Every time a twenty-something CEO turns down a multibillion-dollar offer for a company that has little or no revenues, it hits a raw nerve in me. Unlike most professionals, I am not shocked by the seemingly bizarre behavior of those founders who pursue their vision beyond all rational thought or monetary reward.
Microsoft first entered the living room with Ultimate TV way back in 2000 - a year before Apple's first iPod was announced. Ultimate TV offered consumers a DVR and supporting online services, including 14 days of programming and the ability to record 35 hours of programming. Microsoft's reach was then thwarted when Echostar acquired DIRECTV.
The strength of brand loyalty begins with how your product makes people feel.
For all founders, going public is a momentous milestone that has to be experienced to be fully understood. It is the culmination of years of hard work and personal sacrifice.
Venture-backed startups with billion dollar market caps are called 'unicorns' because they are supposed to be rare mythical creatures that few entrepreneurs will ever ride.
Some incubators, like Y Combinator and TechStars, were started by successful entrepreneurs wishing to help the next generation learn from their experiences. Other programs, such as Viterbi Startup Garage and Austin Technology Incubator, were created by universities to help young entrepreneurs bridge the knowledge gap from student to funded company.
You don't need to be an engineer or a tech person to benefit from technology. You can hire them.
Numerous studies, and my own experience as a serial entrepreneur, have proven that companies with a diverse management team provide greater financial returns to investors.
No matter how much we tweet, blog and post, nothing in business is as powerful as actual face time with prospective business partners and customers.
You need to begin to network with angels and VCs while you are still ideating. It is easier to ask someone you know for funding than a stranger. Build your financial network by attending as many industry functions and reaching out for advice from experts online.
Your innovation can create new winners and losers; or at the very least, make existing companies look fresh and innovative by partnering with you. Everyone wants to align with market makers.
Many first-time founders fail to understand the difference between the potential of the Total Addressable Market (TAM) and the very finite subsection they can hope to capture. No company ever captures the entire market they pioneer. Innovation doesn't happen in a vacuum, and others will jump in from the moment you've identified the potential.
Betting all your funds on the belief that you know what consumers want and are willing to pay for is like jumping into a river to test its depth - you'll need a lot of luck to stay afloat. To have a truly successful product launch, the conversations with your customers must start long before you write your first line of code.
To effectively reach consumers in the new social environment, brand managers need to learn how to translate their budgets into the digital realm, which also means understanding the advantages that digital can provide over television advertising.
Every product you have ever loved was a compromise from the ideal vision of its creators to the realities of shipping on time, on budget, and on price point. Anyone who has ever manufactured a physical product that had to be on the shelves for Christmas shopping knows how painful these choices can be.
To truly launch a great product, you need partners. Channel and marketing partners share in your success and share in the costs of reaching your target audience.
Silicon Valley's long-running track record of creating globally disruptive startups is the envy of the world.
Valuations are actually quite simple to grasp. A company is only worth what two acquirers are willing to pay for it. Don't you just need to find that one buyer? If there is only one potential company interested in buying your startup, chances are you won't be hearing the word 'billion' in the offer.
Some of the most lasting contacts and friendships that I have developed began by just grabbing a drink or breaking bread with a stranger at an industry event.
Never expect that your startup can cover every aspect of the market. The key is knowing what segment will respond to your unique offering. Who your product appeals to is just as important as the product itself.
