Why naming your company sucks

I've known for about 6 months that RevenueLoan was not a good company name. I determined that it is a product and not a company and so I started a process of creating a new company name about 2 months ago.  I thought that naming was important but didn't want to waste a lot of time, money and resources on getting a good name. In the past, I've seen companies get totally derailed by company naming and be totally unproductive while in the process of naming. I was determined not to let that happen here.  At the time, I thought it would take 2 weeks. I was wrong. It turns out naming your company is harder and sucks worse than I thought. I thought I knew how to name a company!

Well, I stand before you today a humbled man.  I’m going to share a bit about the process we went through and some tips for naming your company more efficiently than I just did. This blog has 4 parts and should help shed light on why naming your company sucks:

  1. It's your baby
  2. Domain squatters hate you
  3. All the good names are taken
  4. The team needs to be on board

It's your baby

Your company becomes a huge part of who you are. "Hi, I'm Johnny from Crummy Co." becomes the new way people know you. So the naming decision is hugely important - way more important than making sure you don't have mustard stains on your shirt or your fly isn’t down. Those things last at most a day. Your company name stays with you for a long time.

We had a lot of things that we wanted to convey with our name, so coming up with a name that fit all of those at once was more than a pain.  In fact, we had too many objectives and too many people to satisfy with our new name.  Naming a company with 6 people is like naming a child with input from both sets of grandparents -- it's a nightmare.

Domain squatters hate you

I was shocked how hard it was to find a domain. We couldn't find anything. It's amazing how domain squatters seem to think of every possible word ever. It also becomes an addicting game - is this one available? Nope. How about that one? Nope. I got totally sucked into the domain name availability game. You can try adjusting the spelling or add a word to the domain, but the further away you get from an actual word, the harder it becomes for people to find you.

All the good names are taken

About 3 weeks into the process, we had a name. It was good. We hi-fived each other and drank whiskey. As a final step, I emailed our attorney to file a trademark for the name. Bad news - the name was taken. To quote one guy on our team "Pretty sure none of us are excited about going back to the drawing board…" There's no trademark on children's names i.e. there can be lots of Andy Sacks in the world ....but in any given industry, you only get one company name, and trademarks are specifically designed to reduce confusion in any one market.

NOTE: While this was painful, I STRONGLY recommend doing trademark searches before you go too far down the road as a company with the risk that you don't own the trademark.  i.e. it's much costlier in the future to change a company name than now!

The team needs to be on board

If you've already hired a few employees, you need to be sure the team buys into the new company name. This isn't the worst thing in the world, but it adds another level of complexity to the naming process. Too many cooks in the kitchen, kind of thing. If you hired an employee with the name "Earth Friendlies" and suddenly change your name to "Cow Eaters" you risk putting your employees in a position where they aren't with you on your mission. Nobody on our team got too upset about any of the names we came up with, it just makes it drag on longer.

Ultimately, I'm happy to be done with the process. Look for another post about some of the ways we went about choosing a name and what we've finally decided on.

It's 1:04AM and I'm reviewing techstars applications

There's a team of 5 of us here. It's early AM. Meeting with a group of the selection committee tomorrow. Trying to narrow the applications.  It's exciting!

Feeling overwhelmed by the quality level of the applications. Aviel just said, "pass the whiskey. I just want to get out of here before Dick's burgers close.". I guess we're getting a bit punchy!

I'm worried about what we're going to say to the really good teams that don't get selected!  

TechStars Seattle is Hiring HackStars!

You’re a brilliant developer, a great designer, a UX star, you can execute like mad, sling top-quality code with the best of them, or turn pixels intro perfection, and you’ve always wanted to go through TechStars… but you just don’t have a team or idea.  Dilemma!  Until now…

The TechStars companies always need more technical skill to help them do more faster during the program. Hackstars are highly-skilled software developers and designers that would love to work with the companies and go through the TechStars program.  Plus, you get paid $6K for the program (just like the founders) and might even land a job with one of the startups. What a great way to hack into TechStars!

Do you meet this profile?

