Week 5:2

Half a day of what is called Thinking Digital University.  And I attended the Startup Panel which had the most attendees of any of the sessions.  This may have had to do with limited space on many of the other events, but nobody attending this would have been sorry.

First the panel members were introduced and interviewed by the host, Paul Smith, Renaissance Man.  What peals of wisdom were there?

Most startups will fail but some make it.  What is obvious is that few – even those who fail – few regret the process.  This is the nature of startups.

Joining the panel was Martin Bryant, managing editor of The Next Web. He writes very successfully about digital business.  He has seen everything but seemed reluctant to make a judgement on what makes for a good startup or success in business.  He did raise the fact that there are masses more start-ups now than there were even 2 years ago.  But one often does not hear about them because they are quietly going about their business, keeping their heads down.  Lots of people are talking.  London is well placed though the regions are at different stages and (then he flattered us) people think highly of North East.

Was the Industrial Revolution fuelled by start-ups?
How do we get breakouts into entrepreneurship?  There should be good service offerings, something fresh and new. And the advice, if sending marketing material to him (and this is probably generally applicable advice because I have heard very similar advice given by a literary agent on what to say in a covering letter)
Use a simple font. Don’t overdo it on the words.  Over explaining is awful, just three or four lines. Or bullet points. Then… we are talking about digital business here so – remember your URL!

What do the successful startups have in common? Maybe a certain… No nothing. Um…. Wait. Yes.
The most successful start-ups do their own thing, not a copy of someone else’s thing.

Mat Clayton, Co-founder of MIXCLOUD was next.

The founders are computer scientists and engineers from Cambridge. Founded in 2009 without any venture capital funding.  They bootstrapped the company, started out using a container as their first office and upgraded to a warehouse after 6 months. They tried to get funding but all VC’s rejected them and they later discovered that VCs will not fund anything in music.  Nobody believed their numbers.  But they focussed, persisted and broke even after 2 years.

They launch a lot of features and if it does not work they will kill it off.  Eighty percent of what they do fails.

Main mistake and biggest regret was not launching sooner because they were so desperate to get funding.

What made them?  The team is critical. Bright people. And don’t be afraid of failure.

And then Christen Duong, Product Lead for Foursquare

She has been working in software development (apps) for quite a long time; involved in various kinds of app development in the travel and movement of people space.  Her first involvement workwise was in a startup and she says, once you have tasted that ability to change the world, it is hard to take a step back.
{Nerd sniping means, to hook someone into solving a problem without paying them.}

She got nerd swiped.
Foursquare seems famous for not having a business model. How are they going to make money? They are working to tie everyday life into travel recommendations.
Then we met Tristan Watson from loveyourlarder.com; they connect artisan food producers directly with people wanting to buy this food.  The idea came from a baker, a friend who wanted to be able to sell online.  They used the difference engine business accelerator to get going.  This turned them from just a nice idea into a serious business. They got advice. Contacts…  But in the intensity of the startup they lost a co-founder.
Then took funding.  The lessons? Money goes, quicker than you think. Burn rate is very high at the start. And money does not make it any easier.  Starting up is still difficult.
Startup competition was done by listening to a three minute pitch by 6 startups.
Mexican moo should have signalled end of three minutes but only one presentation hit the wall.
International money transfer system. Transfergo.
Usable. IT project management tool.
Yossarianlives!
Inspiration engine not search engine.
Blooie
Recommendation engine.
Via

An app to help runners.
EmberAds

And the winners are

YossarianLives!

And

EmberAds

Via

An app to help runners.

EmberAds

 

And the winners are

YossarianLives!

And

EmberAds