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AFTER THE BELL: The key attributes to starting a billion-dollar business are…

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There are many aphorisms about success out there, from the apt and witty to ones that make you gag involuntarily. But research on leading European founders may hold some real-life clues to what it really takes to succeed in business.

But first a quiz. Do you think the majority were university dropouts? Do you think they are mostly young? Do you imagine they wear hoodies? Do you think they had a technical background? And do you think they came from the most prestigious universities?

In addition, only 10% were university dropouts, and actually 55% had a master’s degree or a PhD. This does leave one open question because simple maths will tell you that 35% had very ordinary academic qualifications. And it didn’t make much difference if they went to the small set of top universities: the top five alma maters accounted for only about 15% of founders. Clearly a chip on your shoulder is a distinct advantage.

Rainville suggests this is possibly because of the relative youth of the European tech ecosystem. In North America, a much larger proportion of founders would have worked for other Silicon Valley companies, he points out.

 

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Having been in business for the last 15y, I learned no business starts off as a $billion business. Think big, start small and scale up. Milestones pass along the way to success eventually. Or else, you have to be satisfied with your keep.

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