Every now and then you go to a great spot that you know you want to return to....the Sleeping Lady resort outside of Leavenworth, WA is such a spot. It was awesome. It's rare when a place is able to cater to both kids and to adults successfully. But this place managed to do just that. From an adult perspective, the food is great, the accommodations comfortable (cozy even), and the setting romantic. From a kids perspective, there's a pool with a place to jump off rocks into the pool, a hot tub, a game room, a popcorn machine, and wenatchee river nearby to go inner tubing! I can't speak about this place enough -- we're already talking about when to return and with whom. Supposedly in the winter it's a great cross country ski and snow shoeing spot!
I'm sitting in the TechStars first 5 minute pitch practice. As a first start to TechStars presentations, the teams are doing a good job. That said, the teams need to follow the basic rules of business presentations :
i) Rule 1 of presenting: Tell them (the audience) what you're going to tell them
Tell them
Tell them what you told them
ii) Rule 2 of presenting:
Show don't tell - a picture is worth a thousand words
iii) Rule 3 of presenting:
Tell a story about their company that illustrates the problem that ou're solving. Real stories allow audiences to understand and engage.
How to quit your job at a startup?
In the last month or so, I've had the good fortune of witnessing high level employees quit from 2 startup companies. In both cases, the employees were well meaning honest folk who did a poor job of communicating to the management of the start up.
if you find yourself in the position of management at a startup (or for that matter any company) and wanting to quit, I would encourage you to notify the management as soon as possible that you are thinking about leaving the company and some of the life factors that are making you consider leaving.
This early warning step is the one that people screw up most -- and often has the most negative effects on the entire process. It often makes employers feel burned when they don't have fair warning or opportunity to correct bad employment circumstances. Why is this so important? Two reasons: first, because startups need to be able to plan for effective transition and second, managers want to feel like they have an opportunity to communicate or respond to market dynamics with a counter offer. Without adequate warning, managers end up feeling burned and can take defensive or punitive actions in response. These only aggravate bad communication and bad feeling between employee and mangement left at the company.
Obama hugs my wife
This photo made the national news -- it was in the New York Times, Seattle Times, SF Gate, and many other newspapers. Kind of a big deal in my house!
Practice and feedback make for great pitches
At TechStars, we've already had 2 pitch practices. These are exercises where everyone gives the 30 second company pitch and then gets feedback. It's simple -- and yet not many people do it. We do it dozens of times at TechStars! I already witnessed significant improvement amongst the teams in the clarity and confidence of the pitches. If you're an entrepreneur make this a regular practice!
Top 5 things heard at TechStars in Seattle on Day 1
- It's your company.
- Be aggressive -- about all aspects of your business.
- We chose you ....not your idea.
- TechStars is an opportunity for massive entrepreneurial acceleration
- Be intellectually honest
Having just left the office -- I gotta say...the day was long but really exciting. Nothing quite like being at the starting line of 10 companies filled with hope, dreams, and idealism to change the world one bit at a time.
Idea Paint is a great start up product
The folks at IdeaPaint were kind enough to contribute some IdeaPaint to TechStars in Seattle. We installed the special paint which makes walls into instant whiteboards. The product is very, very cool. We've painted a bunch of walls with it and people really like the creativity and fun of writing and drawing on the wall. Sure whiteboards are great -- but IdeaPaint is in a whole new league of product. Ideapaint is the iPhone of creativity surfaces! Good stuff. Thanks to Jeff and the whole team at ideaPain!
Twitter's new "follow" feature may be overdue....but it's well implemented and I expect it to be super useful. A little nervous because the number of people I follow just increased 30%! (at least)
Top 5 tips for a company offsite or retreat
- Have a sit down company dinner. Cooking, eating and cleaning are good community activities especially when the food is "community" or "family" style. Italian food goes well.
- The majority of the agenda should be no agenda. Give people lots of free time to just chat and connect.
