- Build a strong team with direct and relevant reputation. To be clear, names alone don’t matter as much as the relevance of the team members to the challenge facing your business. Example: Selling SAAS to enterprise? Have someone on the team that has a track record of successfully growing revenue within a well known enterprise SAAS startup. As an investor I care who is on your team because it means A) other skilled people are also buying into what you’re doing and B) you have the skills within the team to execute on your plan. The common response here is that good people cost money. This is your first test as a CEO, and it’s one of the most important things to get right. Good people want to be challenged, and they want to win. If you can convince them of this, they will want to join your team, even at little or no pay.
- Learn to articulate your ideas well, have confidence and conviction. The best ideas die on the vine if they are they are poorly communicated. How do you become better at articulating your ideas? Start talking. Get out of your head. Go to networking events and try to speak to 50 people. Listen to how they respond. Iterate on your delivery every time. Keep testing your pitch. If your grandmother doesn’t get it, it’s probably you, not her. Oh and on that note, refrain from sprinkling in jargon words like AI, or blockchain or IoT to make your idea sound cooler. These terms actually mean nothing to the person you’re speaking to and I find the people who truly understand a technology are capable of describing the problem and solution without using jargon. Jargon is actually a negative signal.
- Know your market well and have a narrative on how you expect the market to evolve in 5 years time. If you can’t make the prediction, you probably are focused on the wrong thing. No one expects you to be a fortune teller but having a key insight into how the market will evolve in the 3 to 5 year future is particularly important for early stage investors. Remember early stage investors are betting on a future with almost no quantitative data to confirm it exists yet. Therefore, the key for an early stage investor is to find entrepreneurs who can anticipate how a market will evolve, and predict inflection points that could provide opportunities for markets to be captured.
- Amplify the signal by using top tier accelerators or angel investors to help you spread the word to investors. Track record is one of the strongest signals that exist for early stage investors. If you’ve got a great track record of building and exiting companies, you already exude positive signals, but if this is your first or second company, then getting into an accelerator with a great track record can be almost as powerful. Techstars is one of just a few global accelerators that have invested in more than 2000 startups, and quite a few successful investments have come out of the Techstars portfolio. In fact more than 1 in 20 series A investments in US startups have Techstars on the cap-table. Investors trust the Techstars process to find and grow successful businesses. As an early stage startup, not only can an accelerator like Techstars help you focus on the right things, they can also amplify the positive signals you’re already generating to make sure the best investors in the world are paying attention.
This piece originally appeared on Medium.
Want more entrepreneurship education? Check out the Techstars Entrepreneur’s Toolkit.
After the success of our inaugural program which established the Techstars Bangalore Accelerator as the premier seed stage accelerator in India, we are excited to announce that applications are now open for the Techstars Bangalore Class of 2020. Over the next 13 weeks, we’ll be scouting for 10 of the world’s best startups building solutions for emerging markets.
What are we looking for?
- People, people, people – Great companies start with great people. Great teams have diverse perspectives and backgrounds. Your core team should be in place, covering the important functions of your early stage business.
- Personal & professional connection to your idea – A deep professional or personal connection within the team to the problem you’re working to solve, and/or the customer you’re working to serve.
- Customer insight – Customer insight that is deeply held within your team, but not widely known or accepted outside of it.
- Progress – It could be a POC, beta release or you could (but don’t need to) have an established revenue stream. To get the most out of Techstars you should have some degree of customer feedback.
Applications close October 13th, 2019 and the program will run from January 27th, 2020 – April 23rd, 2020.
We are looking forward to meeting as many entrepreneurs, investors, and community leaders as possible. We’ll be hosting a combination of office hours, events, and meetups in each of these cities. Check out our upcoming stops below and sign up:
Thank you and please help us spread the word by sharing this with your network (you can click to tweet here!)
