7 + 3 Lessons From Failed Startups
Great Inc post on lessons from a failed startup include:
1. Consider the entire experience
2. Raise money when you can not when you need too
3. Don't give away equity too soon or too fast
Read the other 4 from the Inc post: https://www.inc.com/yoram-solomon/7-lessons-you-should-learn-from-my-failed-startup.html
I'd add three of my own lessons from my "failed startup":
1. Don't think in terms of success and failure, win and lose. Think about impact, learning, and potential. Startups require a more nuanced sense of win/lose.
2. Don't hire your friends even if they are the right people because you are probably blind to faults, issues, or other "round peg in square hole" problems with friends.
3. Create any startup in collaboration with customers. Don't do the "mad inventor" thing and go off and think you've created a better mousetrap. You won't. Instead, collaborate and build on what you learn from real customers facing immediate problems.
Discover Marketing
This is an interesting article on "new to me" marketing channel. Discovery marketing creats a "buzz team" of people willing to see things first, provide feedback and start the word of mouth train. I couldn't tell if the people receiving the goods are on a subscription or are receiving the goods free.
This idea of a "buzz team" isn't completely new. We created a team of trained reviewers when I was a Director of Ecommerce. Amazon has thousands fighting to be one of the top 1,000 reviewers because you get free books once that status is achieved.
Malcolm Gladwell discussed Mavens, Connectors and Salespeople in The Tipping Point. He also discussed how not everyone on your customer list is equal. Some have the ability to help DEFINE your messaging (Mavens), some can SPREAD the word (connectors) and some can help you WIN hearts and minds (Salespeople).
Discovery marketing is an interesting idea that, here I agree with Bazaar Voice, needs more study and thinking before it is ready for prime time, but may be all kinds of startup fodder in here.