Bootcamp Done, What’s Next on the Lisbon Challenge Accelerator?
Until the day comes when we can learn new skills by uploading them directly into our brain, just like in The Matrix, learning processes will always take time. Speaking of intensive learning processes the Lisbon Challenge Accelerator Bootcamp ended last Friday and now it’s time for the next phase of the acceleration program, for four weeks, where execution is the keyword: We saw each Startup presenting their plan of «attack» for the next month. Of course mentors and experts will always be available to guide you, however don’t expect any kind of babysitting – in the end it’s your planning and execution that will decide everything.
To excel in execution, you can be sure planning is a basic need. In this early-stage of a Startup, it always seems there are a thousand things per day to focus on and most of them in the same level of relevance. Without a plan any team can easily get lost in the way, so here’s how you can make the most of this Startup Accelerator.
5 Things to Revisit and Better Prepare for the Challenge Ahead
Vision – Have your vision clearly stated: it’s your ultimate goal and the one that will allow to see the big picture when dealing with the upcoming barriers.
Set your Goals – If you set goals for everything you do, not only you’ll be highly motivated to achieve them but also you can measure performance and detect what needs improvement.
Roadmap: Essential. This will help you to continuously be aware of your focus. You have to bring to life your MVP as soon as possible and work on it so a more general roadmap should be wrapped around your Product Roadmap. Since it’s not easy to know how detailed this one should be, depending on the number of techies on the team between other factors here’s an insightful article on How Detailed Should Your Startup’s Product Road Map Beby Andrew Cohen, Founder & Ceo of Brainscape and Startup Mentor at Techstars.
Decision Making – You shouldn’t rush on hard decisions nor let your emotions guide them, but at the speed you should be progressing you can’t lose too much time overthinking every single decision. Here’s a Decision-making Framework made by Adeo Ressi, Founder & Ceo of the Founder Institute, that will allow you to save time whilst assuring that you’re not making your choices based on impulse.
Priorities – This is another tough challenge. Between all the feedback you’ll be receiving from everybody you’ll talk to and all the ideas for your product that will constantly pop up your head, you have to find a way to prioritize them. Alex Iskold, Investor and Managing Director of TechStars in NYC, tells you how in Use Action and Idea Lists to Prioritize Tasks and Get Things Done
And last, but not least..
Productivity – With so much work to do, even the most focused entrepreneurs can sometimes get lost. On the other hand, maybe working 20/7 can burn you out in less than a month (missing the amazing final day at Lisbon Challenge accelerator) so here’s How to Hack Productivity with tips from 65 Startup Founders collected by Founders Grid on how they deal with Productivity and manage the minimum balance between working hard and having the basic time to rest and unwind.
Make the most of this opportunity
Beyond these guidelines, don’t forget to use all the resources and people that you have available at the Lisbon Challenge Startup Accelerator. Try toget as much feedback as possible, and if you ever feel a conflict between two opposite given opinions, there’s nothing better than getting those two persons to talk.
There will be also an incredible number of persons crossing every day the same working space as you – mentors, speakers, investors, other startups – so leave your shyness aside and don’t miss the chance to network, a lot of opportunities might come up from the people you meet along the way.
Luck is pointed as the number one reason for success by numerous founders, but behind that ability to get lucky there’s always an incredible amount of hard work, so Good Work & Good Luck.
“Hey, here’s your mic, soon as he finishes you can take the stage” – Boom, this is it, you’re just 5 minutes away from your time to pitch.
You feel your sweaty forehead, shaking hands and your stomach feels like its spinning at the speed of light in a washing machine. While you realize that all the work, effort and sacrifices you’ve done are now depending on a 5 min-pitch, that Exit sign in the back somehow begins to stand out, almost sinfully attractive to you.
You hear the audience clap after the last speaker and without realizing it, your body is already walking towards the stage. Time to take a deep breath and go for it.
Even though there are certain universally accepted steps to follow to create a good pitch, pitching is more of an art than a science. Naturally your main focus is on how to structure the pitch – how will you present the problem and the solution? Among all the things that seem relevant, which ones really need to be included?
The internet is packed with pitching tips about everything you should include but soon as you have all the info structured and while you’re practicing countless times you should also pay attention to other, often forgotten, techniques that can help you deliver a great pitch.
Your aptitude to tell stories, your posture and the tone of your voice, your speech rate and your ability to create a connection with the audience through empathy are just a few examples of other different factors that can have a huge impact on the way you engage with the audience and the way they can understand your message clearly.
So here are 3 great Ted Talks that will help you to deliver a pitch that everyone will carefully listen to and will not forget
How to Speak so That People Want to Listen by Julian Treasure
Have you ever felt like you’re talking, but nobody is listening? Here’s Julian Treasure to help you fix that. As a sound expert demonstrates some useful vocal exercises and shares tips on how to speak with empathy, he offers his vision for a sonorous world of listening and understanding.
Your Body Language Shapes Who You Are by Amy Cuddy
Body language affects how others see us, but it may also change how we see ourselves. Social psychologist Amy Cuddy shows how “power posing” — standing in a posture of confidence, even when we don’t feel confident — can affect testosterone and cortisol levels in the brain, and might even have an impact on our chances for success.
The Clues to a Great Story by Andrew Stanton
Filmmaker Andrew Stanton (“Toy Story,” “WALL-E”) shares what he knows about storytelling — starting at the end and working back to the beginning.
One of the hottest topics on Startup Fundraising is what you can do to raise the odds of being funded whilst identifying what are the red flags that scare investors. As this is a long-term commitment and you’ll need much more than just somebody with a checkbook, you should also ask yourself: Why would I choose them?
We know it’s not easy to refuse offers from investors but don’t let your urge to get your idea off the ground make you strike a deal with the first investor that makes you an offer without thinking twice. Whilst some investors will help you others can make your life more difficult.
You should be aware of investors that don’t have real experience in building companies and who fire away opinions about everything and anything without giving enough thought to really understanding your project – “VC Seagulls” as Mark Suster calls them:
“They would swoop in for one day to check on things, shit on you and then fly away. Seagulls.”
We know you’re short of time so here are 3 tips that you can easily remember when the time comes to look for and choose an investor:
– What are you looking for? (beyond the money)
Define your Goals: in what area(s) of expertise do you need help, what kind of resources and contacts do you need, what are your biggest barriers and main challenges you face?
– What can their Portfolio tell you?
Do your homework and look for other startups funded by the investors you’re talking to. Not just the ones they show you, the “successful” ones, but all of them – try to reach out to some of the founders in order to understand the reasons behind a successful relationship or a troubled one.
– Are you on the same page? You’ll be seeing your investor more than your own shadow and both are things you can’t run away from, so ask yourself a few questions. Are they aligned with your vision, culture and interests? Do you see yourself working with somebody like them? What does your gut tell you? – You’ll need somebody you can trust, who advises you on a regular basis and that doesn’t turn their back on you during hard times.
Extra tip: Joining an accelerator can be an important step in your fundraising efforts. Not only can you test, validate and improve different aspects of your Startup, but you’re also able to grow your own network (remember it’s always better to be introduced to an investor by someone than cold emailing) and some of these programs have already done some of the filtering for you, offering you the chance to meet of the best investors in the ecosystem.
2nd Extra tip: If you want to get great insights on fundraising in a surprisingly informal and slightly unexpected startup conference, see what we’ve got planned and who the The Top Speakers and Investors you’ll meet at LIS Summit,
whilst the early bird price is in effect. Do you have any other tips to suggest? Share your doubts or past experiences.
