frank's blog

The Startup Genome Report – Patterns Of Successful Internet Startups

Posted in innovation, internet, pioneers, quality by aldorf on May 30, 2011
The Startup Genome Project team came together 3 months ago to attempt to crack the “innovation code” of Silicon Valley and share it with the rest of the world. They just released the first Startup Genome Report— a 67 page in depth analysis on what makes Silicon Valley startups successful based on profiling over 650 startups.
The report was co-authored by Berkeley & Stanford faculty members along with other contributors including Steve Blank, the Sandbox Network team & the blackbox team.

Few findings:

1. The value-add that investors claim to offer in an operational capacity has little to no effect.

2. Startups that pivot once or twice have 3.6 times better user growth than startups who pivot three times or more. Startups that never pivot under-perform startups that pivot once or twice.
3. Startups without a technical cofounder are 80% more likely to scale prematurely, have 152% less user growth and need 45% longer to reach product market fit than startups with 1 technical cofounder.
4. Founders generally underestimate how long it will take to validate a market by 100 to 200 percent.
Read more at startupgenome.cc
Or benchmark your own start-up here»
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How To Build Great Teams – Tine Thygesen

Posted in conference, ideas, quality by aldorf on April 6, 2011

Tine Thygesen is the founder of Everplaces, and previously lead for example 23 and Venture Cup Denmark. She is also the co-founder of Founders House in Copenhagen.

Tine Thygesen’s talk at Build 0.5 focused on the three things entrepreneurs must do right in order to build great teams. Tine notes that entrepreneurs tend to have a couple of bad habits that can be mitigated by building great teams effectively. First, especially in building your team you must focus on the long haul. Teams that are committed and dedicated for the long term consist of great people. Great people might not be easy to get, but taking shortcuts here is not a good idea. While you might get average people easily into the team this is a poor long term solution. You need to attract great people from the beginning, because great people want to work with other great people.

A startup CEO is always hiring, and not necessarily for a role, Tine says. If you find absolutely great people, get them in, even if you don’t know exactly what they should be doing. On the flipside, this means that you must also fire people quickly if they are not contributing and not making the team greater than it was without them.

Second, you must make people come to you. While you are always hiring you cannot possibly do this all of your time. The war for talent means that this will continue to be your biggest challenge in growing a company. Tine suggests you must make yourself the talk of the town and the most attractive place to work in. Having great people already there helps, but you can also do more and reach out to the community, throw parties and enable co-working, for example.

Third, once you have the great people you must work hard not to lose them. People join companies but they quit bosses, Tine says, and suggests you must be conscious of this by leading from the front and involving the whole team. By doing the most boring, unappealing tasks, leaders can free their teams to do the exciting stuff that will further feed their enthusiasm for the team, and also gets them to pitch in with the boring things. “If you don’t take the trash out, don’t expect anyone else to take the trash out”, Tine notes. And by making sure that as a team grows transparency and communication get special attention, the team members sitting in the same room do not feel excluded from the leadership and from the decisions. If your team is disintegrating, you can’t do anything, Tine says. In a startup, keeping your team happy is even more important than keeping your customers happy. (via hackfwd.com)

Fashism – Get Fashion Feedback Before Making a Purchase.

Posted in ideas, pioneers by aldorf on November 22, 2010
Ashton Kutcher 2008-09-09

Image via Wikipedia

Shopping startup Fashism

The beta version looks really crappy but this New York start-up has just announced that it raised an angle round of funding led by A Grade Investments. The fund was created by actor/entrepreneur/professional Ashton Kutcher.

The New York startup offers a way to get fashion feedback before making a purchase. For example, if you’re not sure whether a jacket is a good buy, you can try it on, take a photo, ask how it looks on how, then read comments from other Fashism users. Fashism says its site has more than 40,000 registered users on its site, while its iPhone application has been downloaded 50,000 times.

 

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