found that 70% of upstart tech companies fail. When it comes to consumer hardware startups, 97% eventually die or “become zombies.” And what were the top three reasons for startup failure?Harry had Dumbledore, Luke had Yoda, and Daniel had Mr. Miyagi.
This fundamental disconnect between startups and their customer base can lead to major product-market fit issues down the line. Start by taking a deep look into your ideal customer base. Develop customer personas and make sure your potential mentor fits within this category or has a deep understanding of what these personas would be looking for, based on their experience.If your startup is in great need of funding, even a killer pitch deck won’t be as effective at convincing investors as a personal recommendation from a well-connected mentor.
The mentor doesn’t necessarily have to have all the answers, provided they’ve got the network within their business to find them. The ideal mentor can also be someone who’s just very good at influencing others to get involved.You may find you really hit it off with a mentor that has the same experience, a similar mindset, and technical background. But selecting someone who will think the same way you do may not be what’s best for your startup.
His co-founder Michael agreed: “Push yourself out of your comfort zone. We were kind of adopted by an external marketing mentor and an enterprise sales expert during the Lloyds lab. These were two areas we didn’t have any real experience in. Those relationships months later are still strong and they’ve been incredibly invaluable for us. Look for people outside your area of expertise because they’ll be highly critical and highly useful.
WomenWhoTech WomenWhoTech absolutely! Would you be interested in hearing the perspective of a female VC who runs an accelerator that mentors early-stage startup companies? She often talks about the importance of founder-investor fit.
WomenWhoTech It's also important to remember that mentoring is not always a connection btwn 1 startup & 1 mentor. Instead founders benefit by cultivating developmental networks -- by recognizing how much insight everyone they know can offer. (An concept 1st shared by Monica Higgins hgse)