Yeah yeah yeah, patience. How long will that take?
Oh, how much Founders are like the Frantics Ed Gruberman. This song captures Ed asking the Master how to perfect Taw Kwon Leap, which…
Oh, how much Founders are like the Frantics Ed Gruberman. This song captures Ed asking the Master how to perfect Taw Kwon Leap, which turns out to be a perfect analogy for startups and how they use mentors.
A startup and its founder(s) are on a journey to solve problems and have someone pay for the solution. Filled with hope and anxiety, these tech warriors march into the market full of hope and promise. Specialist in one thing or another, they seldom have the broad business and sales skills required to breakthrough. Steep paths, unfinished bridges, and treacherous chasms often delay or derail the journey. Desperate for help and running out of resources, they look for guidance and direction. But not too much.
The first meeting with a lost soul is almost always the same. “I am an expert in my field who understands a problem which can save the right customer time and money.” A presentation follows this conversation. Sometimes you get a demo. You always get one or two “customer” testimonies that support the thesis. Later you find they are close friends or associates acting in good faith to help. Ironically, every time you want to validate these customers, the company says it’s too early, and the product they have is beta, etc. Or something to that effect.
A second meeting is usually a vibrant exchange of ideas and options. A discussion of previous issues, which are few to none, roadmap or rollout strategies, who have they approached and who has turned them down, and then another round of presentations looking at previous attempts to capture the value. Discussions tend to evolve into challenges to the content and value promise, resulting in a company’s vigorous defense.
A defense that includes; Not enough development time to complete all the roadmap items, customers who did not complete all the requirements for adoption, a salesperson who did not understand the product first time out, the founders are busy raising investment, etc. At some point in the defense, the founder tends to blend the vision story with the execution progress. It slowly becomes harder to define released vs. to be completed in the future. Frustrations rise, and the conversation shifts.
“Yeah yeah yeah, sales or investment, how long with that take?” Convinced the product is perfect or will be soon, the conversation shifts to who your contacts are and how quickly you can make introductions. Or sales. Many, if not all, suggestions leading up to this point are promptly put aside. The presentation might be updated, but the product is always on track, and any change now would delay progress. Sell what you have so you can afford more development later is how the conversation ends typically.
This story is so familiar that many take it for granted. It’s like a dance. You know how the beat goes, and you are merely looking for a partner to fill the dance card no matter what song is playing. Sure, there are slight changes or modifications here and there. But generally, what you started with is what you have, and now you are both lost in the forest looking for a specific, and possibly scarce, tree.
To break this cycle, you need to put aside your assumptions and listen. Why have you been on this journey for x number of years with little or no traction? Are the customers you currently have true advocates for your product? Are the features and functions a good fit? Do you have a solid list of investors to prospect against vs. come one come all? And lastly, are you willing to work through the options and make your mentors partners or relegate them to finding you the impossible tree in a thick forest?
Customers and investors are a numbers game to be sure. The more you see, the more chances you have of success. Or so it would seem. Reaching out with the wrong product or message can backfire. Overpromising and underdelivering a vision can leave customers with a false or mistaken impression. Many are willing to work through small issues here and there, but ultimately, you ask them to invest time, resources, and sometimes money in this relationship. Nothing is free, and far too many new companies think it’s nothing to adapt their offering with no risk. That is simply never the case.
Investors talk. And not always in the right way. As you shop these deals, they keep copious notes while trying to fill their prospecting numbers. A VC has KPI’s too. They share insights with friends when asked or pan bad companies in private for fun. The rumor mill can crank up quickly, leaving the company with fewer and fewer options. Almost everyone leaves a meeting on a positive note, and virtually no one gets a callback.
The moral of this story is quite simple. If you need a mentor or consultant, listen to them carefully, and choose a good fit. Work with them to create value or dismiss them quickly in favor of someone that’s a better fit. If it’s all about sales or investment, don’t beat around the bush. Tell them upfront and quickly. Everyone will be better off. It took a great deal of time and investment to get lost, and no one is going to sell you a map teleporting you to the final destination. It’s just the start of a new phase in your journey, and this time you have a Sherpa. Use them well and they will get you far.
“Boot to the head!”