12 mistakes not to make when starting up your 2.0 company (2008)
DESCRIPTION
12 mistakes not to make when you launch a (UK based) startup. Presentation given at Barcamp Manchester UK. Includes some mistakes we made, some we didn’t, and some suggestions from the Barcamp audience. Presentation sponsored by Treasuremytext: The simple way to save your favorite SMS messages online.TRANSCRIPT
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12 mistakes not to make when you
launch a (UK based) startup
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Presentation given at Barcamp Manchester
UK. Includes some mistakes we made, some
we didn’t, and some suggestions from the Barcamp audience.
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Presentation sponsored by
Treasuremytext: The simple way to save your favorite SMS messages online.http://beta.treasuremytext.com
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Don’t rent expensive Office Space!(If you don’t really need it)
Instead consider working from home or your local coffee house and holding meetings in the
wonderful e-office: http://www.eoffice.net/
No 12
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Don’t waste money on expensive services
Instead use online project management tools and accounting software, simple site monitoring
services and people powered customer support.http://www.basecamphq.com
http://www.xero.comhttp://pingdom.com
http://www.getsatisfaction.com
No 11
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Give up your day job (or don’t!)
Be decisive about this. If you can dedicate 100% your startup will grow quicker and better (of
course!) If you can’t, be careful not to alienate yourself from your employer. Become a freelancer
and earn cash from consultancy.http://www.ifreelance.com
No 10
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Don't waste time on protecting what can't be protected
Web applications are incredibly hard to patent. Your IP may not be protectable: execute your idea well, grow your community. Lay claim to an idea
by blogging about it. Go public, become the experts, get known as the people who do (whatever
it is you do).
No 9
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Don't waste time courting old fashioned funding
Local and government schemes are setup to support innovation and enterprise. You may offer both but if funding organisations want protectable IP (in a twentieth century way) you need to look to
21st century funding models. Find an Angel investor to help get you started.
http://www.lbangels.co.uk/
No 8No 9
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Don’t be shy
Instead, get involved in your local startup and web2.0 community. Go to events. Host events. Ask for feedback. Your peers know their stuff too and
may offer valuable advice. They’re your community, they’ll help generate the buzz around
your service: http://barcamp.orghttp://creativecoffeeclub.comhttp://opencoffee.ning.com
http://geekup.org/
No 8
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Don't assume because you know how to make a web application that you know about marketing, business,
fundraising, finance... ... ...
If you don’t know this stuff, find someone that does.
No 7
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Don't forget the UK is part of Europe and the world
A no frills flight to Europe can cost less than a train to London! Learn from the Europeans for starters.
http://www.easyjet.comhttp://www.jet2.com
http://www.ryanair.comA tip: they all speak really good English in Europe!
No 6
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Don't push the red button and expect anyone to know you exist
Talk about your service. Shout about your service. Scream about your service. It’s now easier to generate a great following using Social Media principles, but it takes time and effort. Don’t
underestimate it!
No 5
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Don’t believe the 2.0 hype; there are plenty of people who don’t read
Techcrunch
Perhaps your customers don’t read Techrunch. What do they read? Find out and get written about
there.
No 4
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Don't give up
Have the courage to keep going through thte tricky bits. Ask for help if you need to.
No 3
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Know when to give up
If it clearly is never going to work, then do give up! Move on to pastures new. Take what you’ve learnt
and don’t make the mistakes next time.
No 2
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A website alone is not a business
What’s your business model? How can you monetize your service? Make sure you have an
actual business model.
No 1