I recently sat down with Chris Redlitz from Transmedia Capital to talk about his new startup incubator KickLabs and founding teams from his perspective as an entrepreneur (AdAuction, Get Relevant, Aptimus, and On Village), executive (Skyrider, Feedster, Reebok), and now venture capitalist. We discussed what makes a founding team work, potential conflicts of interest between investors and entrepreneurs, and what KickLabs looks for in a company. Chris is also going to be a judge at the Lean Deck Clinic on August 2nd.
T: In your experience, is there a distinct advantage to having a founding team as opposed to being a sole entrepreneur? Continue reading
When Should You Find a Co-founder? I’m going to go with my gut here and say: Before your idea is even half-baked.
I’ve had a couple discussions recently about when is the right time to look for a co-founder. As soon as you have an idea? Once you’ve tested some of your core assumptions? Before you have an idea? There’s no rule and I haven’t seen anything written on the subject.
In our customer development interviews with entrepreneurs looking for co-founders I’ve found many pitches follow this general course:
1) My idea is amazing, but I can’t tell you about it.
2) It’s a 100% surefire billion dollar idea, if only I had someone to do __________.
3) I will only tell you about my idea if you commit to indentured servitude for at least one year if not longer.
I find this a bit loopy. Continue reading
On April 23rd I was able to go to the Startup Lessons Learned Conference and had my world rocked. I thought I was lean, I could be leaner. I thought I had a minimum viable product, I could have built less. Although Steve Blank, Eric Ries, Dave McClure, David Weekly etc. etc. all have written and spoken prolifically about their methods and thoughts, there is a powerful feeling to being the the same room as a thousand other people drinking the same kool-aid.
First off, I should mention that I wouldn’t of been able to go at all without the sponsorship of the Microsoft Bizspark program. Usually I’m not one to thank MS except sarcastically for bricking my hard drive, but there’s no way a bootstrapped company like ours could have gone. So special thanks to Adrian Perez, Joel Franusic, and Bizspark! Continue reading
It’s been over two weeks since we released a bare bones alpha of our site and started letting people in one at a time. Since then we’ve been through approximately:
- 10 iterations of our “view idea” page
- 6 iterations of “browse ideas” page and 3 of “browse people” page
- 10 “profile” pages
- 8 of our “p-home” page (this is the page you see when you log in)
- 3 “search result” versions
- and a whopping 14 basic template revisions
That’s a total of 51 revisions in 18 days, almost all of which are iterations based on feedback from users without writing a single line of code. Continue reading
This New Year’s Eve, I’m resolving to work on the most important part of my own startup, the team. Specifically, I’m going to try as hard as possible to deserve to work with my co-founders, who are both more experienced and have a better understanding of technology than I can aspire to. But although I’ve heard a lot of common sense arguments about the importance of a good team, I find that a good deal of literature on the subject is easily misunderstood. I’m sure many people have read and agree with the most famous example of this. Marc Andreessen’s blog post is a fantastic discussion on the importance of a good market to the success of a startup. Marc correctly posits that a good team with a good product in a bad market will fail. He goes on to say explicitly that:
- When a great team meets a lousy market, market wins.
- When a lousy team meets a great market, market wins.
- When a great team meets a great market, something special happens.
Just about every entrepreneur I’ve met in Silicon Valley knows how to write more than a few lines of code. The ones that don’t are constantly looking for a partner to build their dream product. You know, the one that will make them a billion dollars. I’d guess you’d have to count me among them. But waiting around for a dream co-founder doesn’t cut it around here. That’s why this Christmas I’m writing code.
I haven’t written a line since high school when the two languages I knew were Pascal and MACOS. In case your wondering, MACOS wasn’t even a proper language, only worked on my Apple II series, and stood for More of A Crappy Operating System. I don’t even know what it was, but it sure wasn’t Mac OS X. I used it for my bulletin board system (BBS for those that remember pre-www). I never saw an instruction book, not sure there was one, but I was able to understand the basic syntax easily enough and hack code from different available sources into something vaguely resembling what I wanted. But that was over 16 years ago. I have no business writing code professionally, but sometimes business requires you to do something unprofessional. Continue reading
As founders, we often tend to work ridiculous hours in the hopes that more hours = more revenue. This is often not the case. Instead, we cause a lot of motion and the dust is well stirred, but little is actually accomplished. I have found that most people get about 4 productive hours out of the day, no matter how many hours they actually put in. Especially since the average “I worked a twenty hour day” usually consists of several meal breaks, watercooler BS, daydreaming, IM, office politics, chain mail, the latest viral video, sexual innuendo, and other nonsense.
I’d rather work productively for 4 hours than unproductively for 20. So I retrained my work habits until I could get a normal days work done in four hours, and then I started increasing my hours from there. Nowadays I can get a genuinely productive 16 hour day if I need to, but generally settle somewhere between 7 and 9 with a healthy amount of time for non-goal oriented learning and creative thinking. Here’s a list of little tips that have helped me, many of which come from Getting Things Done by David Allen. It’s worth a read if you’re not familiar with it. Sometime it’s a bit tedious and you’ll find that you already know 50-80% of it, but the parts you don’t know are extremely valuable. Continue reading
I’m struck by how open the startup community is in Silicon Valley. There seems to be an unending supply of people who are willing to take time out of their day to give advice, lend a hand, or otherwise be almost unacceptably nice. Beyond the obvious, I think it’s a key component of why Silicon Valley is able to churn out such a high amount of innovation year after year.
One example is Bob Dourandish from Revenzy.com. I met him at the SV New Tech Meetup for all of five minutes before he offered to take a look at our site and offer some advice on how to market it. Since then, he’s spent more of his time discussing our ideas and even wrote a very nice blog post mentioning us. Any benefit to him? Marginal at best. Sure, maybe he gets one more alpha tester for his site and a mention in this blog, but that’s hardly going to line his coffers anytime soon. Continue reading
On Wednesday I went to see David Weekly speak at StartUp SF v2.2 – “Give Your Ideas Ex-Lax”. I’d heard a shorter version before at Startup Weekend, but I was glad to see it again and hear the full version. I largely agree with the ideas behind it, which David shares with Eric Ries, Steve Blank and others, but it does raise a question I wish I had some statistics on.
Does getting ideas out the door faster increase the overall success rate of ideas? Or do you just have more chances at getting it right?