I love to learn and share those learnings so here are 5 things I took away:
- Validate the good idea. Over 50% of new apps and products fail. Those that success have been vetted and tested. The advice they gave was to have as many people as possible provide you feedback as quickly as you can. That could be through Kickstarter or just creating an MVP!
- Either be or hire a Tech Geek! The VCs validated that every company today is competitive through technology (well, just about!). The discussion was that every company is a tech company so either the founder or her right hand person needs to be steeped in the knowledge of technology.
- Network. Networking is crucial to a successful startup. All the VCs said that they bet on the person first, the idea second. In order for them to bet on you, they need to know you and trust you! Take the time to get to know those who might fund you!
- Have a business plan. This factoid amazed me. Over 50% of those companies that come into a VC come in with a great product but no business model. Make sure you think through both the offering and the way that you make money.
- Dream big and have confidence. A lot of success is trying again and again and not being afraid of hearing no Facing rejection can be tough, but ensure you have the confidence to wirhstand it. One entrepreneur said he was turned down for funding over 20 times before he was funded, and is now a successful serial entrepreneur. Be passionate about what you bring to the table.
Reblogged this on Grow Utah.