  • You're a a code-slinging mac-daddy superstar guru at PHP, Java, .NET, Python, Objective-C, Ruby, JQuery, or design/UI/UX.
  • You can design, cut and code efficiently and brilliantly
  • You want to have a TechStars experience so you can learn all about startups and funding from our mentors.
  • You want to work side-by-side with some of the country's most promising new founders and young companies.
  • You live in Seattle, or are willing to relocate for the program and are willing to dedicate 100% of your time during the program to TechStars. 

HackStars is your chance to get an amazing experience, broaden your network in ways you could never imagine, and get exposure to some of the greatest up and coming companies and teams in the country.  Interested? Email kayla@techstars.org to apply.

Are you too old or too late stage for TechStars? The most common TechStars misperception debunked

 

I know a number of you are far along in your businesses already -- and you may think you or your company are too "old" or "mature" for TechStars.  You may already have a couple startups under your belt already and think you know what you're doing so you don't need TechStars.
Au contraire. I don't think this is true at all.
In fact, I want you all to know that I think you should consider applying for TechStars -- I think the program is awesome ....and an awesome value for companies that are past the initial step of building a company. In my opinion, it's the multiple time CEOs that are some of the people that can see the benefit and get the most out of the TechStars program. 
TechStars is an accelerator and I've seen instances where the acceleration part of TechStars actually helps existing companies as much if not more than raw startups.  In NYC TechStars, for instance, there were companies that already had 1MM in funding and already had greater than 1MM in revenue. These "mature" companies really rocked coming out of the program. If you want to read about one such company you can read about the company RedRover here and here. The articles give a good articulation of the value that a little later stage company can get from TechStars....and the CEO thought process for putting his company into TechStars.  
The trade off of equity to dilution and the benefits you get from being in TechStars are a huge win for almost any company that gets in. I think TechStars can really help you narrow your focus, open doors, get people to care about your startup, get funding, get publicity and accelerate in a 3 month period. I'd put my own company in the program without hesitation. If you want to discuss whether it's a fit for you -- let me know. Email me.
I should mention that there are over 600 applications this year so this plug is not because we're in need of more applications and it will be more competitive than ever to get in -- I just want those companies and CEOs to make an informed decision about who can really benefit from TechStars. 

 

Things I love about Founder's Co-op and Our Makeshift Receptionist

I love housing 22 startups under one roof. 

I love witnessing (and participating in) the birth of new ideas. 

I love having 80 people to vote on my new company name. 

I love that we share snacks. I love that we share best business practices. 

I love that people are willing to clean out the fridge every once in a while. 

I love that we celebrate victories and get each other through hard times. 

I love that our kickball team is on a 3 game winning streak.

I love that there are career opportunities sometimes 30 feet away.

I even love the nerf gun wars that my desk is perfectly in the middle of.

But here's full disclosure...fostering an environment of activity, brainstorming, and collaboration comes with a price: It can get noisy. There is a delicate balance (we haven't mastered it yet) of letting all this magic happen while also maintaining a noise level that others can work through (head phones recommended).

One interesting phenomenon is that some of the best seats in the house (near the windows, plenty of natural light, good access to the bathroom and kitchen) are avoided like the plague because they're too near the front entrance. Nobody wants to be mistaken for the receptionist. (Which we don't have.)  With 22 companies, 5 conference rooms, and a speakeasy throughout our 2 floors, guests need to be pointed in the right direction. The problem is that on busy days that could easily mean 15+ interruptions...not ideal for productivity.

Here's our office's solution to not having a receptionist.

Photo (11)

Top of mind is how can we help people find who they're looking for without constantly asking these guys...(note how the bike gets the sunniest, brightest view in the office)

Photo (9)

Change happening at RevenueLoan

The first 9 months of RevenueLoan has been great. We've made a good number of investments into some great companies and more importantly, learned a lot. Today, I'm thinking about putting into writing our corporate values. This is a first draft. I have not run these by my team yet and plan to do so before putting them into cement. I thougth I'd share my first draft with you at the same time as them:

  • Fun - We believe that if you have fun together at our company, we'll create a better outcome and have a better time doing it.  
  • Swift - Swift is both fast and flexible. We strive to be both. We think speed is a competitive advantage. 
  • Listening - We value feedback A LOT. We strive to listen to our customers, employees, and investors as the key indicators as to how we are doing. 
  • Innovative - We are creating something special and new. We plan on winning through innovating. We don't take the way the world as the way the world ought to be. 

