So you’ve got an idea for a tech startup. You’ve done your positioning statement, you’ve talked to people you trust about the idea. Maybe you’ve even talked to customers. Maybe you’ve already sold your product, or gotten users to sign up for your beta. Fantastic. Now maybe you need a Seed Accelerator. Not every tech startup needs one, and not every accelerator is the right choice. How do you know?
To Accelerate or Not?
At StartupYard, 59 startup investments in 6 years have shown us that the most important factor for founders looking at acceleration programs is fit. If the founders and their company are a good fit for the program, with the other startups, the mentor community and investors behind it, then the stage of the company, the domain, and the market focus are not nearly as important.
This is why we’ve invested in companies doing hardcore cutting edge technology like AI and Cybersecurity, but also companies doing technologically simple things, like marketplaces, and sharing economy startups. If the fit is good, then the diverse backgrounds and ideas of the founders enhance each other, and mentors and investors get more engaged, because all of them are able to find something they’re passionate about in every batch.
We emphasize fit over most other considerations. How can we actually help companies succeed?
Nothing can guarantee fit, but there are at least 11 things you *can* ask any accelerator to determine whether it is the program you really need.
So here they are:
1. Why Is the Accelerator Interested in My Startup?
Few founders ask us this, but to me, it’s a potential game changer as a question.
What I see as an ideal answer is: “Because we see potential in your team, because we believe in the market you’re in, and because we think our program can help you.” It helps if the accelerator likes your technology, sees it as a big opportunity, and doesn’t want to miss out. But that’s unlikely to be enough on its own.
If the accelerator can’t clearly show you why your interests are aligned, you should think twice.
2. Are You Convinced by My Pitch?
Everyone likes validation. But you don’t necessarily want an accelerator that isn’t willing to say “no.”
We are not convinced by every pitch we hear, and that’s ok, if we *are* convinced by the team. Founders should go into a program knowing that they may need to consider big changes to their approach, and their assumptions. We want teams with a passion for their ideas, but not with a toxic sense of pride.
If an accelerator is not willing to voice doubts when you ask, then it might be a sign that they aren’t going to challenge you when needed.
3. What Do Your Investors Want, and/or Where is the Money Coming From?
Another key question almost no one asks. You really should, because the investors largely determine the direction of the accelerator. They ultimately control who runs the program, and thus the decisions being made.
If the money is from a corporate sponsor, what does the corporation want? If the money is private, then why are the investors backing this accelerator? Pay attention to how aligned the accelerator team are with the investors. If the investors and the team have a solid relationship, then you aren’t dealing with office politics or competing ideas about what success looks like.
4. Does the Accelerator Management Team Have A Stake?
This is related to the previous question. Ideally, the decision makers at the accelerator have a financial stake in the decisions they are making. This helps you to determine what their motivations in working with you really are.
Is it a deal breaker if they don’t have a stake? Maybe not, but you need to know who you’re talking to. The decisions a person makes when they have no financial stake in the outcome are bound to be different. Is the person making a decision because of the politics of their job, or because they really believe in it?
5. Why Are Your Terms What They Are?
Terms vary between accelerators. I don’t think there’s an ideal formula for how much an accelerator gives, or how much equity it takes. Zero equity programs are not always a bad thing, and programs that give more or less money for more or less equity have their own reasons for doing so.
The answer tells you how the accelerator views their role in your company. “Founder friendly” terms are very important. On the other hand, a mature investor is also up front about what they would be willing to do in case something went wrong with the relationship.
The terms are one thing, but the answers are another. Any contract is in place primarily to outline a relationship, not to define it in personal terms. Those personal terms often matter more than what’s on paper, so you need to know why the terms are the way they are.
6. Have You Ever Fired a Startup During the Program?
Not every accelerator has ended a relationship with a startup in less than ideal circumstances. It does happen though, and the story is usually instructive.
StartupYard, for example, has been very open about relationships that have gone wrong. In case such a thing happens, we try hard to identify the mistakes that *we* have made that led to the problem. In each case (and there has only really been one out of 59), we recognized our own errors in choosing, working with, and helping those companies. We have only “fired” one company during our program.
We were not vindictive and did not blame them for our own mistakes. If an accelerator puts blame only on the other party, that may indicate that they don’t acknowledge their failures or their part in the relationship. We all make mistakes, but you need investors who learn from theirs, and are not afraid to tell you about them.
7. What Do You Expect from Me?
What we expect from our founders informs how we choose companies to work with, and what we see as success when they go through our program. We have our own tough standards, but they are not universally what all accelerators expect.
We want every one of our companies to be a unicorn. We expect them to try. We expect ambition and drive, and hard work. We expect companies to improve markedly in all areas during our program. We expect them to challenge themselves and to meet challenges that we help them set.
But if you ask us, we will tell you that we also expect things like personal availability, honesty, willingness to talk about your motivations and to discuss your feelings. We expect our founders to take a broad range of input that other accelerators might not insist on. We expect them to adjust their ambitions according to new realities; to make changes swiftly if something doesn’t work, and react to obstacles rather than avoiding them.
Some accelerators will give hard and fast expectations in terms of growth, even on a weekly basis. There’s nothing wrong with that approach, but you need to understand the consequences of failing to meet those expectations.
You just need to know what you’re getting into, and what success looks like to accelerator you choose. Be honest with yourself, as to whether these are things you really want, and can handle.
8. What is Special About Your Ecosystem? Why Should I Go There?
Accelerators are deeply affected by their location in a particular ecosystem. What that ecosystem has and doesn’t have, and where it is, are important factors in your decision.
For example, StartupYard is located in a beautiful, accessible, and highly livable city: Prague. Our geography places us between East and West. We see that as a big advantage, and we want startups who also see it that way.
Our ecosystem has its strengths and weaknesses. Its size makes corporates more available, while it also limits which industries are most engaged here. The history of our region affects what we have to offer startups, and we work hard to express those peculiarities and special qualities to our companies.
Pick an ecosystem that works for you. Just because a place is big, doesn’t mean it’s best. Just because there’s money, doesn’t mean it’s the *right money*. The accelerator’s answers to this question will tell you a lot about how they see their value to you.
9. Does the Accelerator Pay The Mentors?
Hopefully the answer is “No.”
Of course, accelerators do pay for input from professionals in areas like design, marketing, speech coaching, in-person sales, and other soft skills. These workshop runners are professionals, and you get what you pay for. Mentors are different, however.
A mentor community should be all-volunteer because the connections that founders make with their mentors must be genuine. These are people who you will be relying on to follow-up, to open their contacts to you, make introductions, and be available for further advice and support down the line. That has to come from a place of passion, not greed.
Our mentors do it for various reasons. It improves their personal or company brand, it makes them look good, it gives them insight into emerging trends, etc. Primarily our mentors tell us that they do it because of the personal fulfillment and stimulation they get out of being mentors. These are high achieving individuals, who relish the chance to talk to people at the beginning of their own journey, and share their wisdom and knowledge.
That should be enough.
10. What Entrepreneurial Experience Does the Management Team Have?
An accelerator is for true entrepreneurs. No one is better suited to recognize your entrepreneurial strengths and weaknesses than a fellow traveler. That’s why most of StartupYard’s management team are founders of one kind or another themselves.
The management team don’t have to all be former tech startup founders. I was not a startup founder when I joined StartupYard. Neither was our Associate Helena, or our Portfolio Manager Jaromir. But we had all been entrepreneurs of one kind or another.
Cedric Maloux, our Managing Director, was a tech founder before it was cool, in the mid 90s. Helena owns a Yoga Studio, I run several side projects, and our Head of Partnerships, Gustavo, ran his own healthtech company for several years- we met because he applied to StartupYard with that project. It failed, but no one has better insight as to why it failed, than he does.
A military leader with no combat experience is a danger to the people he leads. It’s the same in Startupland. An advisor who hasn’t seen plans and dreams fall apart, is a liability to the founders he or she advises.
11. Do You Have Partnerships with Potential Customers?
Accelerators are not just about learning. They’re about doing. A key part of growing your company is going to be working with larger partners inside and outside the tech industry. A B2B startup needs real customers to talk to, and a B2C startup needs to talk to companies who serve the customers they are after. So ask about the accelerator’s real relationships with companies that may be important to your success.
