders (including cofounders, investors, customers, and employees), of the power of a new idea, by transforming it from dry description and speculation into a compelling narrative, that puts you in control of the conversation.

This workshop will include hands-on strategies for positioning that will provide entrepreneurs with the toolset necessary to construct a persuasive and powerful story about themselves, and their vision of the future.

 

 

Open Hours, April 12th, Puzl CowOrKing

Do you have a Deep Tech idea and a great team that you think is worthy of funding and acceleration at StartupYard? Are you ready to take the next step and run your own Deep Tech company? Now is your chance to meet the StartupYard management team, and tell us something about it.

Think pricing

Startups: It’s Time to Think Pricing. Here’s How.

Out of 7 startups that joined us just a few weeks ago for StartupYard Batch 7, only 2 are currently selling a product to real customers. Those 2 have just a handful of customers each. Most of our startups are very early stage; you have to have something to sell, before you can sell. But it surprises many of them how early it pays to think pricing. 

While we expend days and weeks and months of effort discussing features and USP, design and everything else, it’s surprising to me how difficult it really can be to talk to startups about pricing. Talking about pricing is kind of hard. People don’t want to think about it. They panic at the thought of raising prices, and they cower in fear of having prices too low. It can be a rollercoaster.

Of course, pricing is a sensitive subject. As Tom Whitwell writes in his insightful medium piece on pricing psychology, “Prices are a shortcut to our most sensitive emotional responses.” Pricing is a deeply primal part of consumer psychology, and as Whitwell shows, leaves consumers surprisingly, sometimes shockingly, susceptible to manipulation or suggestion.

I suggest you go and read that piece: The First Rule of Pricing,  to find out why. I’ll wait.

Hello! Now that you’re back, this piece is going to build on Whitwall’s, to talk about what all that means for early stage startups, and how they should actually approach pricing their products for the first time, or through the first few iterations.

Your Customers Don’t Know What They Want (Or How Much They Would Pay)

As Malcolm Gladwell explored in his best-seller Blink, and associated Ted Talk “On Spaghetti Sauce,” it has been known in retail since the early 1980s that optimum sales results could not be achieved by finding the ideal single product and price point. For decades, product companies had been simplifying their offerings in the hopes of reducing costs while optimizing their sales around best-selling lines of products.

 

The logic was simple. The attractiveness of products could be graded on a bell curve. An ideal point was where most customers would be willing to buy, whether or not any of them were completely satisfied. Simple product lines also made advertising easier, reducing the need to target advertising to specific audiences, because increasingly, products were targeted at the vast middle of the market.

As he explains, beginning in the early 80s, big food companies, and later other product companies, discovered that this tendency to optimize around single products was hurting their profitability. Instead of selling one popular product that was a mix of the qualities most customers wanted, producers began to develop products that catered to “clusters” of customers who had distinct preferences.

Importantly, research showed that customers were not well equipped to predict what they would enjoy or what they would buy. As Gladwell notes, “For years and years, the standard practice when you wanted to find out what customers would want to buy… was to ask them.”

But customers routinely used experience as a reference point for future behavior. People are bad at imagining a future that isn’t similar to the present. Likewise, they are not good at predicting their future behaviors, because they assume their behaviors will remain consistent.

Experimental field research discovered that “hidden preferences” in consumer behavior were powerful, and almost completely unknown. By testing products with “value added” features, researchers found that price tolerance was much more flexible than previously believed.

For example, about ⅓ of US consumers enjoyed “Extra Chunky” spaghetti sauce. And yet no major brand offered such a product. Customers failed to state, when asked, that they wanted “chunky spaghetti sauce,” but experiments showed that when given the choice, they readily bought it and paid more for it.

Think Pricing

The post 80s flourishing of product segmentation was slow to be adopted for the digital economy. Driven by the technical difficulty of offering and maintaining more diverse product offerings at different pricing points, and the difficulty of marketing each individually in the online space, software and online companies often adopted the old model.

But today, tiered pricing has seen a major comeback. Customers are again comfortable with the concept applied to digital products. Thus instead of we have “9.99 for Standard, 14.99 for HD,” or the “Good, Better, Best” pricing model, in which features and functionalities are limited or exclusive to different products.  