- Have alcohol available for those that want to consume. You never want to run out of beer.
- Poker is a nice add to any offsite.
- A community game -- get people to play something so they get to know each other out of the professional context.
TechStars in Seattle to start in 1 week
I admit it -- I'm getting excited....and a bit anxious. One of the out of state teams arrived today and another is driving out from the east coast. I've been meeting off and on with some of the teams. I'm really looking forward to digging in and making something happen. I'm pleased already with the support that the mentors are providing. I think we've got a good schedule of presentations and office hours.
Not sure what else I should be doing this week to get ready....any suggestions?
TechStars in Seattle is looking for a Fall Associate! Please forward on...
This is a unique opportunity to be intimately involved with the evolution of 10 startup companies through the course of the TechStars in Seattle fall accelerator program, as they grow from early stage to venture funding. These are internet/software companies, so some level of interest in this area is preferable. Benefits: This is a chance to develop an amazing network with successful professionals from around the nation while observing, participating, and learning about how startups succeed (or fail). Watch videos from last summer to learn more: http://www.techstars.tv/. Duties: Requirements: Enlistment Dates: August 16th à November 12th (approximately) To Apply: Submit a resume and personal statement (max one page each) describing why you want this position and why you are the perfect candidate.
TechStars and Founder's Co-op open house is cancelled. Will be Rescheduled!
It is with deep regret...that I need to inform you all that we will not be able to host the "who let the geeks out" BYOB party on August 13, 2010. Yes, we've moved into our new office S. Lake Union ....and yes, we're super excited to share the space with all of you in some kind of party. BUT, we have furniture everywhere and like most good startups are overextended trying to get ready for the start of TechStars in Seattle. So forgive me....we're going to need to reschedule the event. The party next friday the 13th is postponed! I have plans to attend GeekWeek with Chris Pirillo....but won't have the honor of hosting the inaugural party! Stay tuned for a rescheduled date after TechStars concludes.
When it comes to software products, nail it before you scale it
When building a software product, it's important to figure out the individual pieces in a small market microcosm and make sure that the product works for the desired market BEFORE you go about worrying about scaling. This is another way of saying -- avoid the build and they will come strategy. With software and mobile products, entrepreneurs often focus on scaling the product before they've really figured out the dynamics of consumer interaction and satisfaction with your product.
Nailing a product is hard work and takes time and a lot of attention to detail. Figuring out when and if you've nailed the product requires lots of feedback. Focus on refining the minimal feature set and the customer feedback to determine if you're being successful.
Top 5 entrepreneurial moving offices tips
Sorry for the slow week of posts last week. But I was engaged in moving to our new offices in South Lake Union. The office already has a nickname -- "the Easy"....it's a working name based on the fact that we have a speakeasy in the basement.
Like most start-ups....and unlike most big companies.... We moved ourselves. We rented a U-Haul and a couple hand strollers. We got lots of used furniture. We negotiated with internet providers which was a pain in the ass because Comcast doesn't service our neighborhood. We put the furniture on our backs and moved. My back is tweaked -- it's hard for old guys that sit in front of computers to move stuff.
The upside of all the moving and sweat is the new space we're in. We're setting up office this week. Trying to get things tidied up for the start of TechStars. Stay tuned for pictures, parties, and open houses.
Special thanks to Kayla and Danny for making the move happen. We couldn't have done it without you...or your siblings.
oh yea -- and now for my top 5 tips for those people considering an office move:
- Home Depot has tile board that makes for great whiteboards
- Used chairs can be acquired for $20
- Pizza plus $200 worked for payment for a full day of movers
- Make sure to start the internet gets signed up for before you sign a lease
- Negotiate an "out" to your lease -- having a buyout with 6 months notice is a good practice for any startup!