In Startupland, there are “Partnerships,” and there are Partnerships. Promotional partners are cheap, and the relationships totally impersonal. Sponsorships and co-operational partnerships are better. An ongoing partnership is better than a short-term one.
You want an accelerator with a real working relationship with key players inside multiple industries and corporations. You may not always know which contacts you need, so the depth of the partnerships are important. Just because a company’s logo is on the accelerator website, doesn’t mean you’ll get past the secretaries if you need to.
So when you ask about these partnerships, pay attention to which contacts the accelerator actually has: they should be C-level, or other empowered representatives like board members, founders, and investors.
No accelerator will have powerful contacts in every corporation or government institution you may need, but an accelerator should have strong relationships in a range of key industries. This is why StartupYard has a dedicated team member for Partnerships, and it is why we have investors with deep ties to tech-related industries, who can leverage their networks for founders.
StartupYard is currently accepting applications for Batch 9. We’re looking for startup founders in Crypto, AI, IoT, and AR/VR!
Get started applying to StartupYard Batch 9. Applications close January 31st, 2018.
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Why Should VR-AR Startups Apply to Accelerators in 2018?
VR/AR (Virtual Reality and Augmented Reality), have been around as concepts for a long time. What we might recognize as VR in its modern form dates back, surprisingly, to the 1950s, when the inventor Morton Heilig developed the “Sensorama,” a machine that combined stereoscopic images, binaural sound, and even smell into 5 short films.
Augmented Reality, or AR, has in fact found broader applications in the past few decades. It is common in military applications, and in aviation, where it is used to enhance HUD (Heads Up Displays) with flight data. Today, even some production cars include HUD displays as a safety and ergonomic feature.
Since the 50s, VR has periodically captured the public imagination — notably in the 1990s, when both Sega and Nintendo developed headsets (though Sega’s never reached the market). Even photorealistic 3d simulations were possible by the late 1990s — I tried one myself at the Kennedy Space center nearly 20 years ago. But despite the hype, VR has never taken the mass market by storm.
This post will dive into some of the reasons why not, and why now is probably different.
For the past few years, familiar signs of a resurgence in VR popularity have been growing. What has changed?
Obviously something. StartupYard has received more inquiries from AR/VR and so called “mixed reality” startups during our current open call than in any previous year. In fact, I’ve personally met more VR startup founders in the past 6 months than I had in the past 4 years combined.
Why are VR/AR Startups Applying to StartupYard Now?
This year, we got an influx of applications from startups, all working on AR/VR technologies and applications. We shortlisted several, and eventually accelerated two: Mixed Reality Cloud, and Mindbox. In this post, I’m going to outline a few reasons why I think the AR/VR train is suddenly coming into the station in 2017.
As with any technology, there is not always a perfect correlation between being able to do something, and having a good reason to do it. As we will find in this piece, technologies tend to really explode only when both those conditions are fulfilled.
Thus, here are a few reasons AR/VR is a legitimately big deal for early stage startups in going into 2018:
1. The Smartphone Has Peaked
As Gizmodo noted over a year ago, the massive adoption of smartphone technology has peaked, and is now slowing down as consumers cycle more slowly through technologies that bring fewer noticeable improvements, at a lower rate over time. The release of the iPhone X, for all its technical achievements, underlined the basic premise: the smartphone concept has been fully articulated, and is now undergoing continual refinement.
Smartphones and tablets have ceased to double and redouble their abilities every year, and have begun to be refined into replacements for the traditional desktop computer for many consumers. Already, tablets and phablets have replaced home computers for many consumers. In business, the same trend will likely follow.
This has had a few consequences. First, the core benefits of a smartphone have more or less been fully realized. A typical smartphone can do almost anything you’d want it to do. There is no longer a huge demand for performance improvements, given that even a low-end phone can do so much. The market has become highly differentiated, and every niche has been filled.
Second, as smartphones have become ubiquitous, the businesses built on leveraging them have also achieved scale and begun to saturate the market. As room runs out for smartphone makers to stand out against competitors and justify their higher prices, new use cases must be found or invented. And VR, particularly recently, has been the beneficiary of that pressure.
2. We’ve Hit Peak Mobile
Related but distinct is the peak of the “mobile revolution.” It may be hard to believe, but it was only in 2016 that mobile web browsing overtook desktop browsing for the first time. Today, a majority of human interaction with the internet is done using mobile devices.
Facebook, at the center of that revolution, has grown to over 2 billion active users, but its unprecedented growth of the late 2000s and early 2010s (which was around the time Facebook transformed itself into a mobile-first company) has slowed to a crawl. Not because people are using it less, but because it isrunning out of new people to add to the platform.
As a sign of how mature the mobile market has become, Facebook indicated in 2016 that it would soon run out of space to show people ads on their newsfeeds, prompting the company to begin delving into new experiences in which customers can see and interact with advertisers (such as messaging, and soon, VR).
The mobile revolution brought the age of apps from the Apple App store, Updates from Facebook, Google Maps and the Play Store, and mobile gaming. Mobile gaming alone became more profitable than traditional gaming in 2016.
Again, as with peak smartphone: peak mobile means that mobile software and content developers, along with advertisers, face higher competition and a more saturated market than ever before. Differentiation on mobile has become harder, and so they are actively seeking new media that can provide fertile ground for new content, and new marketing.
3. We Still Need Immersive Experiences — and We Aren’t Getting Them
Gartner noted in their predictions for consumer digital technology in 2017, two very interesting trends. First, that the key upcoming innovations in mobile mostly have to do with AI, IoT (Internet of Things) and ubiquitous computing. Not with consumer applications, but with intelligence and data layers that enrich our lives without necessarily meaning we need to actively engage with them.
And this is backed up by recent hardware developments. Amazon is promoting home computing systems with no physical inputs at all. Apple has just announced the HomePod, which again, proposes to eliminate some use cases for smartphones and televisions, and free up our eyes for looking at, I suppose, other people. I have been told that is what people used to do.
There has been a lot of talk about how the Amazon Echo and other home audio devices are a new medium for advertising, but I’m sceptical of how important that will be in the future. In a technology landscape where more and more of our contact with computers and information is self-directed, and two-way, the nature of advertising and marketing will have to change as well. Perhaps in 5 years a display ad will be a dying relic, and new “marketing AIs” will instead engage directly with individuals to find products that best suit their needs.
At the same time, Gartner predicts that VR, not television, and not tablets or smartphones, will be the leading area of innovation for digital media. So as home computing trends toward becoming less obtrusive, and less all-consuming, at the same time, VR promises to offer a deeper content experience than any medium ever has before.
If smartphones and home computers are going to be less attention-consuming than ever, then where will content creators and marketers go? A good bet is that many will see AR/VR as fertile ground for development. What better medium than somewhere people choose to go to become totally absorbed?
3. People Aren’t Happy with the Status Quo
As smartphones and mobile-first applications have become the core of our experience of media in general, our experience of online content and storytelling has, in some ways, become less impactful. Everything is noise, and nothing is substantial- a feeling you’ve no doubt detected on your Facebook News Feed more than once. Technology has progressed, but it’s failed to deliver experiences people engage with ever more deeply. We may check our phones hundreds of times a day, but do we watch whole movies, read a whole magazine, or play through entire games? Not so much.
And in fact, consumers are not happy with these changes. The ASCI found in its most recent consumer studies, that consumer satisfaction with computer software, smartphones, and social media platforms declined overall in 2017, or failed to make any gains – breaking a decade long trend of increasing satisfaction in these areas.
So we’re getting sick of the status quo. VR can be seen as literally the antidote to checking a smartphone 150+ times a day: a medium that requires your full attention as no other digital media does. And that’s a super attractive prospect, not only to a content creator, but to an advertiser as well.
As the smartphone has evolved, it has at times tried to fill very contradictory roles. It wants to be, by turns, invisible, and very visible: innocuous, and attention getting. We’ve cycled rapidly between smartphones technologies that virtually disappear into the background (like smartwatches), and those that dominate our field of view, like phablets, and even mobile VR headsets. Very often the same companies, like Apple and Samsung, try to sell us both ideas at the same time.