So what does this mean for your own pricing? First, there is no optimum pricing strategy- at least not in the sense that most startups tend to think. There is no perfect price, but rather a continuum of price and feature combinations, into which most customers fall somewhere. The work of a product company is to identify where pricing and feature expectations align for different categories of customers– what Gladwell calls “clustering.”

If you aren’t consistently testing the limits of your pricing and the feature expectations of your customers, then you will likely leave money on the table. Whitwell uses the example of The Times of London. Beginning in 2014, The Times began asking customers whether they would pay X amount for different combinations of features. They produced a range of prices and feature sets, to test different “flavors,” of plan to sell to their customers.

What they found shocked them. Although a minority of their customers would choose to pay more for certain features, the actual revenue to be gained from offering those features at a different price point far outweighed the lower number of paying users. They found that customers would gladly pay up to 3 times more than they currently did to retain only a portion of the same features they enjoyed at the old price. By throwing in features that customers had not needed at lower price points, The Times had co-opted its ability to upsell those features later.

The Freemium Trap

“Freemium” is generally taken to mean a product which can be used free of charge indefinitely, but which is limited in comparison with a premium version, either in offered features, or capacity (such as storage), or in other ways.

It’s not always a bad idea to have a Freemium model. Particularly, products that provide a long-tail value that is hard to see at the beginning may have to be freemium. Most casual games use freemium these days. Dropbox is also a freemium service, which makes sense, because customers typically don’t have a need to buy up to 1TB of storage in one go- instead, they collect data slowly. Slack is another example: a small team doesn’t always need unlimited message history, storage, and all the bells and whistles on day one.

It’s hard to get someone to pay for something of uncertain value. It’s even harder to get someone to pay for something for which a ready and free replacement already exists.

But on the other hand, many, many startups who use a freemium model shouldn’t. When you provide a product aimed at customers who easily understand the value, and who moreover really need what you offer, then offering them a Freemium experience may simply be giving them a handout. And addicting your customers to the free product can make it even harder to sell the Premium version.

One of our startups, 2016’s Satismeter, experienced exactly this problem. As Co-Founder and CEO Ondrej Sedlacek told me recently:

“Switching from a freemium model to free trial and ditching cheaper plans was a big improvement for us. The truth was that people who needed our product were ready to pay for it.

Freemium ended up being a barrier to selling to some customers, because they would get used to just making do with the free version. When we eliminated our free plan, we saw only a slight reduction in signups, and we increased sales overnight. Plus, free users were ironically the most demanding for support. Paying customers invest their time to understand the product and set up the whole process to get the most value out of it”

Customers who understand your product’s value are inherently better customers in the long run. Attracting people who don’t believe in your product might be necessary at the beginning, but it should be viewed as a means to an end.

Price is about Positioning

In his piece, Whitwell calls attention to this with reference to Apple (itself discussed in another piece: Why You Should Never Ask Customers about Price). When unveiling the iPad, for example, Steve Jobs had basically two options, assuming that he couldn’t actually change the price of the product significantly.

First, he could sell the iPad as an expensive version of the iPhone (something many internet trolls did anyway), or second, he could sell the iPad as a cheaper and better version of a netbook computer. He chose the latter- making a point to talk about the features of a netbook in comparison with those of an iPad, before revealing the iPad’s original price point- at $999.

Voila: the Ipad wasn’t a very expensive phone. It was instead a cheaper and better netbook- one with all the features of an Iphone, and the power of a real computer.

In pricing psychology, this is called “anchoring,” and it’s hard not to notice once you know what it is. Retailers will routinely display their best selling items next to items which are significantly more expensive, and items that are significantly cheaper, in order to give the customer the feeling that she is getting the best deal.

Often products are offered that are far more expensive than is actually justified by features. The logic is plain enough: a few customers might buy the Deluxe Collector Edition, but it’s really just there to make the more popular product look cheap in comparison. That’s how you get a $10,000 Apple Watch, or a fully loaded Mustang Cobra. Buying the next best thing is almost aspirational- the customer is invested in a product category where prices run very high, giving them a sense that they are in the “big game.”

