10 Lessons I Learned from Starting Companies in Downturns
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I've been there, done that, and this presentation is designed to re-set expectations of founders.
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10 Lessons I Learned from Starting Companies in Downturns
- 1. 10 LESSONS I LEARNED FROM STARTING COMPANIES IN DOWNTURNS Francine Hardaway BIL, February 2009
- 2. IT DOESN’T MAKE ANY DIFFERENCE No one lends to startups anyway Focus and you won’t notice
- 3. DOWNTURNS CAN BE GOOD They force you to be clever They teach you to do more with less Over funding often kills companies
- 4. YOU DON’T NEED TO OWN PEOPLE Don’t hire You’re going to hire incorrectly anyway Partner and outsource
- 5. DON’T RENT SPACE You don’t need it Bring the work to the people, not the people to the work
- 6. FORGET FUNDING You won’t get it anyway, and you will waste a lot of precious time looking for it Downturn in VC Frightened angels Diminished discretionary spending for the rich
- 7. TURN DOWN MONEY Draconian terms for startups Loss of control Exit of the founder with boot in his butt
- 8. YOU NEED LAWYERS Ycombinator has outsourced its documents Document everything Run the docs by a lawyer when you are finished Set your company up to be big
- 9. GET AN IMMEDIATE CUSTOMER And make that customer pay If you can’t, re-examine whether you actually have a product anyone wants
- 10. QUIT AND CHANGE YOUR MODEL Seth Godin’s “Dip” If you can’t get any traction, there’s a time when you should stop Not after they have foreclosed on your home
- 11. ONLY PROTECT YOUR IP IF IT MATTERS This is a discussion for an attorney. An IP attorney, not your mom’s divorce lawyer