It’s probably in a list of ironies somewhere:
500 Startups Batch 9 started April 14.
Silicon Valley HBO Series premiered April 12.
Here’s a few learnings from a month at 500 Startups:
1. Change is constant: Like it or not, your startup evolves EVERY DAY. This may sound presumptuous, but the Valley ethic of moving fast, the Co-working, the relentless focus on growth ensures that your product, your team, and your startup hurtles forward seemingly at the speed of Light.
2. Do whats best for your business: We didnt attend 50% of the lunch chats, We didnt sit through all the Marketing Week sessions. We leveraged the 500 Network and were off hunting customers, building our product, hiring for our team, managing operations, pitching investors and closing Angels. And thats OK.
3. People are Humble: In India, a lot of “high profile” players in the ecosystem are Assholes. Mean, Selfish, Narcissistic, Blood Sucking Assholes. But here, in the Valley, People are acutely cognizant of how quickly fortunes could change here. And with the endorsement of 500 Startups behind you, they’re almost always nice to you. And polite. I’ve had investors apologize to me for changing appointments.
4. What it means to be a Mensch: Pay it forward. Selflessly serve someone else’s interests. Without anything in it for you. Go out on a limb. Make wonderful connections. The 500 team is always happy to take time off to educate you, review your progress, answer hard questions and help you shape your strategy.
5. Find champions for your business: Find that mentor. That advisor. That client. That investor. Who loves you, loves your business. Who “gets” what you’re doing. And will go out and tell people about it. I’ve been fortunate and grateful to find a mentor, a champion who has opened many doors for me. And I found them through the 500 Network.
6. Be Shameless: If you have an Indian work ethic, don’t let cultural barriers, communication, transportation, and/or perceived distances faze you. Be audacious, and announce what you need to succeed. Broadcast your intents to the 500 network, and follow up on them. You will be rewarded.
7. Laser Focus your targets: Know whom you want to reach. Plot out your path to that person. Find connections across the world. Ideally someone you’re close to, will make that door open. Then it’s up to you. Don’t waste people’s time with paeans.
8. Don’t underestimate the power of your Overseas connections: 500 enhances your reach, but culturally leverage your overseas connections. The first 5 connections I made in the Valley were with strong connections from my friends back in India.
9. Evangelise, don’t pitch: Do not hard-sell your business, do NOT have a pitch ready while meeting someone you’ve been referred to.Liking the person »» Liking the business in the Valley.
10. Be Discreet: I usually suck at this. But keep your wins private till they’re done. Commits != Money. Handshakes != Business. But you’ll find strong supportive, non-creepy, non-invasive, really blunt, unbiased opinions among your batchmates. Bounce ideas off them Take your own decisions.
11. Talk = Walk: If you talk about wins, people believe you here. They then expect you to walk that talk all the way. Be wary of grandstanding.
12. Move On Fast: There’s no point in lingering over rejections. Find people who love your business, who love you. People who don’t get it.. will come back to you when they see your traction, your success.