But I am betting that the age of “in-between” experiences is not going to last forever. Ultimately, people want rich content experiences. People still go to cinemas, even though they can download thousands of titles on demand. People still read paper books, even though it rarely makes economic or practical sense anymore. I would bet that VR will join staples of media like the book and the cinema- a technology people use not for convenience, but for the value and depth of the experience.
This is What Big Data Was Always Supposed to Do
StartupYard has been involved with data focused companies from the beginning. But for years, up until just very recently, one of the only ways of turning big data into a business was the same way people had been doing it for generations: selling it to somebody.
Of course, that generated many user-facing applications that enhance people’s lives and make things easier, but at the end of the value chain for most data, there is an advertiser waiting. Facebook, Amazon, and Google have built empires on that assumption, and Apple and Microsoft have made the infrastructure and devices that generate the data, and make it possible to distribute the resulting content, with ads embedded.
Data may still be “the new oil,” as it has become popular to say, but we must remember that as with oil, it took many years, and many fits and starts, to discover its ultimate potential.
Consider the evolution of oil in the modern world. First we burned it, and when that trick got old, we figured out ways of distilling it to make it burn even hotter. Then we figured out that you could use it to make things: chemicals, plastics, synthetic rubber, and other materials.
The innovation with oil wasn’t setting it on fire (we have known oil burns for thousands of years). The innovation was in making novel things out of the oil: fuel, but also tires and even whole cars, smartphones, microchips, and everything in between.
So if Data is the New Oil, then VR may be the new Plastic
VR promises at least one way in which big data will actually translate into novel products that ordinary people can use. Creating artificial environments, or enhancing existing environments with information and interactive elements takes a lot of data. As sensors and data processing platforms have grown in complexity and scale, we are approaching a point at which we can use that scale to be creatively free to make new things.
I have met recently with more than one startup who are counting on that very assumption: that now, unlike ever before, we have enough data about places, objects, physics, and people, to make artificial environments that will be fulfilling to use, and add detail to real environments that will be really useful.
I believe that a century from now, we will view VR as the child of big data — just as we now view the automobile as the child of big oil.
VR Was Inevitable, But Not Always Obvious
There are some technologies that have been so easy to describe, that we’ve known we wanted them since long before they were possible. Powered flight, for example. For centuries, humans understood the benefits of flying, but still, we didn’t have the knowledge or skill to make flight a reality.
And yet other technologies are strangely elusive in that way. The telephone was patented in 1876 by Alexander Graham Bell, who, according to legend, was unable to sell the technology to Western Union for $100,000 because they thought it was a toy.
Despite what we know now about the transformative power of the telephone, it’s surprising to learn that despite the fact that transatlantic telegraph cables existed before the telephone was invented, the first transatlantic telephone call took place over 50 years later, in 1927. And that first phone call from England to the United States happened the same year as Lindberg’s first flight from New York to Paris, only 24 years after the first working airplane was built.
Airplanes were never underestimated, but it took a lot of imagination to picture the way the telephone would transform life as we knew it. Western Union had been right at the beginning: without a dense network of connections to make it truly useful, the telephone was only a novelty. You needed dense telephone networks on both sides of the Atlantic to make a transatlantic call economically viable. Yet when it became commercially viable, the benefits were so obvious that in another 25 years, there was a telephone in literally every house in the developed world.
So while international telephony was inevitable due to its technical advantages, it was not obvious, due to its network dependency.
VR is a lot like that. It’s been not much more than a toy for decades, because the network needed to support its most promising functions hasn’t really existed until recently. How do you generate content? How do you distribute it? These solutions have been long coming, but they have only just begun to make VR an obvious area of growth in the future.
And today, startups are seeing opportunities in the same way that businesses first began to realize the potential of the telephone decades after its invention. A network has been needed, and today, with a world full of smartphones, connected by social networks, and filled with content creators and eager marketers, that time has finally arrived for VR.
Applications are open for StartupYard Batch 9!
Are you a startup, or an entrepreneur with a great Deep Tech idea?
Applications are now open.
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How should startups talk to the press? So you’ve launched your startup. Now the hard work starts. This week, we happily announced 7 new startups at StartupYard, and they all got a chance to meet the press. Over the past 2 days, numerous articles have appeared about them in the Czech press.
Here are the top hits for StartupYard in Google News (they are only a few of the articles published)- note the variety of headlines
How Smart Startups Talk to the Press: Be Prepared
So how did they do it? Despite the way movies make press conferences appear spontaneous and easy, they are actually carefully staged events. The press pitch, or the act of approaching the press with an idea for a story, is also a staged process.
Particularly when it comes to startups, it’s usually the founders who need to generate interest in the story. Journalists aren’t knocking down our doors, and few small companies get press they don’t earn.
Old fashioned preparation works today, just as it did 50 years ago. Take heart though: today, being prepared is easier than ever.
How to Prepare
We use a kind of refrain at StartupYard when it comes to press. It is: “make the press’s job as easy as possible.”
While no good journalist is lazy, all good journalists have too much to do. Making life easier doesn’t mean spoonfeeding them PR, but it does mean doing the boring stuff yourself.
A journalist has a reputation to protect (hopefully a good one). So you need to help them feel at ease. Certainly, if you don’t appear prepared, a journalist isn’t going to take a risk writing about you.
Here’s what you can prepare for a journalist before bugging them to write a story about you or what you are doing:
A Press Packet (PDF, Dropbox Folder, etc)
Photos of the team
Screenshots or shots of the product in use
Company one sheet, with Company history
Financial and user data if needed
Testimonials if you have them
Contact details and bio of team members
A Press Release with the Story
Well written and objective (not a sales pitch)
The product: Website URL and credentials if needed to test a product
Pick the right target
Someone who has written about you or your industry.
Someone you have a personal/professional connection to
Someone whose writing you like
Someone at a publication that matters to your audience
It’s possible a journalist won’t need all this stuff to write about you. They might also write about something slightly different than what you pitched them.
Still, it’s helpful for the sake of your own clarity and confidence to have all these items ready to deploy. You never know when someone will ask for them. And if they do, it might be because they want to write about you.
Know Your Audience
Remember, you’re trying to get a journalist to write about you. So it pays to research exactly what that journalist is interested in, and what info they usually like to cover.
Some famous tech journalists have even published explicit guides on how to pitch them a story.
Mike Butcher is one example of this. While I find his approach a bit extreme, and also very much focused on tech-industry journalism, many of his points are universal. If you can’t answer every question he mentions, you might not be ready to talk to the press.
Solve a Problem for the Journalist
In that same infamous cheat sheet, Butcher writes:
“The most solid pitches come when the startup relates what they do to a CURRENT news story of the day. For instance, say Apple just came out with a new kind of headphone, and your startup has a product relevant to music or headphones. THAT is when you should jump all over the media – while your story is current and you can get into the tail-wind of a hot story. Not 6 months later when we’ve all moved on and forgotten about headphones.”
There’s a reason this is right out in front. Remember that the journalist has a job, and it involves generating content their readers want. If they don’t get read, they lose their jobs.
In addition, if they don’t “break” stories, and become a trusted source of news, then their reputation never grows, and they don’t advance professionally.
So you need to approach members of the press as people who have their own needs. As such, how can you help them fulfill those needs?
Here are a few easy ways to do that:
Become a trusted source: Journalists from several publications regularly ping me for my opinion on various topics. Often I am not quoted or mentioned, but when I have a story I want the journalist to tell, then it’s likely he or she will at least listen to me. To be a trusted source, you have to give more than you get.
Give them Real News: Remember, the journalist’s reputation is built on their ability to be first, to be right, and to be read. So help them do that. If you have a tip, and it is ethical to share it, then choose a favorite journalist to talk to about it.
Remember Your Friends: The other day, I was on Twitter when I spotted this:
If I cover your startup's early funding or launch when literally no one gave a fuck, only courteous to give me a heads up for future news.
Steve O’Hear happens to be the journalist who wrote the “big story” about our alum Gjirafa, and its founder Mergim Cahani. Since I worked with Mergim to craft the press pitch that got Steve interested in the story, I immediately thought of him.
The good news is, Gjirafa didn’t forget Steve. But when some big news happens for them, they have to remember who was there from the beginning. Journalists take risks on startups all the time. Make it worth their while, and show some loyalty.