By the same token, restaurants may list the most profitable wine on the menu in second place, just above the cheapest wine, and just below a significant jump in prices. This plays off of a human tendency to “reality check” prices based on other available evidence. $25 for a bottle of wine seems like a lot if the options are $5, $15 and $25, but it seems reasonable if the prices start at $15, and reach over $100.

In sum, pricing can function as a way of positioning a product in the market. Too cheap, and the product may not be taken seriously enough. Too expensive, and it may flash a warning to a potential customer that the product is simply not for them.

Think About Pricing: Cost and Value

There is no formula for pricing. One of the hardest lessons that many startups learn is that the value of a product as they understand it, can be very different from its value to a paying customer.

Thus, cost and value are only loosely correlated. This is why it costs $10 to use the Wifi in an airport. The cost is negligible, but the value to a traveler is worth the price. Most commonly, startups should learn much more about their own customers, in order to understand the value of their products to those customers.

That doesn’t necessarily mean doing what your customers want. But it does mean understanding what your customer’s needs and priorities really are. Anyone who has angrily paid an obscene price for a bottle of water on a train, or for a dongle they simply must have for their Mac, knows that pricing is correlated with need.

Most importantly: think about your pricing more. It rarely fails that, when asked about their pricing, startups lack key insights that would potentially allow them to make the difference between a profit and a loss. Absent a clear picture of the value of their products to customers, startups simply guess at what people will be willing to pay- and more often than not, they guess wrong.

What’s a Pain Point? A Guide for Startups

What’s the pain point? That’s a question we end up asking all the time during the first month of mentoring at StartupYard. And this round is no exception.

Every year, we begin the first month of the StartupYard program working on Product Positioning and buy personas. An essential element of this is “the problem” that the startup is solving. That problem can be surprisingly tricky to identify.

Here, I’ll talk about identifying problems, or “pain points,” and how to think more deeply about them.

What is a Pain Point?

At the root, a pain point is something that a customer is aware of (if you’re lucky), and which bothers them. It’s a problem waiting for a solution. “I can’t do X,” or “X is stopping me from doing Y.” Pain is something you react to- it’s something you try to stop happening.

Pain points can be big or small. If the customer base is big enough, and the technology simple enough to use, the pain point can be very simple. If the customer base is smaller, and the pain point much bigger, the technology to solve it can be more complex.

Anything from: “It takes too long to order a pizza,” to “I can’t accurately predict machinery failures in airplane engines.” StartupYard has accelerated startups working on both those pain points. One is a simple problem everyone has, and one is a complex problem only a few people have.

Addressing the Real Pain

One of the most common issues with startups’ early attempts at positioning, is making the “problem” too self-serving. For example, if you’re making compression software, then the problem would be: “people don’t have good compression software.”

But that ignores the fact that people already use other solutions, and getting them to switch would involve solving a still deeper problem. What about their current solution is bothersome enough to change? The first round of positioning often breaks down to: “this product is for people who don’t have this product.” True, no doubt, but also not very compelling.

Pain points can be tricky to identify, because they don’t always reflect exactly what the startup thinks of itself as doing. The above example is useful: a company that is working on compression may see themselves as “providing compression software.” But the customer may not be looking for compression software. The problem isn’t “I need compression software,” but rather, “I need to send files faster,” or “I need a better storage system.”

pain point, startups

One of the exercises I do with startups is to ask them to imagine positioning for basic tools everyone is familiar with. What is the positioning for a drill? It becomes obvious that “this drill is for people who need drills,” is not complete enough. In fact it misses the point entirely. “This drill is for people who need to make holes,” is better. Better still might be: “this is for people who can’t make many holes quickly and easily.”

This process forces the startup to stop thinking in their terms, and start thinking in end-user terms. Founders think about market opportunity, about technology, and about finding efficiencies– as well they should. Still, the question of what pain point they address must be raised. “I can’t technology,” is not a pain point. Nobody sits down and googles: “how to find efficiencies.”

Ok, maybe they do, but it probably doesn’t lead to a lot of sales. A startup can do a lot of cool and far out things with technology, but if it doesn’t solve a clear pain point -the instantly identifiable reason why the customer needs the product- then it won’t get very far.

