Sramana Mitra: From a strategic planning point of view, you have to look at where you are, where your market is, where the competition is, and figure out the priorities and market drivers. It’s true that everything works and everything doesn’t; but you have to make choices and decisions, and those other factors drive decision making.
David Barrett: If you are advising a brand new entrepreneur, what would you suggest? You can’t start an ecosystem from day one. You said that around the $100 million mark is where an ecosystem starts to make friends.>>>
Sramana Mitra: What happens next?
Derek Steer: When you raise money from a venture firm, you show them an optimistic projection of the business and then you are expected to hit it.
I remember the key moments clearly but the day-to-day memory of May 2015 is lost. If I sum it up into what happens next, I would say financing is a natural place in which founders tend to reflect on what is happening in the business and the leadership teams. You had to step back and look at everything holistically during a fund raise.>>>
D2L CEO John Baker shares a terrific story of bootstrapped entrepreneurship in EdTech. The company also has a great PaaS strategy.
Sramana Mitra: Let’s go to the very beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background?
John Baker: I’m based in Waterloo, Ontario, Canada. I was born in a fishing village on the northeast coast of Newfoundland. When I was 22 years and in my third year of engineering at the University of Waterloo, I started a company with the mission of transforming the way the world learns.
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David Barrett: When it comes to the platforms, I’d be curious to see if a major value of one the platforms is reaching existing customers. One of the major ways of starting a new business is to reach new customers that are currently underserved.
Can you use the Salesforce platform to go after a market that is one tenth of the price point? It feels like they wouldn’t be in that environment and they couldn’t afford that platform.>>>
During this week’s roundtable, we had a discussion on my article, 8 Startup Ideas for the Post COVID World.
Abe Lederman from Los Alamos, New Mexico, is considering two of them, and we discussed both in some detail:
Abe is both an alum of the 1Mby1M Premium program, and a current member exploring a new venture with us.
Entrepreneurs are invited to the 507th FREE online 1Mby1M Mentoring Roundtable on Thursday, October 29, 2020, at 8 a.m. PDT/11 a.m. EDT/5 p.m. CEST/8:30 p.m. India IST.
If you are a serious entrepreneur, register to “pitch” and sell your business idea. You’ll receive straightforward feedback, advice on next steps, and answers to any of your questions. Others can register to “attend” to watch, learn, and interact through the online chat.
You can learn more here and register to pitch or attend here. Register and you will receive the recording by email, even if you are unable to attend. Please share with any entrepreneurs in your circle who may be interested. All are welcome!
IBM (NYSE: IBM) reported its third quarter results this week that failed to meet the market’s expectations. This was the third consecutive quarter of revenue decline for the company as it struggles to navigate through the global pandemic.>>>