The first Techstars mentorship-driven accelerator to be held in India, Techstars Bangalore Accelerator, kicks off today, Monday, February 4, 2019 in Bangalore, and will culminate in a Demo Day on May 2, 2019. Following a highly competitive process that included meetings with hundreds of entrepreneurs from 30 countries around the world, we’re delighted to announce that we’ve narrowed our class to 10 outstanding companies that will be joining us for our inaugural class.
Techstars Bangalore Accelerator is not just our first in India—it’s also the first Techstars program dedicated to supporting startups which are addressing emerging markets opportunities. The companies come from sectors including Drone Delivery Logistics, Pharma Tech, and Environmental Data. The breadth and capabilities of these companies speaks to the potential of rapidly growing emerging markets startup ecosystems such as India, and their ability to address issues which affect billions of people around the world.
Techstars is the worldwide network that helps entrepreneurs succeed, and through this network, we’ve cultivated a strong community of local and global mentors to help make this program thrive. We’re grateful to have the support of some fantastic entrepreneurs and leaders from Bangalore and around the world, who will be volunteering their time and attention over the course of the next few months to help drive this select group of startups towards success.
The Techstars Bangalore Accelerator 2019 companies:
How to be a Considerate Communicator
By Ray Newal, Managing Director of Techstars Bangalore Accelerator
The Metaphor of the Traffic Light
On a recent bike ride, while passing through a four-way intersection, a thought occurred to me regarding the role of contracts and signaling systems in interdependent situations. Without traffic lights, speed limits, and a contract between drivers to obey the traffic laws, cars would crash into each other a lot more than they do. Bike riders like myself would never stand a chance. The combination of signaling systems and contracts allow us to bring order to chaos. In the case of traffic, these systems help us get from point A to point B in one piece.
But what happens when the signals and associated contracts are no longer relevant to our behaviors, or can’t keep pace with the magnitude of interdependencies? Technology has a way of impacting human behaviors and sometimes making them obsolete. When behaviors change, we need new ways to manage them. Prior to traffic signals, cars and carriages were sufficiently sparse and slow enough to allow the driver (or rider) to visually assess the situation at an intersection and act accordingly. As cars became cheaper and faster, and roads became more highly trafficked, the visual approach stopped working, leading to the advent of traffic signals and road signs.
While communications started out as a simple interdependency, it too has become increasingly complex.
The Telephone and the Mailbox
Here’s a previous, universally accepted communications contract: the sender would dial or write when they had something to say, and the recipient would pick up or respond when they recognized an incoming call or a letter in the mail. This contract and signalling system worked very well when communications required us to be physically proximate to the telephone or letterbox in order to receive calls or letters. It worked because the expectations of the caller or sender were defined by the chance that the receiver would be by their phone, or in the case of letters, that the mail would probably arrive—at some point. It was manageable and even fun for the recipient to get phone calls after dinner, or check the letterbox on the way home from work. On the off chance that the phone rang, or a letter was discovered in the letterbox, these communications received the full attention of the recipient—even a telemarketing call may have been received with pleasure!
Our Relentless, Wireless World
In a wireless world with devices always readily available in our pockets or purses, we find ourselves in dire need a of a better contract and signalling system. Even though our devices never leave our sides, the device in your pocket now works harder for the sender, making sure those competing calls and messages get heard as soon as they arrive. Instead of making life easier, mobile and internet communication has conspired to create a feeling of obligation on the recipient side. The result? We feel like we have to be perpetually responsive to communications, regardless of whether we are focused at work, exercising at the gym, or spending quality time with loved ones.
Wireless technology, communications software, and mobile telephony have gradually increased the volume and frequency of communications, making us ubiquitously accessible, and creating a perceived obligation of round-the-clock responsiveness because we have yet to develop any new contracts or systems to deal with this increasingly complex interdependency. Just as there are potentially fatal consequences of traffic flowing without mutual acceptance of traffic signals and rules, there are also significant consequences of communications traffic flowing without a system that respects our ability to receive those communications with mental availability, and attention.