Cost is Not Everything

A favorite mentor at StartupYard, Ondrej Krajicek, says that he wants to hear one of two things from every startup he meets: “can you save me time?” or “Can you save me money?” In a word, this is “cost.” Every second of every day costs you something, either in time, or in money.

Initially, it’s typical for a startup to begin with the assumption that the pain point is cost of some kind. Every company, and every consumer, wants to save cost. But there’s something incomplete about this as a starting point.

There are many, many ways to save time and money. The very specific reasons why a company or a person would want to save time on one particular activity, or save money on one particular cost are very important. Nobody sets out at the beginning of the day to “save time and money,” even though that imperative may drive many of their individual decisions.

The customer always has other goals in mind. And higher costs can be justified if they help meet some of those goals. If there’s a thing most customers, consumer or corporate, hate just as much as high costs, it’s missed opportunities. A tech startup can focus on either cost or opportunity, or both.

Cost is always material to new technologies. Either the pain they solve is great enough to justify spending more, or the customer is willing to endure a particular pain, because the solution is not yet worth the cost. But here lies an important point: costs do not always have to go down. Particularly with new technologies that create new value and opportunities, the attraction may be great enough to justify higher costs, either in time or money.

Everybody Hurts

pain point, startups, StartupYard

Identifying pain points is not just about semantics- it’s not just rephrasing the problem to make it sound like something a customer cares about. The customer has to actually care, and you have to show them empathy. And pain points are unique to each customer- you have to find ways of helping customers to see how a product solves their own pain points, and not just the broad ones you claim to fix.

And there’s only really one way of doing that- it’s shutting up and listening to the customer. As the folks over at Gong have shown with real data, more sales happen when the prospect, and not the salesperson, does the majority of the talking.

This is because a salesperson is limited in that they don’t know what’s most important to a particular customer until the customer identifies that problem themselves. This can only be encouraged by asking questions that reveal sources of pain for the customer.

Think back on that example about pizza delivery. You could explain to an office manager about how DameJidlo (our alum), or FoodPanda, or Deliveroo works, along with all the many benefits. But that office manager might never have a need for food delivery in the first place. Or they might feel perfectly happy with their go-to delivery options.

It’s only by talking through the customer’s routines, and their current outcomes, that you might reveal pains they aren’t considering. Maybe people complain that the delivery isn’t fast enough. Maybe it’s too expensive. Maybe the variety is lacking, and there have been complaints. Your product, in this case a food ordering and delivery platform, solves many pain points aside from the ones you assume are most important.

We actually practice this kind of selling on a regular basis, even if we don’t realize it. Have you ever explained to a friend or family member about how awesome a new technology really is, only to hear the response: “yeah, well I just prefer what I have right now.” Frustrating! But that’s not because they’re stupid or because they don’t listen. It’s because they haven’t heard anything that speaks to a real, urgent need from their side.

You can practice this kind of thinking by asking the person how they use the current solution they have. You’ll find, as they talk more, that there are indeed things that bother them, and things that could use improvement. Put enough of those together, and the new solution starts to look more attractive.

Shut up and Listen

Everybody Hurts, as the song goes. The question is how, and why. You have to talk to your customers to find out. There is no shortcut.

Try some of these open questions, starting with “how” or “what”:

what are you trying to accomplish?

What’s the core issue here?

How does that affect things?

What’s the biggest challenge you face?

How does this fit into what the objective is?

How does this affect the rest of the team?

What do your colleagues see as their main challenges in this area?

What happens if you do nothing?

What does doing nothing cost you?

You’ll find, most likely, that the customer knows very well what his or her problems and pain points are- although they may not think of them as problems. A problem that doesn’t seem to have a solution isn’t a problem at all- it’s just an aggravation. So showing a customer that a problem exists means getting them to acknowledge pain, and then to understand the solution.

Listen, and most of the time, the customer will tell you.

The Startup Myth of “I Don’t Have Enough Time”

In advance of StartupYard Batch 7, we invited finalist 13 startups to join us for a full day of mentoring in Prague at our Startup Day. We do this every year, not only to evaluate and help decide which of the startups we will invite to the accelerator, but also to provide some value to startups that have taken the time and energy to apply, and to engage in the process with us.

