First day or RockPaperStartup conference was closed by Max Gurvits, principal of Bulgarian accelerator Eleven who now mentors some 30+ early stage startups in Europe. He pointed out several mistakes startups are constantly making and focused on distribution and fast prototyping as one of the most common mistakes he sees.
- Fast prototyping – startups don’t do fast prototyping, instead they are focused on making the finished product. By doing this, they waste time and recourses.
- Bad storytelling – it is important to give the story a human side, one which will get the people’s attention. Take complex subjects and make them easy.
- No distribution channels – sure, your product might be good but how are you going to deliver it to users? No one is building a product which is going to be used only for several years
All of these mistakes that can be avoided. It is important to have a good product but you also have to find people who are actually going to use it.
Max also pointed out that startups tend to forget about B2B and B2C. They need to differentiate themselves and decide whatthey are before they start with their project. Startups also forget about marketing and sales. He added that they had several cases at Eleven where the startups were doing really well, but they were advancing slowly because they weren’t taking to others.
Without distribution, you are not in a good situation.
Gurvits ended his lecture by stating that at the end of the day, it’s all about doing the a lot of work, hustling like crazy. So startups, get your distribution right and start prototyping!