Startups Why are Health startups often duds? Especially digital ones. |
- Why are Health startups often duds? Especially digital ones.
- Build a dream team
- What do you think about 'business model arbitrage' (i.e. taking existing business models from somewhere like Silicon Valley and implementing them in other markets like emerging markets before the original company expands there)?
- Five Things I Would Have Done Differently
- Best Books For Business Creation and Development
- How important is number of co founders to Venture Capital investors?
- Lottery for the startup shares?!?!? Legal or not?
- Question About Crowdfunding Plan/Strategy
- Do ROI Calculators on a website help drive more sales?
- Can't help but think that co-founders would totally throw me under the bus... but I don't want to miss out on this awesome product
- LAUNCHING A SOCIAL MEDIA SITE
- I'm having trouble with long term and daily time management. I've noticed that having long term activities written into a certain time chunk on a calendar help. I've also noticed that scheduling my day helps, too. Are there any apps that help me make a schedule for a single day and long-term?
- Best way to find a technical partner
- How can I retain control over operations?
- How to be picked up in the press/TV/radio?
- If you cann't find a cofounder, it means your idea is not good enough - never go SOLO
- Please help with yet another job board idea
| Why are Health startups often duds? Especially digital ones. Posted: 03 May 2020 10:20 PM PDT I have spent some time looking at startup ecosystems of various industries and one that stands out is that there are very few unicorn level health startups, and literally none that are global.... This is quite surprising considering that health is something everyone needs, and the size of the sector in the traditional services and bricks & mortar sense. Curious to know what people think is the missing piece of the puzzle, especially from the digital side. [link] [comments]  |
| Posted: 03 May 2020 05:39 PM PDT Hello everyone, I am a 22 yo Neuro student that had a game changing idea for a start up last week. I shared this idea with two friends of mine. One is a current PhD at Oxford studying Cancer Biology the other one a MD. We had our first meeting and we realized we need to build a stronger team before actually start developing our idea. Clearly our backgrounds are not the best to deal with the technical side of the project, but mostly with the scientific side of it. So my question is: how many and what kind of people would form the minimal adequate team to develop/launch a start up? What background should they have? Where can I find them? Thank you in advance! [link] [comments]  |
| Posted: 03 May 2020 07:16 AM PDT One example I can think of is Grab in Southeast Asia taking Uber's business model, implementing it in Southeast Asia before Uber established itself there, and winning that market. According to this Quora thread, the German VC firm Rocket Internet uses this process along with the global ePlanet Capital and numerous Latin American families. Do you know any other examples of this process? What do you think about it? Although it might sound shady, the end result is people often in developing countries having access to goods and services at fair prices that they would not otherwise be able to obtain. [link] [comments]  |
| Five Things I Would Have Done Differently Posted: 03 May 2020 07:56 AM PDT I don't have many regrets in my professional career. In fact, I have none. Regretting is useless and a waste of time. Yet… As I'm currently on a bit of a sabbatical, I can't help reflecting. If I could go back in time and give myself some advice before taking my last VP Engineering role, this would be some of it: 1. Set and manage expectationsAbout 80% of issues at work stem from lack of explicit expectations. At first, I didn't do a great job of getting and setting clear expectations with the CEO, resulting in some unnecessary dissonance. Later on, I took an interim VP Product role, and managed to do a better job in defining expectations, leading to a much smoother collaboration. The lesson is if you can't get a clear answer, try harder. Extract it, force it out, do whatever it takes. If all else fails, create your own and validate them. The takeaway: Have early conversations with those you work closely with, seeking to understand what is important to them and what their mental models are. Give them yours in return. And ask yourself, "what needs to be discussed now in order to avoid bad surprises later?" 2. Build solid relationships with other departmentsFor a long time, I was so heads-down building the Engineering team that I forgot to look around me. By learning how others view the world, and educating them on how Engineering works, you build healthy connective tissue and trust. Otherwise, silos quickly emerge as everyone just focuses on their own thing. But everything needs to work in tandem for the company to succeed. The takeaway: Leverage cross-functional rituals, such as 1:1s and inter-departmental meetings, to foster your understanding of others' priorities and help them understand the respective Engineering trade-offs. 3. Step outside your circle of competenceHow do we run Marketing? What is hitting Customer Support and is that trickling down to Product? How's the company budget allocated? What's our