START-UP NEWS ISSUE 2
Creating a successful start-up
Bootlaw last month had the opportunity to attend Google's Central Saint Giles office for Startup Grind's talk with Eventbrite founders Renaud Visage, Kevin and Julia Hartz. A video of the evening's discussion is available which gives some excellent tips on how start-ups can be successful and includes advice such as:
- keep your day job and self fund your start-up for as long as possible before seeking investment. This shows investors your commitment and gives you maximum control;
- Eventbrite's founders highlighted how via hard work and determination investors started to come to them; and
- be flexible. Ensure your business plan has contingencies and alternatives to reduce stress when things don't go according to plan!
What really came across listening to the founders talk was their enthusiasm and passion for their business besides their pride in how it is making a difference to communities across the globe.
In this short video Russell Hall, co-founder of Hailo, gives his tips for start-up success and says having belief in what you are doing is fundamental.
Internet connection and the accessibility of technology means that start-up communities are not confined to Silicon Valley or the world's largest cities vying to be the next Silicon Valley like London, Berlin, New York and Tel Aviv. Start-ups are being created worldwide and with the power of digital they are disrupting traditional market leaders. New Zealand based Xero's cloud based accounting software is actively challenging the US's dominant player Intuit; Aurigo, a start-up from Bangalore has won a $20 million contract with Ontario's ministry of transport with its innovative platform that controls contracts between the government and all of its contractors during an infrastructure project; and in South America, the Chilean government's Start-Up Chile programme is influencing the continent to focus on and invest in start-ups.
In the UK the start-up community at times may seem London centric. Yet it has a phenomenal spread across all four nations. As Scotland prepares for the Commonwealth Games and its vote on independence its start-up community is thriving. The NewScientist recommends that Scotland follows Israel's model in establishing itself as a start-up powerhouse.
The headlines are full with start-ups raising £100,000's even millions which are far too ambitious figures for the majority of start-ups to consider. In contrast, this Forbes article highlights how it's not the amount of money you have but "What You Do With It That Counts" and demonstrates how start-ups that have began with a few £1,000 have gone on to generate millions, for example, Edinburgh based company Morphsuits.
Start-up M&A activity
The pace of M&A tech activity continues with a number of start-ups being acquired by large technology companies. In the last few days alone Google has announced it's bought music streaming start-up Songza, real time video advertising company LiveRail has been acquired by Facebook and Twitter has purchased TapCommerce.
Join us at our next event: 3Cs Pitching, Wednesday 9 July 2014 . This much anticipated event, in partnership with 3C, will be a high tempo series of pitches and very instructive.
Don't forget to follow us on Twitter @Bootlaw for interesting start-up news