Bogan Iordache, CEO of How To Web and Startup Spotlight held his presentation during the first day of RockPaperStartups conference which is being held in Rijeka. He’s been an entrepreneur and mentor to a number of startups and accelerators such as Eleven, LAUNCHub, TechStars and others, therefore he’s pretty much familiar with all the mistakes new startups make. Mistakes that could be avoided.
From the outside, the acceleration process is always the same Bogdan said. You have the team that goes to a program which lasts three months. Everybody thinks that in that time they focus only on the core product or a service, but that may not be the case. Acceleration process is usually consisted out of meetings, pitches and a little bit of work. The most important thing you get out of it is the information, knowledge and networking Bogdan added.
What should a startup do during the acceleration process?
The learning process during acceleration consists out of several items, according to Bogdan’s opinion. For startups it’s important to create value, to attract investment. Dumbest mistake is to have a rigorous plan, that is, to think that you know exactly what you want to do, who you talk to and who your customers are. The smartest thing is to make a list of twenty flexible items and to set a direction in which you want your project to move.
Bogdan adds that the passion and skills must intertwine, although the passion is the key to building long-term deal. However, teams must first know who is who – there should be a person for the technical part, people in product development and business people to share.
Passion is a key thing for building a long term business. It will take a piece of you, it will take a lot of time, maybe even get you in a fight with your friends but at the end it’s what it takes to make it happen.
For the end, Iordache pointed out that startups should know a thing or two about their mentors as sometimes they can be very biased. They are not the clients, and when they act like one they don’t necessarily give out the right advice as they probably aren’t your targeted market.