"If you don't love your idea, don't do it"
If you don't love your idea, don't do it.
As well as this point, Nick Gerritsen, speaking at
Supercharge
, a recent startup event that attracted 150+ in Wellington,said that it is possible to smash it big from Aotearoa.
Not that it is easy to do it from here, or from anywhere – given that well over 90% of startupsdon't manage to carry on as operating companies (though that's not failure).
Gerritsen, who has founded and grown a number of ventures such as
Carbonscape
(charcoal and very valuablecomponents through microwaving) and
Nxtfuels
(algae-derived renewable hydrocarbons).
[caption id="attachment_2732" align="aligncenter" width="270"]
Nick Gerritsen, Crisp Start[/caption]
Here's 10 key points he made, along with celebrating the fact of being a Kiwi.
1. Quality
-
Quality of your proposal
- How does it stand out?
- Why is it unique?
- Massiveimpact?
- What's it going to take?
2. Disruption
-
How disruptive can you be?
- What stage are you at and does it matter?
- Low hanging fruit?
- How fast can you move?
- Global?
3. Defence
-
What is your defensible position?
- What is the IP?
- Any big gorillas on your side?
- Scale tomarket?
- What is there to invest in?
4. The Plan
-
Compelling plan
- How much and for what?
- Own the use of fund?
- Does the 'ask'match the 'potential'?
- Capitalisation trajectory
- Build the capabilitypicture
- (The way to build credibility is by having capable people in yourteam)
5. Capital
-
The right flavour of capital?
- Venture (vulture)?
- Strategic
- Can you get there withpartnerships?
- Sample the mix
- (There is an opportunity for NZ at themoment; multinationals are under pressure. They know they have to change...and are talking to coolearly stage companies, even if they are from NZ)
6. You
-
How authentic are you?
- Is it about the $ or real change
- Use the Kiwi humility card
- Earn respect
- Under promise and over deliver
7. Pitch
-
Remember that most over-sell
- Understand the culture
- Target your pitch
- Research theportfolios (of people pitching to)
- Ensure it makes sense
- Benice
8. Follow u
p
-
Commit to following up
- Be part of the team
- Reach out
- Admit to problems and ask forhelp
- Be there
9. Thinksmart
-
Continually look for tipping points
- Don't get too complacent/comfortable
- Drive results
- Remain opento opportunities (not locked into your plan)
- Trash the founder syndrome (to besuccessful, you'll have to build a team)
- Deliver, deliver, deliver
10. Share
-
Always leave something on the table
- Everyone has to win
- Bad energy will always limit progress
- Generosity pays
- Achieve liquidity for ALL
- Get ready for thenext one/build a following
"If you don't love your idea, don't do it"
"If you don't love your idea, don't do it"
