The How - Not The Wow!

I am in the privileged position of working with some of the smartest people on the planet.

Through Uniseed, I work with inventors and founders who are developing technologies that will change our future. I regularly marvel at my colleagues’ depth and breadth of knowledge, as well as that of Uniseed’s tech transfer partners, the CEO’s and co-investors we work with. Despite this, I do get frustrated by what I like to call “The Pretenders” in our innovation industry, and feel the need to cast a word of warning to those in start-ups seeking advice or funding.

People have always been attracted to this industry as it is an exciting place to be, and the emergence of social media has given some the opportunity to build a profile based on little more than air.

Beware founders and innovators … just because someone has a sexy tag line on their LinkedIn profile doesn’t mean they can help you! In fact, if someone is calling themselves a “start-up mover and shaker” (just for example) get nervous. Check their credentials.

I’ve become increasingly aware of these sorts of people around the industry. Once they’ve decided on their sexy tagline, they tend to post prolifically – on start-ups, capital raising or any other related topics. While it’s not often original content, they have been noted to pass it off as such … In time this helps to build the profile of the person… It’s a good personal marketing strategy (even if disingenuous).

And don’t believe everything you read in a LinkedIn profile. As an example, I’ve seen people change their job title in a LinkedIn profile to make it sound more important than it was, or embellish what they have done in the past.

Finally, don’t mistake enthusiasm for knowledge. I know the start-up is your baby – and no one wants anyone to call their baby ugly – but beware of those that just tell you what you want to hear. It’s flattering, but in the end doesn’t get you anywhere.

Unfortunately, I’ve seen several examples where founders have spent precious funds on opinions and advice from Pretenders. As an example, taking a percentage of a potential capital raising and a monthly retainer, or even a large chunk of equity, to never deliver on their promises.

Old farts like me may not seem as excited about your pitch as others are, but that’s because we have been around for a long time and seen a lot of start-ups that haven’t worked, and know the potential risks and pitfalls of what you’re trying to do. It doesn’t mean we don’t think this is a great idea or product, but execution is damn hard – that’s why at least 9 of 10 start-ups fail.

To summarise … it’s about “The How – Not The Wow”…. Getting funding, securing and growing customers and building a really big business someone else wants to buy… so make sure you surround yourself with the right people who can help you set the right path and give you honest feedback along the way.