On July 30th, we had the pleasure of rethinking which are the first steps into “Starting a Startup”.
Brian Pullen, with his extensive knowledge of the industry, shared with us the 101 startup lessons for starting with the right foot, showed us the Dos and Don’ts for entrepreneurs and different points of view on how elements relate with each other to build business success or failure.
Brian Pullen is a designer & entrepreneur living and working in Toronto, Canada where he helps lead The Working Group in both strategy and design. Prior to joining TWG Brian was co-founder and CEO of Playground Inc, an award winning digital agency in Toronto. Throughout his career he has led businesses in establishing; processes, business models, design philosophies, management structures and digital strategy.
When VCs are considering to invest in your startup they are thinking about:
1-Founder & Team
2-The market & competition
3-Timing & Location – A good VC will ask “What has changed about the world that they need it now?”
4-Market & Distribution
North American VC investments per year
(not exclusively on tech industry)
– United States – $48 billion
– Canada $1.5 billion
Venture Capitalist world It’s kind of “an insider’s club”
“More companies I know failed by bringing on the wrong early investors than not having investors at all”
They are critical at the start up success not just because of the capital they invest but also for their role as shareholders and partners.
– The idea of “dumb money” → investors who want to invest in tech industries/startups yet have no experience in the industry (from a financial or resource background as opposed to a tech background)
Time vs Money
– “Time is really the commodity you’re short on”
– “If your startup failed, it’s because you ran out of time”
– “Money is a proxy for time”
Not being afraid of the unknown when there is risk involved
As opposed to being afraid, play towards it!
The day before vs the day after launching → “The dream of how many users you could have is more exciting than the reality of how many users you actually have”
“The valuation is set on you! What are you worth to buy into”
Thanks to everyone for attending and participating with interesting questions! Hope to see you at the next event!