Key #1: The team, your team!
“Startups, you will no doubt come up against a number of obstacles, from pivots to mini-failures: if the team is not up to the challenge, the project might just go under” explains Benjamin Hardy, co-founder and CEO of Kawet.
“Each one in the team must have its own technical domain, and thus have a feeling of responsibility for it. Go in vacation together in order to avoid a burn-out after two months. You should see the developpement of your startup on a long-term basis.”
Onefeat has been selected by the accelerator I/O Ventures, directly after they ended Le Camping. Only 5 startups are selected out of 700 projects, I/O Ventures was created by the founders of BitTorrent and Myspace.
Arnaud Ferreri, speaking with the new startups : “The format is different to that of Le Camping, no warm welcome. At the same time, all the people we needed to meet, VCs and influential entrepreneurs like the founders of Yelp, Slide, Zynga…They were there and available!“
Key #2: Follow the three “D”, Design – Data – Distribution !
“The CEO of Zynga said it to us straight that he spent 80% of his time on the first 5 minutes of an application, up to the point that the experience would be extraordinary, then just 20% on the rest. If the user doesn’t immediately recognise what you’re doing then there’s no use continuing to develop an ordinary product.“
“When we finished up at Le Camping we realised that the engagement metrics were not all that good. We immediately launched a user study and conclude that the UX was not simple enough. Our obsession was to create a product on which the user connects, chalks up a mission, then comes back a week later.”
“We have also been trying new means of distribution, working on these conversion nodes. In order to do this, we have to go over the data with a fine-tooth comb, something we did with a home-made dashboard. Over there they talk about the three D’s: Design, Data, Distribution.“
Key #3: Follow-up, be persistent, be sharp.
“In a meeting with an investor, there are a few messages that you have to get across: 1. Our product is extraordinary, 2. No one but me on this planet can make this work! The team and the project, that’s number 1 covered.
After that, you have to get your name out there, get people talking about you: first catch yourself some little fish, in order to get some middle-sized ones in order to get your shot at the big fish.
You have to follow up, up to 8 times, get a buzz happening, follow up, in short emails – over there any email that runs over 5 lines is an insult, as if you’re saying ” Here I am taking all your time!” You’ve got to show that you are overbooked, in demand, it is a real battle of wills, a mind game!
Other tips: Never offer any more than two time slots! because you don’t have to much time, isn’t it?”