Let’s say you want to build a great tech company. Should you start by moving to Silicon Valley? Or, can you do it from right where you are, right from your own hometown?
I suggest start validating your idea and building from right where you are. Today, it is no longer necessary for ambitious entrepreneurs to be in Silicon Valley. Great tech companies, even billion dollar Unicorns, can be built from anywhere.
Today, Silicon Valley outsiders can knock over their Silicon Valley competition with proper knowledge, precise strategy. Knowledge will always win over location.
This 1 minute 34 second video proves my point. Have a look.
There are always competitors who have been longer in the game and who are better funded. But it doesn’t mean they will be the winners in the marathon.
A startup is a marathon, not a sprint.
Gobs of VC money never guarantees a startup’s success. A nimble upstart can beat a well funded competitor with a superior strategy.
Here’s a 1 minute 21 second video that explains further:
Raising money too soon for a startup creates a number of serious problems.
You get diluted out of your ownership.
You destroy your cap table and follow-on funding becomes complicated to negotiate.
Watch this 2 minute 20 second video to learn how Mark Zuckerberg played the funding game and preserved 26% equity in Facebook.
We’ve talked extensively about the alarmingly low probability of getting a startup funded in this video:
We’ve also said that you CAN dramatically increase your odds if you Bootstrap First, Raise Money Later.
Now, watch this 1 minute 41 sec video to learn more about how to improve the odds of getting your startup funded.
YCombinator rejects 97.15% of all applications.
Is there a strategy for raising your odds of getting into YCombinator?
The short answer is yes.
Watch this 2 minutes 11 second video on how Jas Grewal, CEO of CareSkore did it.
Funding = Success, right? I wish it did. But entrepreneurial tracks are littered with carcasses of dead startups that were very well funded, some to the tune of hundreds of millions. As a case in point, watch this 2 minutes 31 second video: Death By Overfunding.
Right now, we’re still processing the 2016 US Presidential election, and focusing on blue-collar job losses that led to Trump’s victory.
But the truth is, within the next election cycle or two, we will see the pain being felt not only by blue-collar workers, but also white-collar folks.
Inequality: Technology & Automation: In the 30-50 year timeframe and beyond, technology and automation will create tremendous disruption. 60-80% of ALL jobs will, likely, get automated.
I run One Million by One Million (1M/1M) – a global virtual accelerator for startups. 2017 is our seventh year. And one particular trend keeps me awake at night. Thousands upon thousands of entrepreneurs have approached us for help with their funding at a stage where their chances of getting funding is ZERO. We can’t help them, regardless of how powerful our investor connections are. We can’t help a startup get funding before they become fundable. It pains me to see how many entrepreneurs have no idea what makes a startup fundable.
So, my humble advice to all entrepreneurs: please learn to assess your own probability of getting funded. Watching this 2 minutes 53 second video would be a very good start if you need a crash course in fundability.
Want introductions to Angels and VCs? A fundable and validated business is a must. >>>