Over the last 2-3 days, I have been VERY lucky to have had some amazing conversations, met some really cool people and learnt some sound advice, especially on what to bear in mind when in a startup.
The 2 people whose advice I am capturing below are some amazing individuals:
- BM: A venture capitalist specialising in technology startups. Best known for his/ his company’s involvement in eBay and Bebo and for missing out on Skype.
- SM: A very out-there sort of a guy whose passion lies in connecting culture and businesses together. He now heads a non-for-profit organisation to bridge the gap between the 2 sides.
Both of them are amazing people and have some awesome ideas, thoughts and experiences, some of the key points are captured below:
- Know when to replace the entrepreneur with a CEO
- Have a clear exit strategy- i.e. go public or sell- have a timeline in place
- Know your cash flow- on a daily basis
- Have an amazing board that are not involved everyday
- Let there be NO surprises
- Have a strong understanding of the different stakeholders and create the organisational identity based on that
- Collaborate, don’t compete
- Constantly be aware of the changing landscape around you
On a completely unrelated note, I met up with TS last night and we have both agreed that the timing sucks for us- with him being out of the country so much, and me being out of the city as much and us being together so little but to continue spending time together and hanging out and seeing how it goes. I am absolutely delighted. The others are still on the scene and this party of 4 is certainly very interesting but I am having a great time… Either which way, I hope TS and I can overcome these obstacles because he is still leading my a long shot!
Enjoy the weekend folks- if you are in Ireland, do head towards Dun Laoghaire for the brilliant festival of food, music and good times! Maybe I’ll bump into you there- hopefully the weather will hold!