burn? How do we know we're moving in the right direction as a company? What is the engine of our business? Do we have a flywheel? I learned the hard way that when you're part of a Leadership Team, being at least literate in all these (and more) is non-negotiable. In fact, let me rephrase that: you're borderline useless otherwise. The takeaway: Stay curious. Use self-awareness to gauge which adjacent topics you need to improve on, identify the people and other resources that can help fill in those gaps, and make a conscious decision to spend time around them. 4. Define and measure what mattersWhile I was aware that every team inevitably goes through different stages of development, it took me too long to realize the importance of monitoring high-level team metrics for speed and quality of delivery. With them, you can be proactive in addressing issues and consistently communicate progress both to the team and upstairs. Without them, you're flying blind, relying solely on observation and gut feelings — yours' and others' — that don't scale. The takeaway: Can you objectively show someone outside of tech how well your team is doing and trending over time? Can you objectively assess the impact of a change in process or personnel? If not, figure out what metrics would be need to be able to do so and start tracking them. 5. Have a clear and predictable communication strategyAlthough I communicated often to my teams through "top of mind" emails and All Hands Meetings, their schedule was erratic and topics were all over the place. Sure, there's a lot going on in startups and getting your shit together is an ongoing struggle. But past a dozen people, communication won't sort itself out anymore. Your messaging needs to be consistent, clearly highlight what's most important, and arrive at a predictable cadence. Otherwise, shared context decreases, everyone perceives things a little bit differently or, worse, simply makes up their own facts to fill in the gaps you left. The takeaway: Plan your communication, communicate your plan, and stick to it. Follow up "low-bandwidth" events (such as all-hands) with "high-bandwidth" 1:1s to ensure the message landed. I don't beat myself up. I got as much imposter syndrome as the next guy or gal, but I remind myself that growth mindset is a thing: "I wasn't able to do X… yet." Now that I know, I can give it another, better shot next time. And remember: the best you can do is all you can do. Originally published at The Evolutionary Manager. [link] [comments]  |
| Best Books For Business Creation and Development Posted: 03 May 2020 03:37 PM PDT I have multiple business ideas that I want to create, however, I'm aware that I don't have much knowledge about starting, running, and developing a business. What are some of the best books that have helped you develop business plans, marketing strategies, and acquire capital? [link] [comments]  |
| How important is number of co founders to Venture Capital investors? Posted: 03 May 2020 01:49 PM PDT I'm part of a startup and we are a total of 5 people. We got an interview with an early VC and for our next interview we'll probably be asked more details like team structure and stuff. Some of the team is worried that we can't go in there and say we have 5 co founders as that may be a red flag. Right now it's like 2 product/sales people who can do some dev if required and then 2 full on devs and one designer. The designer is important because the application really needs a good design to consolidate itself in this space. I can see why a designer probably shouldn't be a co founder but the issue with someone not being a co founder anymore is that the equity will go down since most VC or startup accelerator assume a person is a go founder when they own a certain amount of equity. Is it worth it to create some internal dissatisfaction in the team by choosing say 3 co founders and reducing the equity a good deal for the others just to potentially match a VC's idea of what the team structure should be? Or does the number of co founders not make much of a difference? By the way this is very early stage VC like we don't even have an MVP built yet [link] [comments]  |
| Lottery for the startup shares?!?!? Legal or not? Posted: 03 May 2020 07:45 PM PDT Simply what I'm thinking: to help gain feedback from a large amount of users - I want to offer the incentive of shares to one lucky winner. So if I get 1,000 people to submit feedback, 1 out of that 1,000 will receive let's say 10 shares. Is this legal? Would their be an issue because I am not checking if they are accredited, suitability, etc.? I'm not taking money from them, so just wondering if their is an issue to do something like this. I know I shouldn't be doing this for the sake of my startup and equity shouldn't be thrown around that easily especially to strangers. Just curious. An add on to the above question. Let's say, we did charge per a ticket? 1$ a ticket and anyone can make a "donation" and receive a ticket. Then a raffle is drawn to determine who gets 1,000$ worth of stock. I feel like this is for sure not allowed, but maybe it is. It technically isn't selling stock to an investor and even the investor that gets it isn't paying for the stock itself rather they won the raffle. Feel like it might be interesting. And yes I know not recommended but just curious. [link] [comments]  |
