What’s the secret to high-tech startup success? One-time tech company founder Mark Goldenson offers some words of wisdom for cleantech entrepreneurs in an enlightening commentary titled, “10 lessons from a failed startup.”
Goldenson and parter Dev Nag co-founded a firm awhile back called PlayCafe. The Internet television network for games was a hit with users who found the site, but didn’t draw in users in large enough numbers to generate success.
Goldenson’s hard-earned lessons from the experience?
- Line up funding as quickly as possible, rather than hope for top-name investors who might not come on board fast enough;
- If you’re starting a content-based business, realise it’s an “order of magnitude harder than technology”;
- Aim for speed and “good enough,” rather than take too much time trying to achieve perfection;
- Understand that your time is worth money;
- Unless you yourself are an expert at marketing, hire a pro;
- Know — and manage — the cost of attaining each customer;
- Take advantage of partnerships, even informal ones;
- Raise more money than you think you’ll need;
- Always leave yourself options in negotiations; and
- Realise there’s a difference between knowing and doing.