With the traffic light stuck on green, the flow of communications never stops, and our lack of attention has become the unfortunate by-product. In work and life, events that receive our full and undivided attention are rare and infrequent. Indeed we’ve stopped being present for much outside of what happens on the device in our pocket.
A New Contract for Communication
In the absence of any better signalling system for our digital communication, we need to develop a new contract for communication that is less reliant on the recipient to manage their accessibility. Considerate communication requires us to be conscious and empathetic of the recipient’s attention by selecting how and when we communicate with them. By considering the recipient, we also optimize the receptive value of what is being communicated, meaning we get the responses we need when we need them.
Here are some of my ideas on things we can do to be Considerate Communicators. I’d love to hear your ideas in the comments!
Skip the cc
Let’s all agree to avoid copying each other on emails. I get it, copying is to ensure everyone relevant to a given subject is in the loop. Slack is a better tool for this: it’s a great repository for FYI’s, group discussions, and media pertinent to a topic. Instead of using email to keep everyone in the loop, let’s use email to send things to people who need to receive and respond to that specific subject.
Set email priorities
In email, there are things I need to respond to ASAP, and there are things I need to look at within the next day or two. For anything else, we shouldn’t be using email. Let’s use the tools that come in just about every email system these days to mark priorities, so that no one misses a message that needs to be seen and responded to within the next day. Everything else will get a response within 48 hours. If it doesn’t require a response it won’t be sent as an email, it will go to Slack.
When something needs to be seen and acted on NOW, there are tons of tools that do a good job of grabbing someone’s attention. At Techstars, we use Voxer for truly urgent communications. You could also use messengers like Whatsapp, Facebook, Telegram, Slack DM, etc.—whatever works for your company, as long as you set expectations around that particular platform. Let’s use these sparingly, because very rarely does anything actually need to be responded to right away. Let’s not use calls unless it’s an absolute emergency. Unscheduled calls should fall within the domain of one’s friends and family members.
Let’s move complex multi-angled discussions to the place that complexity is best managed: scheduled synchronous communication. This can be Skype, Hangouts, phone calls, or a good old coffee meeting. Whether these are one-on-one or involve a group, these discussions are always best handled in real-time. But even if it only requires a one-on-one conversation, let’s remember to respect each other’s time by scheduling the conversation. An IM chat can also become an easy entry point into a synchronous voice or video discussion, if both parties agree to it.
Respect the time block
Let’s honor and respect each other’s time blocks. Short of having a tool to manage our mutual awareness of each other’s time blocks, let’s just agree to not send work communication outside of the workday that requires an immediate response, unless it’s an urgent/crisis situation. Every workplace has its own definition of what this means, so feel free to interpret the word ‘urgent’ in a way that suits your environment. If you’re working across time zones, respect the clever default DND in slack, or build this into your expected response times for email and other modes of communication.
Let’s use Slack (non-DM and general channels) as a way to inform everyone. This means we have to stop using these channels as if they were continuous Whatsapp conversations, and instead add context to discussions so that those coming in later (that day, week, or year) can make sense of what is being shared.
A World With More Intentional, Better Communications
If we start becoming more intentional about being considerate communicators within our teams and with our friends and family, we will start to see some of the principles spread externally. It won’t happen immediately, but eventually our inboxes will be lighter, our Slack channels will be richer with context and information, coming back from vacation won’t be so daunting, and quite possibly, we’ll look forward to answering our phones again.
How do you keep your inbox lean and your startup team in sync? Share your favorite tips and tricks in the comments!
It is an honour to be offered the opportunity to establish Techstars Bangalore, which will be our first mentorship-driven accelerator in India, focused on supporting emerging markets entrepreneurs.
Techstars Mentorship-driven Accelerators are not new to Indian entrepreneurs. Just ask the founders of ClassPass, Kinetic, and Stasis Labs. In fact, almost 5 percent of applicants to any of the 40+ Techstars programs around the world hail from India. The Techstars community now includes more than 10,000 mentors, and through our mentorship-driven accelerators, we’ve invested in 1375 companies from more than 40 countries. We believe that great mentorship can make exponential leaps possible for early stage startups, and the experiences of thousands of founders that have gone through Techstars accelerators around the world confirm this.