| Question About Crowdfunding Plan/Strategy Posted: 03 May 2020 09:41 PM PDT Boiled down, the campaign goal is to create content in various cities across America, while forming a community among our backers. The strategy is this: Instead if trying to raise funds from 5,000 people spread across the country, we specifically target 200 people per major city. Why I think this is a better way of going about this: - It will allow us to focus advertising efforts on very specific populations. - It could help gain people's interest by telling them they can be 1 of 200 rather than 1 of 5,000. - By breaking it up by city, it'll help us connect people in the same city with each other to form a community. Potential drawbacks: - If we focus on one city at a time it may take a longer amount of time to raise the total amount of funds to begin our project. Would the first city mind waiting for the last city for their content? Please be kind. I'm nowhere near launching a campaign. Though, with this strategy, I feel a new level of clarity. So I just seek feedback from the entrepreneur community on reddit to see if this would indeed be a step in the right direction or if there are factors I have no yet considered. Thank you all for sharing your thoughts. [link] [comments]  |
| Do ROI Calculators on a website help drive more sales? Posted: 03 May 2020 08:29 PM PDT Hey all, I've been thinking about adding a ROI Calculator to my website. I think this could be beneficial for showing what my product can help with. For those of you that do this, has this increased the amount of leads that you get? Or when you guys come across this on a website do you become more interested in buying? [link] [comments]  |
| Posted: 03 May 2020 08:37 AM PDT So a little background:
One of the co-founders is nice to me and tries to explain his thoughts the best he can, but the other one is kind of an asshole... Keeps on saying that if the company starts getting funding that "him and <other co-founder> are irreplaceable because they've had the vision of the product for years" and that he's concerned that if they hire better devs then it would look bad to an investor that a dev like me has 20% equity. I suppose that's a valid concern, but I am confident that I'm one of the best developers out there, and I'm also certain that I could take on a more managerial "CTO" role -- and he should be aware of that based on what I've done so far. Overall, I'm just worried about this guy's tone: we've never been "buddies" like what I've seen with other startup co-founders. If I felt like he was my friend, then maybe I'd be more confident that he wasn't trying to replace me all the time. But I am their main dev right now -- if I go, they won't know what to do at all. Although recently I've been thinking that this whole thing would be so much easier if I did it alone. I've also had some concerns about whether the product will sell, but I'm holding back from leaving because of FOMO. Not sure if I should just cut ties and work on another project or if I'm being overly sensitive/skeptical. [link] [comments]  |
| Posted: 03 May 2020 05:17 AM PDT Hey Reddit, for about a year now I have been working on a social media website that is directly targeting the gaming market. It is a site where gamers can share their thoughts, clips, streams and pretty much anything related to games with other gamers around the world. My problem is this, to create a successful and enjoyable social media site, you need people. Having a social media site with no people is pointless; people will leave instantly since the whole point of a social network is to interact with other people. So, how would I advertise such site, and how do I get a lot of users on the site in a short amount of time? Thank you for any help! EDIT: I am a college student with not a lot of funds, and so therefore I am unable to launch huge marketing campaigns in a row. [link] [comments]  |
| Posted: 03 May 2020 08:34 AM PDT I have a couple tasks I need to do that are comparable to making your own car. To use the car analogy, there's no set time on how long it'll take to bud it, but I can assume a year is good. In the metaphorical car, there are smaller parts that will take a month on average to make. Likewise, I'll have to break up the year into shorter periods labeled "time to build chassis," or something like that. These overall tasks, like the chassis, will require day-to-day tasks. However, things break and setbacks come up. Likewise, I really can't plan an exact schedule for the next two weeks. On top if this, I also have about 3 other metaphorical projects that need to get worked on, plus school. My schedule's busy and I've got a lot if stuff that can sometimes get crowded out by other things until the deadline comes too close. I find that daily schedules work pretty well, but sometimes tasks take a bit too long or longer than I thought, just because they're more complicated than I initially thought. Most of this prevents me from scheduling the next two days at the same time. I've also struggled with procrastination, which is something I hope this will help with. What are some good apps to help me with all of this? [link] [comments]  |
