5 Tips for Building a Startup (before raising capital)

* This is a shortened version of our newsletter at Meet.Capital . Every week I interview startup founders, investors, and experts on our podcast, then share the insights and takeaways in our newsletter.

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This week I spoke with ?? Mike Bank , the co-founder of Underdog Accelerator , which helps aspiring entrepreneurs launch a startup, and Founder15 which provides 15-minute expert sessions to startup founders.?

Mike has been on all sides in the startup ecosystem. He started as an investment banker, co-founded two VC-backed startups, invested as a VC partner, an angel investor, and an LP in a venture fund, and built accelerators and venture builders. As takeaways from our conversation, here are Mike’s 5 tips for founders beginning their entrepreneurial journey.

I think these are worth reflecting on even if you’re well beyond that point. Here goes:

1. Understand Your Why:

Before anything else, take the time to understand why you want to become an entrepreneur, your true values, and your motivations. Without that, going through the ups and downs of entrepreneurship will be even more difficult than it already is.??

2. Identify Your Spike?

It is easier to succeed when there is a good founder-market fit. Think about your strengths, network, and experience, and choose to operate in a space where you can excel. 3. Pick Your Playground?

The previous two tips will direct you toward choosing your target market, or your “playground.” By consistently working within a specific niche, you accumulate valuable insights and experiences, which can accelerate your progress and increase your impact within that domain.

4. Sell Before You Build

You don’t need to have a fully developed product to sell it. In fact, you should validate your business idea by engaging with potential customers before fully developing your product. This approach helps ensure that there is a market demand for what you are planning to offer. 5. Validate Before Raising Capital?

Prioritize proving that your business concept works and that there is a customer base willing to pay for your product or service - before focusing on raising capital. Demonstrating proof of concept makes it easier to attract investment, as investors are more likely to support a venture that already has some traction.?

• Listen to the full episode on our podcast .
• Watch our conversation on YouTube .??

I’d like to add a personal note, in light of the recent events here in Israel, and after many friends from all over messaged me to express their concern.

Next week we will celebrate Passover. Back then, Pharoh wanted to drown our babies and found his death on the bottom of the sea, as God led us to freedom.

This Passover we pray for the safe release of those kidnapped in Gaza, while we fight against the Ayatollahs and their proxies.

And the people of eternity will again prevail.?

Happy Passover,?

Tzakhi and the Meet.Capital team

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