An interesting post from Steve Blank talks about how he met the guy who went on to found The Startup Genome Project and just released their first report on what makes a startup successful.
Key findings are:
- Founders that learn are more successful
- Startups that pivot once or twice times raise 2.5x more money
- Many investors invest 2-3x more capital than necessary in startups that haven’t reached problem solution fit yet
- Investors who provide hands-on help have little or no effect on the company’s operational performance
- Solo founders take 3.6x longer to reach scale stage
- Business-heavy founding teams are 6.2x more likely to successfully scale
- Technical-heavy founding teams are 3.3x more likely to successfully scale with product-centric startups with no network effects
- Balanced teams with one technical founder and one business founder raise 30% more money
- Most successful founders are driven by impact
- Founders overestimate the value of IP before product market ﬁt by 255%
- Startups need 2-3 times longer to validate their market than mostfounders expect
- Startups that haven’t raised money over-estimate their market size by 100x
- Premature scaling is the most common reason for startups to performworse
- B2C vs. B2B is not a meaningful segmentation of Internet startupsanymore because the Internet has changed the rules of business
The StartupDigest and the Founder Institute have teamed up to offer via Udemy a series of lectures aimed at helping startup founders with the initial steps in building a technology company.
“Startup and Go” is online and available at Udemy’s website (http://www.udemy.com/startup-and-go/). Although by ‘invitation only’ there are some codes you can use to gain free access to the course. The first 100 people to use the password “startupdigest” will have full access to the online talks, per a recent email sent to members of The Funded website. I didn’t know this, but it seems another code was flowing around from an earlier post by ReadWriteWeb for the first 1,000 users, so you can try that one as well: “readwriteweb”.
The talks are a great way to gain additional insights from some experienced entrepreneurs, and Adeo’s always a truly motivational guy! Worth checking out.
Eric Ries, the creator of the “Lean Startup” methodology for launching and running your startup has now made available a totally free online course teaching you the basics of his methodology, called “How to Build a Better Startup“.
Beautifully created on the SocratED platform, the course is a combination of short videos and text. Definitely worth checking out, and the link has just gone to my ‘favorite links’ on the home page of this blog.