Plus, what’s better than Steve O’Hear getting to boast that he broke the story about Gjirafa 2 years before they “made it big,” and he gets to report that he was right all along? That’s a win win. Your best press is the press that loves you.
Make It About the Story. Not About You.
Remember, you are not entitled to a story just because you are a startup. My mother can start a startup. Anyone can. Tech journalists hear about new startups all day, every day.
If you want a journalist to take you seriously, then you need to have a real story. Real news.
Hint: you being a startup isn’t news. You launching a product is *probably* not news. Because who are you anyway?
So what is news?
Real news has a narrative. It connects with what’s going on in the world and where you are. There are other ways to describe it, but It’s simple to think of it like this:
Controversy: What about the story is controversial or unexpected? What is challenging or new, or possibly unexplored or counter-intuitive?
Trends: How does the story reinforce a trend that the journalist can describe and the audience can recognize? How does it “fit in” with other things that are in the news?
Data: What are the facts? Why are those facts significant?
A press pitch that isn’t developing one of those things isn’t doing its job. Why tell your company history? Because it is part of a trend, or a controversial approach or point of view. Why are you doing what you’re doing? Because data shows that it matters. Everything is connected with advancing a controversial idea, a broader trend, and real data.
Keep in mind: You are not the story. You are *part* of the story. An important part, but not the only one.
Your Press Release
How do you deliver that story? There are many methods, but one of the most straightforward is with a classic press release.
We won’t dive into that here, but I will refer you to my authority on this topic: Colette Ballou from Ballou PR, a friend of StartupYard.
Her presentation on PR for Startups gives detailed instructions on how to craft and format a press release. It’s worth studying closely.
Because this point is where many startups fail, I’m going to pay special attention to talking about what *is* and *isn’t* news.
I’ve prepared a handy list:
We launched a Startup!
We pivoted our Startup!
Our startup is better than another Startup!
We have a (generic) opinion on something!
We have a (vanilla) mission statement!
A famous person endorsed our product! (Proximity)
A famous company uses our product! (Credibility)
Our product solves a problem everyone is talking about! (Timeliness)
We are experts on a hot topic and have an opinion! (Authority)
We raised Money! (Relevance)
We have a controversial mission statement! (Controversy, Sensationalism)
Get Professional Help
I know. You’re a rockstar. Everyone will want a piece of you.
I’ll let you in on a little secret though: rockstars have PR reps too.
You’re a small company, and your authenticity is vital. Still, using a PR pro can really help you develop your approach to press and connections you’ll need to get your story heard.
People see PR as a dirty word. It’s fake, or insincere. But that’s not necessarily the case. A good PR rep that understands and cares about what you do can be magic.
Think of it like this: you help your customers the way you know how. A PR rep helps the press the way they know how. The best marketing and PR isn’t dishonest, it’s mutually beneficial. It helps good stories get told by the right people. You don’t pay PR reps to lie. You pay them to find someone who cares.
StartupYard uses a PR agency. That’s how we get our startups covered in the press. Not because we can’t tell our story, but because we can’t spend all our time on relationships in the press. If you have a good agency, the press will trust them, and work with them. They can bring you credibility, and hopefully help you tell your story better.
With all that said: go forth and tell your story. Just do the footwork too.
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This is the plot of the story, and it introduces key characters.
But it isn’t enough. The key to a great story about what you and your company does is conflict. What are you fighting against? What is wrong with the world?
Building an Appropriate Setting
All stories take place against a backdrop. A time and place, or a certain part of the world or of society, or business. And that setting is a part of the story. The setting changes along with the characters. The characters are affected by the setting.
Your setting is a key part of your story because it helps to define the stakes of the story. Putting a story in the wrong setting can damage its impact. For example, telling the story of your Groupon-clone startup against the backdrop of the mobile revolution might be a bit too grandiose. Likewise, for a company doing something ambitious and far reaching, a setting that is too confining limits the story’s impact.
Your Story Seems a Bit Off
Thus, bad storytelling happens when there is a mismatch between the setting and the actual scope of the story. Increasing the efficiency of a complicated accounting process by 10% is not “making the world a better place,” just as altering the way that people travel and view hotels (such as with Airbnb), is not “increasing the availability of lodging by 15%.”
The stakes you are playing for are important. Don’t go too big, and don’t go too small. More importantly, particularly for early-stage startups: bigger is not necessarily better. We can’t all change the world right away.
Conflicts don’t always occur between competitors. Your conflict is what makes you, as a startup, different from everyone else.
Your conflict is what makes you unique. They are your reason for existing.
If I’m, say, a home security company, then what is the central conflict of my story? It might be that another security company rips off their customers, and I don’t. That’s a conflict with a villain. It might be that people need to be more concerned about their security. That’s a conflict with the status quo. Or it might be something else entirely.
Here are some examples of central conflicts companies use to define company stories:
Sustainability: Being more environmentally conscious than competitors
Affordability: Sticking up for the little guy and providing a better service
Accessibility: Being available to more customers, or to customers with more specific needs
The Underdog: A small company fighting the evils of a large corporation
Patriotism: Emphasizing a patriotic or locally-focused attitude
Exclusivity: Offering something with limited availability, for discerning customers
Charity: Using your profits, business model, or market position to do good for others
Design Focus: Emphasizing a high attention to material or visual design
The EveryMan: Portraying a company as representative of the average person, or lacking in pretension (often the opposite of design focus).
Why do we call these conflicts? Because in every case, the central conflict is put into contrast with an opposing force. Your company is sustainable, but others are not. Your company is charitable, while others are greedy. Your company is focused on normal people, while the competitors are for specialists or geeks, etc.
There is always an opposing viewpoint in brand positioning: there is always someone on the other side of the fence.
Putting Your Conflict Into Words
In Part 1, we talked about how all great stories are human stories. And so the conflict at the heart of a startup’s story has to be a human conflict.
Very often, startups get bogged down in talking about how they see themselves. They’re smart. They’re design-focused. They’re “fun.”
But what is smart? What is design-focused? How do we define fun? Why do we want a company to even be fun? We want those things because of how they make us, the customers, feel about ourselves. People don’t buy products from a company because the company is cool, they buy them because the products themselves are cool, and because owning them makes us feel cool too.
Your central conflict has to drive your story: it has to be what customers think of when they think of you.
Try a creative exercise: Pick a list of negative adjectives to describe how your customers feel about the problem you are solving for them. That list might be something like this:
Do that step first. Now go back and supply a list of roughly opposite adjectives:
These are the words with which you will describe your customer’s feelings. The feelings your products give to customers are the opposite of the bad feelings they have now.
Thus, a story about a company helping its customers might go something like this:
“So many ordinary people are tired, and frustrated by X. They feel trapped and hopeless because there’s no way to stop X from happening. That’s why we worked long and hard to create [our product], it frees you from X, so you can enjoy relief, feel energized, and be hopeful for a happy future.”
That’s an extremely blunt story (and it sounds like an advert for hemorrhoid medication), but it is a story of conflict. There is evil, human suffering, sacrifice, and triumph. It’s everything a story needs to be.
Picking A Conflict You Can Win
It doesn’t matter how big your competition is, or how big the problem is that you’re solving. A startup story is about how you are different: how you see things differently from others.
In 2000, Google’s startup story was based on the words: “Don’t be Evil.” For a company positioning itself against competitors like Microsoft and Yahoo, both of which already had a reputation for being sort of evil, this story worked well. Google wasn’t bigger. It wasn’t more powerful. But it was *not* evil.
It shouldn’t be a surprise then that 17 years later, this is no longer Google’s story. Yahoo is gone. Microsoft isn’t a member of the “Big 4” any longer. There’s no one for Google to be less evil than anymore.
Your conflict has to be something you can win at, though. Otherwise it’s just ridiculous. Better logistics than Amazon? Probably not. Better natural language processing than Google? Doubtful. You have to be able to win at something a competitor doesn’t do well. What is that thing?
The way that a character in a story changes is called an “arc.” A character begins as one thing, and ends as another. Foolish to wise. Arrogant to humble.
The arc of a character is best seen as a change in what motivates that character- how what they want changes over time. As in the Hero’s Journey, a character with an arc not only becomes wiser, but also wants different things at the end of the story. He or she learns to see the world differently, and thus change their priorities.