The benefits of RevenueLoan
I've been meeting and talking with lots of entrepreneurs about funding needs and getting feedback on RevenueLoan. We're learning that RevenueLoan really helps companies for the following reasons:
- RevenueLoan is different in type. It's neither equity nor debt strictly speaking. This different type of investment is attractive in lots of situations. I've heard from small business owners that the concept is simple and aligns investor and entrepreneur interest better than alternatives.
- RevenueLoan plays nicely into existing cap table and doesn't require dilution of existing shareholders.
- The capital is flexible. Because the money is not tied to specific ratios and doesn't require fixed coupon payments, entrepreneurs can use the capital in the best ways he/she sees fit to grow revenues and the business.
- A number of entrepreneurs use RevenueLoan as an alternative or an addition to traditional lines of credit. RevenueLoans can be good insurance policies on sustaining a growing business through situations that are cash tight.
3 drop dead simple tips for job seekers in technology startups
I've been looking for some marketing assistance for RevenueLoan and the process has hi-lighted the most simple of tips for applicants:
- Make sure your resume is easily opened by Microsoft Word. A number of people sent me .pdf file formats which is fine but don't open reliably in Google docs.
- Make sure you say something short and interesting in your email that the gets a recruiter to open your resume. Remember that job one is converting your email into a resume opener.
- If you're in the technology field, having a vibrant social network on facebook, twitter, and linked in is an obvious filter. I use these three services as screens for all technical and business applicants.
The slog of business
We have a saying around Founder's Co-op which is "chop wood, carry water"....which is a saying that comes from monk's practice in the monastery. It is intended to get at the fact that much of business is not sexy. The day to day practice of business is a slog. The trick for most entrepreneurs is to be able to do that slog work day in day out for many years while keeping an eye on the excitement of the original vision behind the company. This is not easy to do! People's sense of time as an entrepreneur was skewed during the 1990's internet revolution and is skewed by massive successes such as Facebook or Zynga. Most businesses don't grow to $1b in 2 or 4 years.
I'm writing this post on Monday morning which is when the slog of chopping wood and carrying water starts. Personally, I'm excited about my work this week even though much of it is oh so unsexy!
Keep your head down, put one foot in front of the other and you'll get there! Have a good week.
NWEN First Look Forum
NWEN is looking for innovative, growth-oriented, pre-funded companies who could use some expert coaching (and for a lucky 12, some great exposure) to get them to the next level. Because NWEN supports innovation across practically every industry (clean-tech to consumer products, web 2.0 to medical devices), some of the awesome companies could really benefit from this mentorship program. Full disclosure--Chris Devore -- my partner is one of the 20 coaches for First Look Forum.
I highly encourage you to apply-- it's a great forcing function to distill your business into one page, and no matter what the outcome, you'll get great support.
Earlybird applicants get a hosted reception with insider tips. Every applicant gets feedback on the exec summary, and a workshop on how to pitch to investors. The top 20 also get in-depth coaching from a pair of investors. The final 12 get all that and exposure to 20+ funding groups at our invite-only investor event on October 12.
Click here for more info and to apply! Earlybird applications close July 26. Please note-- if you don't have time to complete the application to meet the earlybird deadline, just register online to get your invite to the reception. You'll be all set as long as you get the exec summary in by August 18.
Us vs. Them
This mentality may appear useful but it often can undermine good relationships in business. More often than not there are win win scenarios in most negotiations that if you look for them move everyone forward. Keep your eye out today for the win-win....and stop playing us v. them. It's lose - lose.
Reader Appreciation - Thanks Maggy!
Maggy Young lives in the UK. I think Bristol...but maybe London. She's been a longtime reader and commenter on this blog and in a weird way we've developed a nice online relationship. I just sent her $10 via paypal to thank her for her readership, support, and comments. I told her I wanted to buy her a beer or a drink from overseas. I hope we get the chance to meet one day.
It's a small token of my appreciation -- comments and acknowledgement is why most people blog. Thanks Maggy and all the others readers. I promise to do this again sometime....but don't expect a beer just because you comment on my blog :-)
