Start Up Stories

When Strategy Meetings Suck

Posted in Uncategorized by Devon on January 26, 2009

  

It’s the end of August and last minute back-to-school items are being snapped off shelves by single-minded moms.  We are struggling to come up with a tag-line and regulatory strategy for the business model that we will substantially abandon.  Venture capital discussions continue, probably the VC and angel community can tell that our business model isn’t quite fully-baked yet. 

     We are now heavily engaged in the process of valuing the equity in the business so that we can trade executive labor for equity in this cash-constrained start-up.  This would turn out to be a major time sink but well worth it.     

 

Lessons Learned/Questions to Ask

1. Spend enough time to come up with a legitimate story and product but, start testing it in the market as soon as possible.

a. Are dreading the next start-up strategy meeting?  If so, it’s probably because you’re spending too much time with each other and not enough time in the market with customers and suppliers

2. Spend time lavishly on people and compensation issues, get it really right and keep it transparent.

a. Are people and compensation issues filling the 9am slots in your schedule?  If not, they ought to be.  

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