When we talk about character arc, it’s convenient to view it in a binary way. Characters are either “rising” (becoming better), or “falling” (become worse). In this way, almost any character arc in a story can be described:
Rags to Riches (rise)
Riches to Rags (fall)
Man in a Hole (fall then rise)
Icarus (rise then fall)
Cinderella (rise then fall then rise)
Oedipus (fall then rise then fall)
Thus, archetypal characters have arcs that are some combination of rising and falling. But this trope is not contained in just literature. It is all around us. A person’s life story and the story of a startup are a series of these arcs. Telling a story is about showing how a person has changed. Likewise, a startup story is about how the startup, or the founder, or any other character has experienced an arc.
Bill Gates is a Rags to Riches story (not just in the sense of money). He rose from a solitary geek to the king of a software empire. Steve Jobs is a Cinderella story: he rose to the heights of fame, then was drummed out of Apple, but returned to become one of history’s most impactful CEOs.
These arcs are all around us: they play out in every life and in every startup. Which is your arc?
Putting Your Story on Paper
One of the hardest things about my job is getting founders to sit down and commit their stories to words. The anxiety it provokes is very real. Does this story mean anything? Do I sound stupid?
There is a natural tendency for people to avoid exposing themselves for possible shame and ridicule. However, telling your story is a risk: if it doesn’t feel risky, it isn’t a compelling story.
Try to keep in mind the elements we’ve covered here: Your setting, your conflict, your characters, and their arcs. If you’re doing that, you’re probably not doing it wrong.
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There’s no single compact definition that can cover every modern use of the word “story.” You may think of news articles, or children’s fairy tales. You may think of “user stories,” that product designers use to figure out what to build. You may think of a novel. In fact, most stories have common characteristics: characters, settings, plot, conflict, and an ending.
But in talking about a “brand story,” or a “cultural story,” or a “life story,” we are really discussing a specific kind of story: the “Mono-myth,” also commonly known as a “Hero’s Journey.” At the heart of what we call “storytelling” in the modern world, you find this core structure:
The world’s oldest documented story is The Epic of Gilgamesh, written 4000 years ago on clay tablets. It’s the story of Gilgamesh, a God King of the Sumerian state of Uruk. He begins as a restless and foolish young man, who leaves his city behind to explore the world, faces many challenges, becomes wise, and returns home a hero, ready to lead his people.
That ought to sound familiar. It’s the basis of every epic story from the Odyssey to Star Wars.
The Hero’s Journey works incredibly well at persuading audiences because it is a simple and flexible vehicle for conveying the human experience. It speaks to us about our experiences in life, by recreating those experiences, only with more flair, more danger, and bigger stakes.
The Hero’s Journey
Pick a big successful brand at random. Recall what you can about their “story.”
Chances are excellent that it is a “Hero’s Journey,” following the same pattern laid out 4 millennia ago in Gilgamesh. McDonalds has its Ray Krok, Apple has its Steve Jobs, and Microsoft its Bill Gates.
Not coincidentally, there are movies about all these characters, and they are all Hero’s Journey movies. The appeal of this story is so great that it is virtually synonymous with storytelling in film.
Within each of these stories is a familiar narrative: a misfit, naive and ambitious, confronts a cruel world, fails, grows, and finally succeeds. That is the simple core of every human story, and thus, every company story as well.
Qualities of a Great Story
Now we know what a story looks like. So which are the specific qualities of a really strong story? What makes this overall structure work best? Here are a few things I think are essential in a good story:
Great Stories Have Human (imperfect) Characters
Great stories appeal to the listener by being, essentially, about human nature. Great heroes are appealing because of their humanity, and not because of their power.
Think about why people love Batman, or Iron Man: it’s because they are flawed human beings. It is the human experience to face moral tests and temptation. Thus, a story in which good and evil are too easy to separate is a story without any moral tension.
You may have at some point spotted this meme making the rounds on Facebook. It’s got enormous viral potential, which is why it has been shared so widely (by both those who find it hilarious, and those who take it seriously)
It’s also a great example of bad storytelling.
In this story, we are presented with two characters in conflict: one entirely sympathetic and brave, the other entirely unsympathetic and cowardly. Thus, the point of the story, or the moral, is never in doubt. While the story creates suspense by making it unclear exactly what will happen, it creates no suspense over what the story thinks should happen.
No one in the story learns anything. No one changes as a person. One wins, and the other loses, but nothing is different at the end.
Great Stories Are About Change
I attended a panel on startups by the renowned actor Kevin Spacey this past weekend. One phrase above all stuck out to me as an example of how he sees storytelling. When asking a founder a question about his motivations in business, the founder responded: “Well, that’s complex.” To which Spacey responded: “Go ahead. Be complex.”
People are complex. So stories must also deal in moral complexity. They must give the heros and the villains an “arc.” As in Gilgamesh (or any epic story), the hero must fail to become wise. A villain must experience pride before the fall. Otherwise, nothing has changed.
Take, for example, this highly compelling commercial from none other than Budweiser, simultaneously America’s best selling, and worst tasting beer:
This is practically the definition of a Hero’s Journey. A young man with a romantic vision leaves home, only to find that the world is harsher than he expected. Enduring many trials, he finds help in unexpected places (the black man on the river boat). Having grown through his experience, he reaches his new home ready to accomplish great works: in this case, brewing beer.
This ad was seen as shockingly political (released weeks after the 2016 US Presidential Election), but it was also very successful. And that is because it is a real story, not just an ad.
It seeks to reframe the story of Budweiser, “America’s Beer,” into the story of Americans themselves, where they come from, and what they should believe in.
It also presents a coherent moral argument: that adversity makes us stronger, and that perseverance leads to success.
Importantly, neither of the two main characters in the story (America, and Budweiser himself), are either purely good or evil. Budweiser shows hints of arrogance from the beginning, before becoming wiser, and America shows signs of openness, even after initially seeming a cruel place indeed.
The story is about these characters changing together.
Great Stories Are About Conflict
As we’ve now seen, conflict is essential to a powerful story.
Conflicts in stories boil down to need. Human beings and societies have competing needs. How those needs are addressed, and which needs win out over others, are key elements of a story.
Convincing an audience that one need is greater than another is vital. Otherwise, why should a person pay attention to your story? It involves no consequences.
This is a video I often use to talk about bad storytelling. It’s a coca-cola ad from the early 1980s, when Coke was getting its ass kicked by Pepsi’s brilliant marketing.
But what’s not to love? Sunny day, happy people, soccer for some reason, and everyone having a “Coke and a smile.”
This ad was a failure, along with much of Coca-Cola’s marketing at the time. There is zero conflict in this story. And because there is no conflict, there is no identification of any urgent need. Do I need to have a coke on a nice day? It seems these people are having fun, regardless of what they’re drinking.
Brands routinely fail to introduce real conflict into their product and brand stories. Here’s a more recent example:
There’s a lot wrong with this ad, but the most important problem is that the conflict it presents is false. We see trials and struggles for the hero, but we are told at the end that there is no solution. And instead we should just buy a car. It’s insulting.
Cowardly marketing and bad storytelling happen when we refuse to acknowledge that our customers are people with their own problems. They aren’t just people out in a park having a perfect day, ready to jump at the chance to buy a coke.
They won’t automatically feel better about themselves just because someone tells them it’s ok to buy a car. Even if that car is the best car ever. They have other needs as well- more important ones.
Coke actually learned that lesson. Here is a typical ad from more recent years:
Here is conflict. Suspense! Competing needs and wants. And the brand in the story is associated with wisdom, with the setting aside of personal enmities in favor of love.
That’s a great story to tell. It appeals to people as they are: always in conflict with themselves, and always unsure of what is right.
Creating and Resolving Conflict
How do you make your story real to other people? You do it by making the conflict real to them. By showing them how the conflict in your story should matter to them.
This is also where a lot of startup stories fall apart. They make the mistake of thinking that making a good argument is the same as actually persuading someone. But it is never enough to just be right. The person has to believe you’re right.
In the next post in this series, I’m going to talk about how to identify parts of your story, as a founder, as a company, or as a person, and bring out the hidden conflicts that will help you relate that story, and make it matter to other people.