What do you think? Any feedback? I'm listening and likely to adapt swiftly ;-) 

How Founder's co-op is helping Seattle?

 

This may be a repeat for some of you, and is a bit self promotional....but Mark Suster (General Partner at GRP in Los Angeles) wrote a thoughtful piece in TechCrunch yesterday about the startup scene here in Seattle, including a very generous mention of what we're up to here at Founders Co-op. 
Last night I was fortunate enought to be voted Best Angel / VC Investor at the Seattle 2.0 Awards. I am truly honored -- and feeling undeserving. I will work harder to actually earn this award. There are lots of more experienced and better vc's than I in Seattle -- They may not be as good at promotion but when it comes to making great bets on great companies I still have a lot to prove.  I'll get there though. Thanks for the acknowledgement. 

 

Another Great Night at Seattle Open Angel Forum

Last Wednesday in the Easy, we hosted the 2nd ever Seattle Open Angel Forum.  Myself, my partner Chris DeVore and about 20 other active Seattle-area angels heard pitches from 5 startups.  OAF's format looks like this: Each team only has 5 minutes to present - basically just enough time to demo their product. Then we open the floor for Q&A and feedback. The feedback element is particularly valuable and pretty unique.  I like it because it's rare that entrepreneurs get constructive criticism from their audience of angels. Investors can help entrepreneurs in more ways than just the obvious (writing checks), e.g. making introductions and giving feedback. OAF was successful and valuable to both entrepreneurs and angels alike. I'll definitely be hosting OAF again. If you're an angel or an entrepreneur, mark November 2nd on your calendars.

We heard from these 5 startups. They did a great job.

1) Appitude - social book-reading platform aimed at increasing publisher's sales and making book reading more social.

2) Deal Springer - Twitter for Deals, enabling anyone to promote deals instantly.

3) GreenLine Legal - could-based software to summarize, compare, and analyze legal agreement

4) iSheet Music - sheet music store for iPhone/iPad.

5) Venpop - providing technology to retailers to merchandise products in social networks.

 

Returning from Jamaica ....no problem man

I've been out for about 2 weeks. I went to NYC for TechStars demoday and was blown away and inspired by the good works of my colleagues David Tisch and David Cohen. The event was super! Then I went on a week long cruise in the Carribean. I was fortunate to go with my entire immediate family. All 18 of us. We visited Haiti, Jamaica, Grand Cayman and Mexico. Hilights were no communications at all and watching the cousins play together and lowlight was slipping on the wet deck and falling on my back. 

Happy to be back. Re-engaging in all my digital life. Still have Jamaican language ringing in my head. 

Seattle Welcomes Back Open Angel Forum!

Last November I hosted Seattle's first-ever Open Angel Forum in Seattle.  The event was great for invigorating the Seattle startup ecosystem, as evidence by the... 

  • Deals - it connected highly active angels to quality investment opportunities
  • Community - Bringing Seattle's angel investors together for a night of drinks and networking
  • Breakout poker game initiated by the one and only Mr. Jason Calacanis 

And all of this was accomplished at NO cost to the entrepreneur.  With such a great inaugural event, I am excited to announce that OAF is returning to Seattle April 27th at 7pm.  We'll have food and drinks while hearing 5 minute pitches from 6 start up companies.  Register online and take part in the fun: Angels, Presenters, Service Providers

 

Startups & Whiskey...

