Square’s primary challenge in early 2012 is to find more customers in other parts of the world, first in Latin America and then in parts of Asia and Europe.
Whether it is selling to the enterprise or the SMB market, the Tech IPO pipeline clearly leans in favor of B2B companies with 80% of companies targeting their products and services at businesses.
I've just introduced Lee Jacob, the writer of this article, to Marcelo yesterday by email.
By the way, he lives in San Francisco. Let me know if you have any free time to meet him.
This incubator is a once-in-a-lifetime opportunity for your startup. If you build something people want, this is the window of opportunity where it has the biggest chance to get traction, get funded, get to revenue, whatever it is your business needs next.
The value of your time in an accelerator is multiplied ten-fold. Understand that and you won’t become yesterday’s newspaper.
So, what do you want to happen on demo day?
Want a check? A term sheet? Then what is going to make VCs try to tackle you as you walk off the stage.
Want lots and lots of users? Then think about what you need for every member in the audience to sign up/download/buy your product on the spot (and enthusiastically tell their friends and colleagues to do the same).
So, decide why you are here. Here are some examples:
Figuring out if anyone wants this as fast as humanly possible
Figure out if anyone will pay for this, and how much
Build a rinse-and-repeat economical marketing machine
Figuring out if we can resell this idea in X industry
Double our retention
Get to X number of daily active users
Raise paid conversions from 0.5% to 2%
Prove to investors that your company is not a risk and that their money is pure gasoline to your engine
The last one is probably the most common. This means users/revenue/testimonials/traction long before demo day. To achieve this, your real demo day deadline is 30 days prior to the accelerator’s demo day.
It’s a Death Match Against Time
Now that you know what you want demo day to look like, work backwards to day one. What do you need in T minus one month to demo day? What about T minus two months? Where do you need to be right now?
Here’s a tip most startups seemed to miss: when a mentor comes to meet with your startup individually – only send one co-founder in. Don’t send the whole team. That co-founder can take notes and update you over lunch or on the walk home.
An incubator (especially if you’re travelling to get there) may sounds like an adventure. No. You’re going to war against time, and only one of you will win.
Eyes on the Prize
no distractions to contend with and could focus entirely on our startup goals.
working, planning, outlining, and designing
work full time
get into Rocky Balboa mode
Stand Up Against Distractions
You’re going to meet a ton of smart, confident people, and they’re going to talk a lot about what “you should really do” in their opinion.
Each one is going to listen to you for about two minutes and then talk for 30
Remember that you know your idea more than anyone.
The hardest part of an incubator is knowing who NOT to listen to.
That said, your network is about to explode (in a good way). Especially with the incubator brand on your forehead, this is the time to ask for every. single. connection. offered to you. This will end in a few months when you become a has-been so take advantage of it now, follow up, maintain the relationship, and hold on to the contacts you do find valuable.
You Don’t Have Time to Burn Out
Entrepreneurship is not a competition of who stays longer at the office. Get what you need done and stop when you’re causing more harm than good
Listen most to the people who have tried your product or at least are the intended audience
Don’t check your email in the morning. Get straight to it. Check it after lunch or at night.
YCombinator-backed hacker recruiter platform Hackruiter has raised a modest seed round from investors SV Angel and Founder Collective. The company raised $200K but could have raised much more, because it is already profitable co-founder David Albert tells me. Hackruiter is already profitable because startups like Tumblr, Weebly, Loopt, Artsy and Bit.ly currently pay Hackruiter $20K per programmer referral on averafe (Amazing, right?).
One of the things I'm most excited about working at GitHub is the opportunity to take our time and think through organization and process problems from first principle instead of blindly copying other companies or adopting status quo approaches developed in the last century.