How to brilliantly pass through what everyone says 'this should be done' and find out only the opinions that you really need
When starting a business as a startup, it is often said to 'get feedback', but 'many feedbacks are meaningless and can be passed through,' says Jason Freedman, the creator of venture capital Flight Caster. What does this theory, which goes against the general theory, mean? That's what Freedman says in the blog of another company, 42 Floors.
You're only getting the nice feedback --42 Floors
Freedman refused to invest in as many as 52 venture capital firms before receiving the first contract, and received feedback each time, saying 'the market is too small' and 'professional.' Freedman's opinion is irrelevant, such as 'there are no people ,' and even if he says, 'I like you guys, but I need more due diligence ,' and even if I respond to it, I may not sign a contract. It seems to be.
Freedman spent an incredible amount of time starting up to respond to feedback. I would like to believe that these jobs and repeated marketing are improving the situation, but Sunil, the company that actually invested, didn't notice any improvement from these feedbacks. Even when asked after the third meeting, 'Do you need due diligence with market research data, growth, industry overview, etc.?', 'I don't need it. I bet on you.' It seems that he undertook the investment in response.
When thinking 'What is the difference between Sunil who undertook the investment and other venture capital?', The difference is 'Did you bet on Freedman?' Many venture capital firms wanted to bet on Freedman, but decided not to bet. In other words, they didn't trust Freedman and therefore didn't place a bet. There is no other reason.
It's easy to say 'you don't have what a successful founder needs' face-to-face because of the size of the market. This is certain because some of the venture capital firms that refused to invest in FlightCaster are investing in 42 Floors made by Freedman with a similar concept. Now that we have a relationship of trust, these venture capital firms and Jason Freedman can talk frankly.
When 42Floors was founded, some venture capital invested when team members had no vision of the product and hadn't finished researching the market, and some venture capital didn't even know about the company's real estate. It was. They just consider Freedman to grow as a founder and deserve a bet.
So, the 'how to ignore a lot of feedback and get only the feedback you really need' that Freedman learned from the founding of the startup is the following four points.
◆ 01: Get a good advisor
Find a startup advisor that is 12-18 months older than you. Not an industry veteran or someone who sells a company for hundreds of millions of dollars, but someone who specializes in the games you play. They're a little ahead of you, so it's easiest to tell them what's going on most frankly.
◆ 02: I trust the feedback that comes over and over again
If you really have a problem with something like your product vision or the size of the market, multiple venture capital firms should point it out. If you feel the feedback is inconsistent, just pass it through as noise and you may find that it wasn't a sign of truth.
◆ 03: You don't have to receive frank feedback just because you asked for it.
Some people are good at seeking candid feedback, and they especially seek feedback. However, in some cases it works, but a lot of feedback ends up in vain. Most investors do not have the emotional effort or time to give truly candid feedback. Understand that they say 99% 'no'. Consciously or unconsciously, they try to say 'no' with minimal effort.
◆ 04: Access a good back route
by Florian Seroussi
If you can communicate with people correctly, you will meet through the investors you have sought to invest in. Hopefully you can take the first step by associating with them as a member of the startup community or as a personal friend. They know what you want to know, 'what was wrong'. Many investors talk to their peers, so it's clear what the nuances of the venture capital decision that turned you down really were. If your friend feels sorry and gives you vague nuances, you may be the victim of feedback, but at least it's better than asking the investor directly.
in Note, Posted by darkhorse_log