I got a last minute call from an Incubator I’m involved with to provide some mentoring for its new intake the other day. It was two hours of 15 minute speed dating sessions which were invigorating and challenging. Of all the startups I met, three were particularly interesting and I will probably follow through and give some in depth help and advice. I will also look at investment options down the line.
However, what was interesting was the advice to most of them was surprisingly similar, so for your benefit, I have condensed it here:
- Get a co-founder with industry knowledge OR Get a co-founder with good coding skills
- Concentrate on your supplier base, product or platform and customers will come
- Control the payment system and become the escrow, enabling you to take transaction fees from both parties (supplier and customer)
The other surprising thing was of all the other mentors I met, I was the only one that had been there and done it (and even that accolade is dubious if you read my previous blogs).
Now, I’m sure relevant advice can be given from different fields of expertise including legal, financial, marketing, PR etc… But I feel that kind of mentoring would be better offered on demand when the need arises.
Anyway, I shall be back and continue to enjoy helping startups on their journey, in fact I’ve started offering my services to other incubators and accelerators.