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It seems like the tech investment market hasn’t been this excited about anything since 1999. The ICO, or “Initial Coin Offering,” is on the lips of every investor, and floats to the top of every startup discussion around fundraising and new business models.
Depending on who you ask, it’s a revolutionary shift in the investment paradigm that will help tech companies and investors alike become wildly rich, or it’s a scary bubble-creating, fraud enabling monster the likes of which hasn’t been seen since the dot-com bubble.
So what’s going on? What’s an ICO? What do you need to know about them? Why should I be wary or excited? This post will jump into the circumstances that created the phenomenon of ICOs, and try to dispel or confirm some of the most important common beliefs about them.
First, a bit of history:
First There Was Blockchain
In the distant technological past, around 2009, an idea emerged from a mysterious coder with the pseudonym of Satoshi Nakamoto. In a now-legendary whitepaper, he produced a theoretical model for a new kind of digital currency: what he called Bitcoin.
Without getting too deep into the technology, the key to Nakamoto’s innovation was the idea of a distributed digital currency that relied on a network of computers to process and authenticate transactions for its users. This network would create many copies of a “blockchain ledger,” and would copy transactions written to the ledger based on consensus with the network.
The ledger would contain many “coins,” or unique pieces of code that could be “traded” from one user to another only with the use of a private key. Over time, the system itself was designed to create more coins as a reward for those who processed transactions- a process called “mining.”
In this system, transactions would be theoretically tamper-proof. The system would keep what amounts to a never-ending record of everything it does, impossible for one person to alter alone.
Though Bitcoin’s exact origins and Nakamoto himself are mysterious, what is true today is that millions of people around the world have traded bitcoins, and used them for a variety of purposes, including making payments, transferring money abroad, and in some cases, illegal activities such as extortion, money laundering, and black market sales. There is such ongoing demand for bitcoins, that they have been valued by some exchanges at up to $5000 dollars recently.
The popularity of Bitcoin has spawned many follow-ups, including and especially Ethereum, which has presented a number of technical advancements to solve limitations in the original Bitcoin technology, particularly Bitcoin’s lack of speed and extensibility.
Today, the Ethereum blockchain functions as a platform upon which applications that need a distributed blockchain can be built. The Ethereum coin called “ether,” can be “spent” as a way of leveraging the network on which it runs to accomplish new tasks in a secure way.
Blockchain and ICOs
While Bitcoin popularized shared ledgers, new platforms like Ethereum promise to put that technology to much broader use, such as in authenticating contracts, securing communications, and enabling new forms of crowdfunding. Proponents see Ethereum and similar technologies as a way to decentralize many functions of the web, and eventually the whole economy.
An ICO is one of those new uses of a shared ledger. As simply as possible, it is the process of offering a new set of coins for purchase, either for cash, or more commonly, in exchange for cryptocurrencies that the seller of the coin can then exchange for cash, or something else. The coins being sold by the company raising the IO should be tied to some external financial instrument or physical asset, such as a loan, a share of common stock, a security, or in some cases, “credit” towards the use of the products a company offers.
You may recognize this kind of transaction as essentially similar to the sale of a security or a debt. The main difference is that the sale is accomplished using a blockchain ledger, and the “coin” sits in place of a typical security instrument, such as a bond, or a note.
Thus, an ICO could be used to facilitate many existing business activities. It could be used to enable a group of lenders to pool their money, or it could be used by a startup to sell equity in itself. An ICO can also be used by an existing company to offer a way of buying its services (the same way mobile gaming companies sell tokens, gems or other items to their players to make in-game purchases).
The advantages of employing blockchain technology in these circumstances are the same as ever: increased security, transparency, and auditability. In short, ICOs can potentially offer a better or fairer way of doing things people mostly already do.
So Why is this So Crazy Popular?
Because it’s so easy to setup, and easy to use. The wild popularity of ICOs in the past 6 months or so is largely driven by the general investor hype around cryptocurrencies. As the prevalence of shared ledgers grows, it becomes ever easier to leverage them for novel purposes like an ICO.
And that cutting-edgness can make the ICO market a bit frothy and potentially bubble prone. People who have invested in cryptocurrencies, and more importantly those who missed the huge easy gains that early Bitcoin and Ethereum investors made, now are seeking more opportunities to make returns of a similar scope. At least a part of this is mania and greed, as evidenced by the wacky valuations and amounts raised in some ICOs.
On the other hand, ICOs carry undeniably attractive advantages. They can be bought into from anywhere, by anyone, and are instantaneous- a powerful antidote to the slow and restricted nature of traditional investments and bank transactions for end-consumers. In a sense, an ICO lets individuals do what big investment banks have been able to do for decades: to be the first movers in new and exciting markets.
What an ICO is Not
Of course, that freedom and opportunity comes with its own cost.
Currently ICOs are mostly considered to be unregulated, and have thus been characterized as dangerous, risky for investors, and legally questionable by experts. Certainly those ICOs which mimic the characteristics of a classical IPO have been among the most concerning activity in the ICO market, and were the primary motivator for both the Chinese and US governments to intervene in the market recently.
An ICO can allow a company to bypass institutional investors who might normally help to diversify risk for consumers, or ensure that an investment is legally structured in a way that protects investors. In an ICO however, no central mediator such as a stock exchange or investment bank exists, and thus, in some cases, due diligence on behalf of investors is poor or non-existent.
Whatever the legal or ethical dangers, ICOs have quickly ballooned in value to what is estimated to be billions of U.S. dollars in the past year. Companies have used ICOs to raise eye-popping amounts of money, sometimes with little reliable information about where that money is going, and often with little legal protections in place for buyers.
ICOs have also been the tools of purely criminal enterprises, with a fraudster reportedly caught attempting to move $350 million of ICO investments offshore from India, after a fake ICO for a company calling itself OneCoin.
Massive speculation in cryptocurrencies has fueled plenty of fraud and abuse from bad actors looking to make easy money. And the distributed nature of a shared ledger makes it correspondingly difficult for investors to organize in response to problems. Collective shareholder action becomes difficult when many shareholders remain anonymous.
As to whether we are in a crypto bubble, as many commentators fear, it is inherently difficult to recognize a bubble when you are in it. But according to the economic historian Michael Lewis (author of The Big Short), a defining feature of the investor mania that leads to bubbles is “ an exponential increase in the volume and complexity of fraud.” And fraud today in crypto-currencies is both voluminous and increasingly complex.
Original Art by Mirek Sultz Copyright 2017, StartupYard
Are ICOs Legal?
At least right now, they’re not illegal in most places. But the question of their legality is part of an evolving situation. They have recently been banned in China, as the government grew concerned over the disruption they were causing in the country’s traditional financial markets. In addition, the SEC (Securities and Exchange Commission of the US), has also issued new guidance suggesting that ICOs that are similar to a classical IPO must register with the SEC, and adhere to existing regulations.
The ESMA (the European SEC), has yet to issue coherent regulatory guidance for European investors and companies. European regulators are typically slower to act than either the US or China.
In addition to this, while an ICO might not be illegal, it may in some cases be technically illegal to participate in it. For example, investors who are American citizens, and the companies they buy coins from, may be at risk of violating US laws including FATCA and FBAR – laws that require many financial transactions to be reported to the US Government when they involve American citizens.
In most countries, ignorance of such laws is not a defense for breaking them.
Are ICO’s Safe?
They can be. An ICO is not inherently safe as an investment. One unique risk in blockchain transactions, as opposed to traditional commerce, is that nothing is reversible. “No backsies,” meaning that you can’t appeal to anyone to recall a transaction once you make it.
And a coin alone does not guarantee shareholder rights or ownership of something. However, if the proper legal framework is used to tie coins to real assets or give their holders certain rights, then an ICO investment or a coin purchase is not fundamentally different from the purchase of any other type of security or medium of exchange.
So while an ICO is not by definition “safe,” it is not necessarily any more dangerous than any other type of transaction. And in some ways, it can be considered more secure against certain threats.
Ok, but Should I Buy Into an ICO?
According to our in-house blockchain expert, Decissio founder Dite Gashi, you should not consider investing in any debt or equity ICO unless it meets some essential criteria (many of it the same as for any traditional investment).