It gives me great pleasure to announce that founders from India and surrounding countries will now be able to access the world’s best accelerator program in their own backyard. This is not only a validation of the importance of the Indian startup ecosystem, but also of tech startups addressing emerging markets problems throughout the world.
In 2009, I left a career in corporate tech in North America to build a mobile video company in India. Why would I choose to build a startup in India? I felt at that time, that the people who were to receive the greatest positive life impact from the internet, were yet to come online. If we could find a way to get these people online in India, we could re-apply a lot of this knowledge to serve the remaining 4 billion people in the world that were still ignored by the internet. Overcoming accessibility issues to stream rich content over poor networks would be our path to bringing these people online for the first time, or so the thinking went.
Before I arrived in India, we had already invested more than a year developing the product, go to market strategy, and had even secured a partnership with a large Indian digital media company. However, upon my arrival in 2010, I realized most of our assumptions of the market were way off.
Those first six months in India would completely re-inform the way we saw the challenge. Largely through relentless focus on understanding the pains felt by our target market, and navigating the complexities of connecting with an audience that is poor, and out of reach of most app stores, we managed to define a strategy that resonated with local investors. Over the course of the next few years, as one of the top apps on Nokia feature phones, we would end up streaming some of India’s top TV shows and films to millions of first time internet users.
Why India is the right place for this:
India is home to 1.2 billion people, of which 600 million are under the age of 25. The number one occupational aspiration of most of these young people (females and males alike) is to become engineers. Government initiatives such as the India Stack, will ensure that every one of India’s citizens will one day be able to transact without a wallet, signature, or cash. Through one part of the stack called Adhaar, Unique Identification Numbers are already linked to the biometric data of 1.2 billion people. As the largest open API in the world, India Stack is available to developers who regularly participate in government initiated hackathons. This national fascination with building hardware and software, combined with a willingness to adopt next generation technologies at extreme scale make India the perfect proving ground for emerging markets startups.
Perhaps this is also why India is one of the most popular hubs in the world for Global Innovation or In-house Centres (GICs) of multinational corporations, one-third of which are based in Bangalore. Thousands of engineers working at these modern day R&D facilities shape and execute the technology roadmaps of global leaders such as Boeing, Shell, Walmart, and Goldman Sachs among many others. In total, 1150 multinationals have GICs that employ almost 800,000 people across the country. As India grows to become one of the largest consumers of MNC products and services in the world, it makes sense that future innovations are ideated and developed here.
What we’re looking for:
Over the course of my startup journey, I recognized the brilliance of many local Indian entrepreneurs that had deep and sometimes orthogonal perspectives about serving segments of the Indian market. Not only did they hold unique insights that would ultimately unlock whole market segments, but their life experiences had left them with an unshakeable tenacity and resilience.
These entrepreneurs are not unique to India, but can be found in any developing country. Necessity is truly the mother of invention, and founders in places such as Brazil, Indonesia, Nigeria, and the Philippines have lived through times of incessant need.
As Managing Director of Techstars India, it’s my passion and purpose to find and support these brilliant entrepreneurs by helping them to connect with mentors with the ability to bring step change improvements to their startup journeys.
As is standard among all of its programs, Techstars will invest $120,000 USD in 10 chosen teams. We’re looking for companies from around the world that are applying technologies including AI, Blockchain, AR/VR, Robotics, IoT and Big Data Analytics to solve core-India or emerging markets specific problems across the areas of food tech, agriculture, retail, banking, healthcare, manufacturing, urban planning, public sector, transportation, and logistics.
The Techstars Bangalore Accelerator kicks off on February 4th, 2019 and will culminate on Demo Day, May 2nd. Applications close October 14th, 2018 so please be sure to apply before the deadline.