If you are an entrepreneur or a team on the verge of launching or raising money please read this operating manual. It may not be representative of how every potential investor approaches what they do, but there are extraordinary insights around what is expected of a founder and how the potential downstream relationship (post funding) is originally planned. Incredible view into this firm’s process and the balance between science and magic!
Archives for October 2013
We had a great young professionals event tonight at Drop In Brewing Company. Many thanks to Steve Parkes and the Drop In crew, to the Grapevine Grille for the food, to PrimeLending for sponsoring the group and to the young professionals who joined us!
Skill in perceiving, understanding, and managing emotions and feelings.
Without this skill or access to this skill an entrepreneur cannot be successful. Emotional Intelligence is one of the most basic, fundamental, requirements around being able to take advantage of a business opportunity, and yet very few people spend the time to talk about it or work on developing their “intelligence.” If you are assembling a team, the process often includes finding a group of people with the appropriate skills – think Excel or Coding – AND finding the individual person who happens to be the right fit for the organization – sometimes referred to “being on the same page.” That is Emotional Intelligence. Likewise, if you are in the process of identifying a market and bringing definition to your “customer” you need to understand that person’s emotional responses – think empathy. What does your customer fear? What keeps him or her up at night? What messages do they already receive at home or in the workplace? What would make them happy? Only then can you successfully deliver a product or service that meets their needs and delivers value. [Read more…]
No – it’s not LeBron James or even sports related. It represents the work and achievement of a Minimally Viable Product and for entrepreneurs looking to start a company or launch something new it is one of the most important milestones. I learned about prototyping quite some time ago, but the term MVP was introduced to me by Eric Ries via The Lean Startup – great blog too. The difference between a prototype and an MVP is that the later represents an idea that customers understand and are willing to pay for. The difference between “can something be built or done” and “should something be built or done.”
An MVP does not need to be perfect or fully functional. In fact it specifically shouldn’t be. There should be additional work around moving the technology forward, engaging the market at an appropriate scale and building a business around the opportunity. An MVP is really only step one but it is a big step. This achievement allows an entrepreneur and her team to cross the threshold from idea to tangible, measureable, thing – think form, shape.
So, if you are in the process of developing an innovative product or service and need assistance around engaging customers for feedback or design assistance, contact us here in Middlebury, Vermont. We know innovation and we know entrepreneurship and we can assist you with both.