1Mby1M Founder Sramana Mitra wants entrepreneurs to not waste their time and money.
The waste stems from a widespread misunderstanding of how investors think.
Over 99% of founders chase funding before they are fundable.
Here, Sramana teaches how to build with customer money (otherwise known as revenue) until a startup reaches that fundable stage.
Once fundable, a startup can go to investors like a king, not a beggar.
I have been running 1Mby1M since 2010. I find myself saying to entrepreneurs ad nauseam that VCs want to invest in startups that can go from zero to $100 million in revenue in 5 to 7 years.
Startups that do not have what it takes to achieve velocity should not be venture funded.
Experienced VCs, over time, have developed heuristics to gauge what constitutes a high growth venture investment thesis.
>>>Alright, let’s cut through the noise and get to the brutal truth of the startup accelerator world. Many entrepreneurs, starry-eyed and naive, leap headfirst into 3-month accelerator programs without truly understanding the long-term implications. It’s time for an incisive commentary, a necessary dissection.
>>>Sramana Mitra: Interesting. Where are you now in terms of metrics or objectives? Where are you and where are you going from here?
>>>I’m publishing this series on LinkedIn called Colors to explore a topic that I care deeply about: the Renaissance Mind. I am just as passionate about entrepreneurship, technology, and business, as I am about art and culture. In this series, I will typically publish a piece of art – one of my paintings – and I request you to spend a minute or two deeply meditating on it. I urge you to watch your feelings, thoughts, reactions to the piece, and write what comes to you, what thoughts it triggers, in the dialog area. Let us see what stimulation this interaction yields. For today – Grace III
Grace III | Sramana Mitra, 2022 | Watercolor, Ink | 8 x 8, On Paper
I’m publishing this series on LinkedIn called Colors to explore a topic that I care deeply about: the Renaissance Mind. I am just as passionate about entrepreneurship, technology, and business, as I am about art and culture. In this series, I will typically publish a piece of art – one of my paintings – and I request you to spend a minute or two deeply meditating on it. I urge you to watch your feelings, thoughts, reactions to the piece, and write what comes to you, what thoughts it triggers, in the dialog area. Let us see what stimulation this interaction yields. For today – Grace II
Grace II | Sramana Mitra, 2022 | Watercolor, Ink | 8 x 8, On Paper
Gemini: Give me an overview of the startup accelerators in Central Asia and how they compare with 1Mby1M.
Central Asia’s startup ecosystem is relatively nascent but rapidly growing, attracting increasing attention from regional and international investors. Countries like Kazakhstan and Uzbekistan are leading the charge, actively developing their tech infrastructure and fostering entrepreneurial talent. Accelerators here are crucial for providing the foundational support, mentorship, and connections needed to scale in a region that still faces challenges in access to late-stage funding and global market integration.
>>>Gemini: Give me an overview of the startup accelerators in APAC and how they compare with 1Mby1M.
The Asia-Pacific (APAC) region is a vast and incredibly diverse landscape for startups, encompassing mature markets like Singapore, Australia, and Japan, rapidly growing economies like India and Indonesia, and emerging ecosystems across Southeast Asia. Accelerators in APAC reflect this diversity, often specializing in local market nuances, leveraging strong government support, and acting as bridges to global capital.
>>>Gemini: Give me an overview of the startup accelerators in Africa and how they compare with 1Mby1M.
Africa’s startup ecosystem is experiencing a remarkable boom, driven by a young, tech-savvy population, increasing access to mobile technology, and a growing pool of local and international investors. Accelerators play a crucial role in nurturing this growth, often addressing unique challenges such as access to early-stage capital, market fragmentation, and navigating diverse regulatory environments.
>>>Sramana Mitra: Okay. Now, on this timeline, we are in 2022. This is also when AI is starting to hit the popular consciousness and the venture capital industry in a big way. What impact did that have on your product strategy, go-to-market strategy, et cetera? So, tell me more about what’s your AI strategy and how are you playing this game?
>>>Gemini: Give me an overview of the startup accelerators in Latin America and how they compare with 1Mby1M.
Latin America’s startup ecosystem has been on a meteoric rise, attracting significant attention and investment. The region is now home to a growing number of unicorns and a vibrant landscape of accelerators, fostering innovation and connecting local talent with global opportunities.
>>>