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I lived in London from 1997-2005 and for 6 of those years ran my startup based out of London. 46:00 Do you believe that most of the disruption over the last few years has some from Elon Musk and Sebastian Thrun? I remember this lesson well. At this time I can tell you that the Brits definitely didn’t have a culture of failure.
I was meeting with a first-time CEO of a very promising young startup recently and offering my advice on what his priorities should be. I gave him the same advice I give nearly all over-worked, control-freak, do-everything-yourself startup founders: “Your number one priority isn’t any of these things. No Dave S. =
As I’ve highlighted I believe we’re in a unique period similar to 2005-08 where the biggest tech firms of Silicon Valley (and some media companies) are scooping up small software companies as “talent acquisitions&# versus accretive revenue / profit generators. Total disruption on the funding market?
To anybody who asks my advice I repeat the same line, “I don’t know whether this party will last 6 weeks, 6 months or 18 months. An obvious example is Google who may have gotten less market attention if there would have been 8 well-financed competitors during the 2001-2005 timeframe. source: Capital IQ. But it will end.
I started showing my partners more deals that I found interesting and doing loads of analysis on the future of markets I thought were ripe for disruption. I have always believed that TV was ripe for disruption. Companies raised too much money in 2005-08 and had high burn rates. He pinged me for advice. tl;dr summary.
I first met Ethan in 2005. He had an idea for a startup that would help consumers better book service jobs and would take on Service Magic, which he believed had a business model that could be disrupted. I was preparing to move back to the US from London after 11 years abroad. The company was called Red Beacon.
In 2005, Meebo started connected users across other websites. You may hire a superstar, but if they are not a cultural fit then s/he can become very disruptive to the team. Because you put ads in front of user for a long time and cover the whole screen Meebo click-rates are very high.
Now, everyone sees Google as this huge company with endless products and expansive teams, but back in 2005 when I worked there, it didn’t seem like a megacompany. One lesson — which was especially true at Amex — is to always be prepared for shifting markets that may disrupt your business.
But today I want to give you advice on how to decrease your odds of failure in a startup. Most of this advice boils down to an argument in favor of basic planning before starting a company or raising money. You can enter either but your strategy must be very different and I can tell you that fragmented markets are easier to disrupt.
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