Here are the highlights of Decissio’s checklist:
The ICO’s Focus – The focus should be on the business, and not on providing investor returns, particular fast investor returns. If it looks like a pyramid scheme, assume it is.
Meeting Technical Due Diligence – either you or someone you trust has examined the technical specifications of the offering, and are satisfied that it is sound from a technical point of view.
Complete Company Documentation – Just as with any investment, the company launching an ICO should be on a sound legal footing, and should be represented by qualified board-members, free of legal trouble, compliant with regulations, and have its finances in proper order. If documentation that establishes this is not provided, then the investment may not be as safe as you think.
An Exit Plan – A company raising money through an equity or debt ICO should have a clear idea of how and when investors can be paid back, what triggers a liquidity event, what events or milestones call for a reorganization of the company, and so forth. This should all be provided in writing and vetted by your own legal counsel.
Legal Framework – Purchase of a coin in a debt or equity swap absolutely must have legal documentation tying the coin to a real asset, or to the right to collect payment on a debt. Sufficient collateral for such a transaction should be in place, and all standard legal documentation must be provided. The blockchain technology does not replace any of this, or make any of it less necessary.
To be clear: we are not offering financial advice. But our opinion is that an investor should make a habit of looking for the same kinds of things in any investment they make. The way that an investment is offered doesn’t change the fundamentals of wise investing.
In answer to this, we would pose a different question: what are the specific advantages of doing an ICO?
It’s Faster: ICO might be easier to manage in the long term. Because it’s handled using a shared ledger, there’s no need to deal with many investors all trying to give you money at the same time- no problems with exchange rates, transfer fees, bank delays, and other annoyances.
It’s more Scalable: Unlike a typical early-stage investment, an ICO can in theory be easily extended or replicated in the future without any changes to existing agreements. Traditional equity investing involves complex time-intensive processes to transfer shares, convert notes, gather signatures, and the rest.
It’s Auditable: A nice thing about an ICO is that it can all be audited. Investors can feel more secure because a company cannot easily lie about how much money it has raised, or at what value. It’s all in the ledger.
It’s Flexible: an ICO can be used by a small group of investors, just as it can a large one. This means that you can theoretically offer early investors the advantages of using a shared ledger, without sacrificing the personal touch that is so important with early stage investments. Startups rarely just need money: they usually need investors who can help them. It’s still possible to do that with an ICO.
ICOs are a Threat to Traditional Investors
It should be obvious by now that blockchain technology and ICOs are perceived as a threat by many traditional investors. And with good reason. Traditional startup investors may offer more than just money, but money is certainly a huge part of what they offer. ICOs can be a way to get around large institutional investors and deal with people on a peer-to-peer basis, meaning that traditional investors will have to compete harder for investments, and offer more to companies they invest in.
Early stage investors like StartupYard also face challenges from this technology. As it becomes easier to get capital from anywhere, startups are perhaps less likely to think of an accelerator as a starting point for their business. They may find that raising money in an ICO is easier – maybe even too easy.
Investors down the line may also find that investing through traditional institutions doesn’t give them the access to deal flow that they want, and they could be attracted to ICOs as a way of getting “closer to the action,” and giving money directly to exciting startups.
Tech Business Angels and VCs may also find that startups are not as keen to cooperate with them because of the alternatives available. That may be good for some startups, and very bad for others. Small companies that raise money too quickly often make big, costly mistakes, rather than little, cheap ones. Institutional investors don’t make you immune to that problem either, but they can enforce much needed discipline on founders who are playing with lots of funds for the first time.
What can we do about it?
As the famous line from newspaperman Horace Greeley says: “Go West, young man, go West.” In other words: we must adapt to our times. The reality is that this technology is gaining popularity because it promises something that people want: a new level of transparency and immediacy, for investors and for startups, that the old investment world can’t match.
While we have to continue to advocate for the processes that have made us successful at what we do (which have less to do with money) we also have to recognize that the modes of technology change whether we want them to or not. Our model must adapt, which is one of the reasons that StartupYard has made itself available to smaller investors through private equity placements over the past two years. We see that small investors want more access to early stage investments, so we must provide it in a way that makes sense for us, and for them.
Still, and it bears repeating: startups don’t really need money as much as they need help. Really effective startup investors provide enough money, in order to offer the level of help a startup really needs. A day may soon come when StartupYard will adopt blockchain technology in our own fundraising efforts. But when the winds of change blow, you shouldn’t be blown away by them. At the end of the day: the tech business has to be about more than money.
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Originally published on our blog way back in 2014, this post has been one of our most enduringly popular. According to Google Analytics, the average reader has spent over 20 minutes studying it. It is also our most popular piece on Medium. Since that time, we’ve shared this post with scores of startups, and used the methodology detailed here over and over again. This post is updated to reflect all that we’ve learned in the past 3+ years.
What is Positioning?
“Positioning” has often been described as “the organized system for finding a window in the mind.” That’s how Al Ries and Jack Trout described it in their book: Positioning, a Battle for Your Mind, a groundbreaking work from 1981.
Al Ries is often credited with coming up with the term “positioning,” and he describes it as a way of using a customer’s own experience of the world (including with other brands and products) as a way of communicating with that customer. Rather than communicate in a vacuum, companies that use effective positioning target customers who are already familiar with competing products and brands, and use that familiarity to differentiate themselves.
In the book, Ries highlights perhaps the most famous example of brand positioning in the 20th century: that of Avis, which in 1962 premiered the tagline: “At No. 2, We Try Harder.” Avis was at the time the market runner up in rental cars, and the company used that fact to imply that they were more accountable than their competitors, because they had to be.
Positioning is Everywhere
When we stop to think about positioning as a promotional tool, we begin to see that it is everywhere.
Brands use their competitors as foils for their own messaging constantly. Remember those “I’m a PC, I’m a Mac” adverts.
Brands for the the past half century have often focused less on defining what their products are, and chosen rather to define what they are not. Another striking example comes from 7-up, which in the 1970’s sought to gain market share by telling customers that their clear soda was “the un-cola,” explicitly defining themselves as essentially “Not Coke.”
Whereas in the past, consumers may have seen their range of choice as: “drink Coke or don’t drink Coke,” 7-up presented a different scenario: “drink 7-up when you don’t want Coke.”
In presenting consumers with a new choice: either drink Coke or drink 7-up, the brand found a window into consumers’ minds. It suggested that there were many people who would prefer an alternative to Coke that was not available.
By framing 7-up as an alternative to a popular drink, the brand convinced retailers and consumers alike to buy 7-up along with Coke, in order to fill the demand implied by the advert. In 7-up’s ideal scenario, customers would not stop buying Coke, but would buy 7-up in addition to Coke.
The product itself also emphasized its differences from traditional sodas. It was not caffeinated, it was sour, and it mixed well with the more popular alcoholic drinks of the time, including gin and vodka, which were gaining market share in the 1970s. “7 and 7″ was a popular drink choice by 1970, a mix of Seagram’s 7 Crown Gin, and 7-up.
The brand thus further differentiated itself from Coke, which had traditionally focused its brand on taste and tradition, using the tagline “It’s the Real Thing.” Whereas Coke was a conservative choice, enjoyed by families and older generations, 7-up was a young brand- enjoyed at night in bars and in cocktails, rather than on sunny afternoons at baseball stadiums or at restaurants.
Thanks to these ads, 7-up rose in the 1970s to 3rd place among sodas, only losing its market share with the rise of diet sodas in the 1980s and 90s, and the decline in popularity of mixed drinks in favor of bottled drinks and beer.
What a Product Positioning Statement Looks Like
Here we’ll focus on a sub-discipline of positioning as a whole: Product Positioning. It’s the same general philosophy, but with its own specific methodology.
When a startup team joins StartupYard, one of the first things we ask them to do is to sit down and write our a “positioning statement.” The format is deceptively simple, and it looks like this:
Product Positioning Statement:
(Our Product) is for (target customers):
Who (have the following problem):
Our product is a (describe the product or solution):
That provides (cite the breakthrough capability):
Unlike (reference competition):
Our product/solution (describe the key point of competitive differentiation):
Why A Positioning Statement Is Important
The positioning statement contains the core elements not only of a product, but also of its marketing and sales strategy. And while most of our teams have worked primarily on ways of describing their ideas, a positioning statement does more than this: it also justifies the notion of that idea becoming a business.
