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1M/1M: Entrepreneurs, What Do You Need?

Posted on Wednesday, Apr 7th 2010

Over the last five years, I have interacted with literally thousands of early-stage entrepreneurs, and I think I have a decent idea about the requirements for 1M/1M.

But this morning’s post by entrepreneur Nari Kannan titled What Do I Need From An Incubator gave me an idea.

Why don’t you, my readers, help me validate the needs of 1M/1M? I won’t bias you with what I have come up with privately. You do have window into some of my thinking through the blog, of course.

But let me open this discussion up to all you entrepreneurs and ask: What do you need from 1M/1M?

This segment is a part in the series : 1M/1M


. An Interview With Wayne Hurlbert
. Ambassador Program
. Ambassadors Finalized
. Internships
. Does It Need A Bank?
. Receivables Financing
. Entrepreneurs, What Do You Need?
. Entrepreneur Grant Harris On CNN
. Facebook Cause
. Need Twitter Help
. Rural America's Outsourcing Potential
. Local E-business Joins Global Effort To Boost Economy
. Oct 6 Video Conference
. Alternative Financing For Startups Using A Sales Channel Partner
. A Policy Suggestion To President Obama
. How We Differ From YCombinator
. VCs, Angels, Incubators, Accelerators - What Are You Doing With Your Rejects?
. VCs, Angels, Incubators, Accelerators - What WE Do With Your Rejects
. Outsourcing Module Of The Curriculum Is Ready
. Cloud Computing Module Of The Curriculum Is Ready
. Web 3.0 & E-Commerce Module Of The Curriculum Is Ready
. Vision India 2020 Module Of The Curriculum Is Ready
. Mobile and Social Apps Module Of The Curriculum Is Ready
. Healthcare IT Module Of The Curriculum Is Ready
. Online Education Module Of The Curriculum Is Ready
. The Entrepreneurship Curriculum
. How We Will Interface With AngelList
. Video Message Based On Recent Talks
. Affiliate Network For Entrepreneurship Blogs
. Corporate Sponsors, Affiliates, Incubators - Business Models for Partnerships
. OrangeScape Wins TiE50
. Message To Incubators
. Self-Assessment Tool
. Premium Member FreshDesk Wins Microsoft India Startup Challenge
. Kimbra Studios, Littleton, Colorado
. Partnership Overview
. Insane Logic, United Kingdom
. MMIS, Portsmouth, New Hampshire
. Zuznow, Israel
. Live Well! Philadelphia, Pennsylvania

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Comments

Sramana,

While I’ve been mentally chewing on your question, I’m surprised that this has yet to be commented on. Perhaps, because some may perceive that the answer may have already been provided within the needs of an incubator post?

Also, linguistically, it struck me that what entrepreneurs “need” may actually be more closely tied with what they “want”, and therein lies the problem. In my experience, often what they need is NOT what they want…( some say only 1 in 10,000 succeed ).

However, to stay consistent with your request and the opportunity you’ve provided here, I’ll put my entrepreneur hat on ( because I am one ) and give it a go:

1) I need to have a clear understanding of what 1M/1M expects from me in a reciprocal sense… in other words, where’s the catch ?

2) I need tools. Educational tools certainly, as well as tools to help me collaborate, coordinate and communicate. And, I need to understand which tools are proven for what purpose.

3) I need scaleable resources. And, the same type of historic understanding relative to what resources fit what need when.

4) I need guidance. Someone(s) with experience, that I can trust, who’s motives are transparent, that can help me produce clarity and move forward with velocity.

Hope that helps.

Sincerely with the best regards,
David Bookout

EFFETTI Friday, April 9, 2010 at 12:28 AM PT

I agree with your comment that what entrepreneurs “want” vs. what they “need” is not necessarily consistent, which is one of the reasons why they tend to die young.

Sramana Mitra Friday, April 9, 2010 at 10:16 AM PT

[…] business, I am also very interested in hearing what you are looking for from 1M/1M. Please weigh in here. We are crowdsourcing the design of 1M/1M, and requests that have come up include Receivables […]

Startup Strategy Roundtable: Early Stage Business Building | Search-Internet Marketing Friday, April 16, 2010 at 4:01 PM PT

[…] business, I am also very interested in hearing what you are looking for from 1M/1M. Please weigh in here. We are crowdsourcing the design of 1M/1M, and requests that have come up include Receivables […]

Startup Strategy Roundtable: Early Stage Business Building Saturday, April 17, 2010 at 1:21 AM PT

[…] business, I am also very interested in hearing what you are looking for from 1M/1M. Please weigh in here. We are crowdsourcing the design of 1M/1M, and requests that have come up include Receivables […]

Startup Strategy Roundtable: Well-Defined Niches Work Best | Tech News Ninja Thursday, April 22, 2010 at 4:32 PM PT

The feeling I have is 1M/1M is targeted at successful startups.. which is contrary to its aims. The language of the presentation is pitched almost at board level – where most startups have never been!

Realistically only a few of us can succeed. The rest of us struggle to make sense of why we are where we are.

I put my own book together after one web site failure:

http://www.lulu.com/product/file-download/a-guide-to-avoiding-business-start-up-failure/6012286

But I have 2 other sites http://www.binreminded.com and http://www.contractjob.net which I am still trying to make progress with.

David Morgan Thursday, April 22, 2010 at 11:46 PM PT

David, I recommend that you go listen to the roundtables. Your “feeling” is simply not true, because we have so far done 32 roundtables, I have personally coached over 120 entrepreneurs, and we’ve had 3000+ participants. Data shows that close to 100% of the entrepreneurs who have pitched are sub $1M revenue, and many are 2-3 months old, or even idea stage.

I am not sure where your “feeling” comes from.

Sramana Mitra Friday, April 23, 2010 at 9:46 AM PT

I think what most people need and will get from 1M/1M is confidence. The ability to keep on going, i.e learn and move on. Once you immerse yourself in water it’s hard not to get wet.

Sherad Wednesday, April 28, 2010 at 4:23 PM PT

[…] business, I am also very interested in hearing what you are looking for from 1M/1M. Please weigh in here. We are crowdsourcing the design of 1M/1M, and requests that have come up include Receivables […]

Startup Strategy Roundtable: Web 3.0 Choices Thursday, April 29, 2010 at 4:32 PM PT

Well, my thoughts are based on my own experiences for the past 2 years.
My idea is based on a product and the revenue generated is through services provided in support of the product.So it is basically service oriented revenue model.
Here, what is most needed, is the marketing leads and marketing capabilities.The cash flow generated as a result should run the business.
Another point to be noted is that venture capitalist, even early seed ones require a minimum revenue for investments.Its like the chicken and the egg story.Investors need the company to be successful and generating revenues, for further investments and are very reluctant just to fund on basic ideas or even if the product is ready.
Angle investors, well i have searched heaven and earth for them,have not found any,probably my business idea is not the earth shaking one i suppose.The ideal angel investor for people like me are the "Uncles or fathers or a close relative" not the corporate fund houses.

taraknagraj Thursday, July 15, 2010 at 1:59 AM PT