| Best way to find a technical partner Posted: 03 May 2020 10:20 AM PDT I've seen mixed answers on this and I get the fact that both sides have to bring something to the table. What would be best the way to find a technical partner in this quarantine world? I don't see live events/meets happening any time soon where I am located. I would also like to add that my side would be bringing in the marketing (about 1.5m followers in a specific and targeted niche). I already know the apps that we could create and market and these users are already asking about best apps in this niche. [link] [comments]  |
| How can I retain control over operations? Posted: 03 May 2020 11:48 AM PDT I'm trying to find a technical co-founder for my C-Corp because I have little experience and wouldn't be able to build what I'm trying to build on my own. I'm a little confused because I formed my C-Corp but haven't paid for any shares (there's 10M authorized), I'm almost certain that I don't own the 10M shares just because I formed the corporation, so how do I buy them? The main question, however, is how can I be sure that I retain a reasonable amount of control and voting power in the company as I distribute equity to co-founders and investors. I don't want it to be like Mark Zuckerberg controlling all the voting power of Facebook, but I'd like to be sure I don't give too much power to people and organizations. How can I retain a reasonable amount of control and voting power over the company? [link] [comments]  |
| How to be picked up in the press/TV/radio? Posted: 03 May 2020 11:15 AM PDT Hey, I launched a not-for-profit on Friday that allows anyone to show appreciation to our NHS by buying them a takeaway as a thank you. We launched on Friday and are currently sitting at £1,480 worth of takeaways donated, which I'm pretty happy with so far. We've used this weekend as our soft launch to listen to feedback, iron out bugs, and complete some more features before launching properly this coming week. Feedback has been really good, and it's beginning to go "viral". For example, when we launched we had just over 300 NHS workers signed up, and we now have nearly 600 - without any efforts to bring them on board. The number of donors is also growing organically now, too, which is great. I've focussed on hitting my network as much as possible to donate a takeaway, and while it's been quite successful so far, I know it's not going to take this into truly viral or national growth. Does anyone have any advice for how I can grow this significantly? I think I can hit in the 10s of thousands of pounds in donations carrying on as I am, but I'd love to set a stretch goal and hit in the 100s of thousands of pounds in donations. Judging by the reception it's had so far, I think it's entirely possible - it just needs to be put in front of the right people (the hard part!). I believe this makes for a positive, uplifting news story during a time of awfully negative news stories everywhere. Positive stores around the topic of coronavirus are also quite hard to come by it seems, so I'm hoping this will be a nice relief to the usual terrible news. Things I've done so far to these ends:
Does anyone have any advice for how else I can get this out there? Any advice for even opening up a conversation with influencers or more traditionally famous people? Thanks, Joe [link] [comments]  |
| If you cann't find a cofounder, it means your idea is not good enough - never go SOLO Posted: 03 May 2020 01:21 PM PDT I used to think a single person company is OK. I changed after the 5th startup. Sure asking another person to join is difficult. But if you cann't get a second person to join, it mostly means your idea is not BIG enough. Good companies are started with two people on board. One hustle the market and another sit home and code all day. Gates and Allan. Jobs and Wozniak. Hewlett and Packard. Google founders. Yahoo founders. Please don't use the exception of wiz kids banging up a solo company as examples. Most of the "solo success" are people who are doing their second or third startups. Business is war, not a fight. If you go to war, bring an army, bring a general (yes you are the king of course). Raising the army needs money. A dream made alone is always a dream. A dream by two people is dream realized. Just like in marriage you need someone to marry. In business you also need someone to marry to. Please keep that in mind. Otherwise 99% of the discussion on this board is moot. Most people on this board are young and excited. You will hate this honesty. But in 30 years you will remember someone said this when you were young. Startup is high risk poker - don't be the denominator. This said, consider this just a friendly reminder that you should gun for big ideas, not small "improve this improve that" ideas. [link] [comments]  |
| Please help with yet another job board idea Posted: 03 May 2020 09:08 AM PDT Hi all, I've been haunted by this niche job board idea for sometime, but due to zero experience in this type of projects or recruitment I have no idea how to make it work. I want to keep it very focused on one type of marketing, the problem is I can't figure out how to: a) get professionals to join to receive future job opening announcements, b) get companies or recruiters post jobs. Surely one requires another. I would not pay to post a job on an empty job board. And wise versa, I would not join as a professional a board with no jobs. Could you please help me understand how other niche jobs boards start out? [link] [comments]  |
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