It's no secret that we occasionally drink Makers Mark at our office -- we even have a monthly meeting of entrepreneurs called the "whiskey meeting". I've often thought that we are a walking advertisement for Maker's Mark and that I give them way too much word of mouth publicity for free. At the Whiskey meetings, the TechStars teams and I even joked that we should make a user generated commercial in the hopes of getting some sponsorship from Maker's Mark. Well that dream might become reality! Kayla Roark, my partner in crime at TechStars, just got a call from the diplomat for Maker's Mark in Seattle. She reached out to them proposing some fun ideas for collaboration and marketing -- and they're open to talking. I can already see the speak "easy" downstairs stocked with quality bourbons and whiskeys for all the tech entrepreneurs in Seattle. Alright maybe I'm getting ahead of myself....but you never know... Startups + whiskey...this could lead to some interesting things....stay tuned!

TechStars Seattle 2011 – Kicking Off and Ramping Up!

 It's that time of year again! TechStars Seattle applications for the 2011 program opened yesterday.  Judging by the number of applications already received, the response is huge!! 2010 was a great success for the entrepreneurs and the entire Seattle community.  We’re really excited about making 2011 even better. 

We are on a mission to make the Seattle startup scene kick ass ASAP by:

1. Recruiting even better quality founding teams (which will be hard given how well the teams in year one did)

2. Improving mentor engagement and 

3. Increasing investor engagement post Demo Day 

Reviewing the Results from 2010…they look great to me…how about you?

TechStars Seattle had a really impressive inaugural year.  We took the top 2% of applications and 8 of those 10 companies are still active (7 funded, 1 bootstrapped).  I’m really proud of all the hard work that went into that ratio and the sheer talent that graduated out of TechStars Seattle.  

Kicking off 2011: How to Apply? 

This year we’re expecting even more applications – making competition for those 10 spots even more fierce.  We’re looking for smart, cohesive teams that can iterate quickly and execute.  If you are one of these people then join forces with TechStars Seattle and see what three months of top-notch mentorship could mean to your startup.

Want to play the TechStars Game?

We’re laying an element of fun onto recruiting for Techstars.  To play the TechStars Game, login with Facebook Connect at the bottom of this page then start broadcasting applications and sharing from the toolbar. You'll automatically start accumulating Influence points!  Check back often at www.techstars.org/seattle to track your points, badges, and rank.

 

FirstMark Capital is spamming our companies with this email

Everyone one of the CEO's in our portfolio got an email like this.

Hi [CEO NAME],

Hope this note finds you well.  I’m with FirstMark Capital, a $2B venture firm based in New York City.  A friend of mine who runs a startup here in Manhattan shot me a note to check out [COMPANY NAME] over the weekend, and I had chance to spend some time on your site last night.  I found your [SITE DESCRIPTION] to be really interesting, and thought that your company seemed to mesh well with several of the investment verticals that we focus on as a firm.  I’m not sure if you’re familiar with FirstMark or not, but we invest in early-stage tech companies in a number of sectors like emerging media, retail/commerce, vertical apps & services, and infrastructure software, among others, and count a number of awesome companies like SecondMarket, Shopify, Clickable, Knewton, and Riot Games as current investments.

If you’ve got a few minutes sometime this week or next, I’d love to connect and learn more about your company as well as introduce you to FirstMark and tell you more about some of the ventures and initiatives that we’ve been involved with recently.  I look forward to hearing back on if and when you might be available.

Best,

Paul

No harm in this really....just kind of funny.  And thought I'd call it out. Sincere inquiries like this are always welcome and it's hard as a CEO to sort out the wheat from the chaffe. It might be worth a follow-up call if you see a fit but be aware that it's not all about their love for your unique business ;)

 

Try scrubly and clean your contacts TODAY!

At launch party for scrubly -- my friend Bob Thordarson new company.  Interesting story. Single business guy started out with the observation 3 years ago that "contacts" -- i.e. info on people like phone, cell, and email are something that you want to synchronize across multiple devices.  Good insight. He then went about trying to build a product with a development group in India. It's taken him and them longer than they'd like but I have to say that the result is a very nice designed first step toward the original vision. I recommend that you try it out here and give him feedback @bobthordarson