It’s important for a startup to have the concepts of saleability and market differentiation baked into the essence of the product. Writing a positioning statement, like writing a SWOT analysis, can reveal basic strengths and weaknesses in a product while it is still in the “idea” phase.
A Starting Point
Even more importantly, a positioning statement can serve as the basis for validation of a product. If you can’t describe what your company does in this compact format, it’s possible that you aren’t sure yet what your company actually does. You may be sure of what you are doing on a technical level, but what that means in business terms might not yet be clear.
The positioning statement is a conversation starter, particularly with early mentors and core team members, to facilitate early discussions about core strategy, and how the team sees itself in the bigger picture, what market it is really addressing, and what its real competition is in that market.
And a positioning statement, well-executed, can be transformed virtually complete into the core marketing message for a product, once it is developed. Take this copy from Nest’s webpage:
“Our mission is to keep people comfortable in their homes while helping them save energy, and with the next-generation Nest Learning Thermostat, we’re able to spread that comfort and savings to even more homes — and to help higher-efficiency systems perform the way they were meant to.”
Here are all the elements of a positioning statement. If the Nest founders filled in our form, it would look something like this:
Our Product is
For: Upper-middle class and wealthy people
Who: Own homes and spend a lot of money on energy costs and heating/cooling systems
Our product is a: Smart Thermostat and related products
That provides: Savings and increased comfort by improving efficiency of existing systems.
Unlike: manufacturer provided systems
Our product/solution: Learns and intelligently adapts to the inhabitants to increase comfort at all times, while saving money
A Positioning Statement Tells the Truth
The above “translation” of the Nest positioning statement doesn’t say exactly what their marketing copy says of course. They don’t mention wealthy clientele for one thing. But at $130 for a smoke detector, and $250 for a thermostat, that is surely the market they are targeting.
Their products are priced high enough to be clearly exclusive, but low enough not to seem extravagant or make a money-wise customer feel foolish for purchasing. And anyway, that messaging is not only found in the price, but in mention of “homeowners,” and of “higher-efficiency systems.” These subtle cues indicate to customers that the product is made for people who value performance, and are willing to pay to get it.
Features ≠ Differentiation
Notice too that none of the positioning statement deals with the exact features of the product. It’s all about the outcomes the product promises.
This is key: their competitive differentiation is not on a feature-by-feature basis, but holistic. They frame their competition as not only out of date, but barely worth mentioning at all. They indicate that their competitors (the providers of the systems), are not even in the same business as they are, and that therefore competing products are not even worth comparing in a more granular way.
These are all elements of Nest’s marketing that are informed by the market segment they have chosen to address, from the quality of the products, to the design, to the sales language and the pricing. And so the marketing message that says: “this product is for you,” when speaking to its target client, is backed up by a product that is built with that person in mind. The mission is clear: this is not a product for anyone, but for someone very specific, so that when the customer comes across the product and thinks about buying it, he or she can immediately see that it is made for them.
Who, Not What
There’s a reason the positioning statement starts with “who.” Over the years, we’ve consistently observed that the first thing most startup founders do is try to talk about the product before talking about the customer.
But here’s why that’s a mistake, and why the positioning statement doesn’t do that: understanding the target market is the first hurdle in actually validating a new product. Features are a distant second consideration to clearly articulating who the customer is, and what their problem is.
A laundry list of features doesn’t really address the problem of “who” the product is for, but only “what” it is for. And that “what” that a feature describes doesn’t necessarily give any indication of what problem is being solved. Startups that are dealing with complex technologies can easily skip over the core user benefits of the technology, in favor of describing the technology itself.
Common is the startup that pitches “a revolutionary new method of transforming leavened wheat products into crispy squares by employing concentrated on-demand heat conduction derived from electrical coil technology,” instead of pitching: “toast whenever you need it,” or even “a less boring version of bread.”
People Buy Outcomes, Not Features
Customers ultimately buy solutions to their problems, not technical specifications. And those problems are not always the same as the ones that the feature list actually addresses.
Consider this, when thinking about buying a car, what are the first things you’re likely to check?
Probably it isn’t technical specifications. Most people will answer one of two ways: they will check either prices, or reviews.
That indicates that the customer is very aware of what their problem is. They need a car, and they need it at a certain price, or at a certain minimum level of comfort and safety, or both. Car companies rarely list their prices up front on their websites precisely because they know that this is what customers are looking for, and so they are able to ask for customer information in exchange for information on their pricing.
Cars rely heavily on marketing to differentiate themselves, but the marketing is typically not focused on what the cars actually do. And that’s because cars all pretty much do the same things. So the problem being solved for the customer is not “I need a car,” but “I need a car that fits my personality/lifestyle/class/status and/or specific needs.”
Look carefully at a car commercial, and you’ll be assaulted with subtle and unsubtle cues about price, lifestyle, class, education, and culture, but not much about fuel injection, or anti-lock brakes, or all-wheel drive. These things may get a mention, but the whole object is to present the car as being a great value, in consideration of all that it offers for the price being asked.
The goal of a typical car commercial is to convince a customer that they are buying the status and the culture that is associated with the car; that their decision is not motivated by price, even when it usually is.
That is how powerful positioning is. By showing a very clear understanding of who their customers are, car companies can turn a price-motivated decision into a statement about who the customer is, and about their place in society as a whole.
Try this: go and ask someone why they bought the phone they own, or the car they drive, or the computer they use. Whatever it is, ask them why they chose it.
The majority of people you speak to will probably not say: “it’s the best I can afford.” Instead they were answer the question in terms of what the phone or car or computer represents to them; what it says about them and their values.
For example, if the person has a cheap phone, they’ll say something like: “I just use the one that came with the plan. I don’t need anything fancy.”
That’s often code for: “I’m too cheap to buy a nicer one.”
On the flip side, ask a latest model, hi-tech phone owner why they bought their tech toy, and they’ll say it’s because they value the design, the features, or the amazing convenience of using it. They won’t say: “I bought this because I want to signal that I am wealthy and can afford luxuries.”
This dedication to explaining our motivations in personal terms doesn’t extend only from a marketing strategy for high end consumer products – it derives from the way those products are made as well. The design and build of a product must subtly betray its role in social signaling for the owner. Cheap cars are “humble,” while super-expensive cars are “subtle.” It is the cars in between that are most ostentatious.
When you see a fancy paint job on a cheap little economy car, you cringe because it is a confused communication of values by the owner. It’s pig dressed as a lady.
Consumer products can also be designed to signal their utilitarian nature, in order to make customers more comfortable with their purchase. For every €20 bottle of wine, there is a €5 bottle of wine that looks somehow less pretentious, and more sensible.
The Position and the Pitch
The main difference between a positioning statement and a full blown pitch is that the positioning statement says in plain words, what is really true about who your product is for, and what you believe its market fit to be.
This will help you to stay away from visions of (and talk about) your product changing the world, even if it doesn’t really have the capacity or the capability to be a real world changing idea. Not all products have to be for everyone, and many of the best products aren’t.
It will also keep you honest and focused; force you to make clear the needs of the market you are targeting, and force you to live in their shoes instead of your own.
https://startupyard.com/wp-content/uploads/2014/03/playing-chess-1432405-m.jpg226300StartupYardhttps://startupyard.com/wp-content/uploads/2015/02/Logo.pngStartupYard2017-08-30 10:00:012019-05-21 11:06:05The Positioning Statement: Finding a Window Into the Mind
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?
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:
What is the problem you’re solving?
What is the solution?
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.
https://startupyard.com/wp-content/uploads/2015/09/12031374_939801402749828_3210935344448360240_o-1024x680.jpg6801024StartupYardhttps://startupyard.com/wp-content/uploads/2015/02/Logo.pngStartupYard2017-07-13 10:40:482019-05-21 11:06:054 Ways to Never Fail a StartupYard Interview
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.
https://startupyard.com/wp-content/uploads/2013/04/fb_image.png300300StartupYardhttps://startupyard.com/wp-content/uploads/2015/02/Logo.pngStartupYard2017-06-06 09:00:182019-05-21 11:06:07StartupYard is a GAN Accelerator. What Does that Get You?
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