In order to be an exciting opportunity, start-up founders need to nail the big picture vision pitch and know each step down to the tiniest details.
“In Australia, we are often accused of not thinking big enough or not understanding the fundamentals of business. It is possible to do both with a careful balance between selling the dream – the telescope – but understanding the reality – the microscope,” Stead says.
Customers are the trump card for concerns about team experience, saleability of your product and concerns about your ability to generate any money from it.
“Customers are the best guides, the best proof, and offer a better alternate to raising capital. You need to do whatever it takes to get a conversation, a relationship, a pilot and a cornerstone customer,” Stead says.
“It is not easy, but finding the sweet spot is what customer development and lean start-up methodologies are all about.”
With several years of experience in coordinating incubator and accelerator programs, Stead is a passionate believer in connecting with the community and making sure you invest in the right training by understanding the differences between incubators and accelerators.
“Start-ups are like marathons with sprints throughout. Accelerator programs are the opening sprint,” Stead says.
“Accelerators are competitive, high pressure and intense places not for the faint-hearted. You have to be open to criticism, learn to tell a great story and get customers. They offer validation, camaraderie, focus and support to excel.”
“Incubators, at their best, are facilitated, multilayered communities,” Stead says.
“At the core are the like-minded founders sharing common experiences and supporting each other. Built around that is connectivity to the outside world of customers, investors, trusted service providers and government. And facilitating the interactions and maximizing the value are the community managers.”
Rose is the current head of growth at Rampersand Ventures. She was formerly a reporter at StartupSmart.