What’s notable is that without exception, whether they are accepted to the program or not, when asked whether the day was valuable to them, startups tell us that it was of great value. Founders often go out of their way to let us know they’re grateful for the opportunity, no matter the outcome.

The Startup Myth: Not Having Enough Time

But every year, we invite one or two startups to the accelerator that don’t end up joining us. The number one reason? “We don’t have time for it.”

This reasoning is sometimes a little baffling. Yes, an accelerator takes time, but on the other hand, as we take care to stress, it is an accelerator. The program is about moving faster than a company would normally move on its own. This doesn’t just mean doing more work in a shorter amount of time. It also means doing more important work, and doing it at the right time.

gandalf

 

When founders consider StartupYard, they sometimes start to see it as a kind of zero-sum proposition. If you spend 6 hours a day talking to mentors for a month, that’s 6 hours a day you can’t spend coding or selling. But let’s be real here- you aren’t going to code for those full six hours. You’re going to have your daily routine- the one you follow because nobody is telling you to do it differently. The one nobody challenges.

Being challenged on your everyday decisions by people who don’t know your company the way you do is sometimes frustrating, but it is also highly motivating. The time spent meeting with mentors is not wasted time. Just today, one of our founders told Cedric Maloux, StartupYard’s CEO, that every mentoring session so far had led to an actionable item for the team.

We have never had a startup come to us after the program, and say that the mentorship period was a waste. Even when they become frustrated at the constraints it puts on their schedule, in the end, they always see the value that it brings as being far beyond the time invested.

What happens instead, most commonly, is that startups simply work harder and better, accomplishing more meaningful progress in the limited time they have to actually build stuff, because they are responding to a constant flow of feedback and advice from people who bring them new ideas and new perspectives on what they’re doing, and what they aren’t doing.

Creative Destruction

nature_clock

The fact is that startups waste a ton of time on things they don’t need to be doing. It’s a fact of life, and it’s not a failing. Every engineer and creative knows that a huge amount of their work never sees the light of day. It’s not a mistake to waste time, because you need to make mistakes and do things that eventually won’t work out. Risks are necessary.

And yet, there are things that founders just never need to do, and never would do, if they had access to the right mentor at the right moment. We’ve seen countless examples. Startups operating without complete information just do things they don’t need to do, or that are doomed not to work at all. Mentors often know this, and know how to avoid these time wasters.

Is it a waste to talk to someone for an hour if he saves you 50 man hours of wasted effort? How many such meetings would justify one month of mentorship? Not that many, really.

A mentor driven accelerator is set up to save startups from wasting time in ways that truly don’t help them. The hours spent mentoring are usually spent stripping out many of the things that founders are wasting their time on, and prompting them to move faster in areas they are less comfortable with.

If you imagine your daily tasks piling up while you attend mentoring sessions, then consider also that the mentoring sessions are meant to savage those plans, and eliminate most of them anyway. Mentorship is not just about kicking around ideas- it’s about creative destruction.

Time Compression

Startup Myth, StartupYard

The other aspect of acceleration that is frequently overlooked is that of time compression. Acceleration puts startups in a position of having access to processes that usually take weeks or months, and having them happen in days or hours.

A startup on their own may wait a month to get a single meeting with one of our busy mentors. A follow up may be weeks more. But while they’re with us, these meetings happen as soon as they can be practically arranged. Our mentors place our startups higher on their list of priorities, and when they connect startups with other advisors and contacts, that urgency shifts to those contacts as well.

We ensure this happens by only retaining mentors who consistently engage with startups, and keep our startups high on their own priority lists. Try and get a C level executive at a Telco, a Bank, or a major software company to not only respond to a request, but to do you a personal favor. We’ll wait.

The biggest time waster for early stage startups isn’t having meetings. It’s waiting for meetings. And with an accelerator, the waiting is not a major factor. Startups frequently tell us that they accomplish more in 3 months, as a business, than they expected to accomplish in 2 years on their own. That’s the power of acceleration- we save time, we don’t waste it.