What We've Learned Working with Startups

WORKING WITH STARTUPS: LESSONS WE’VE LEARNED THE MEDIA KITCHEN / WWW.MEDIAKITCHEN.TV / @THEMEDIAKITCHEN PUBLISHED: 5/15/2011Sunday, May 15, 2011 1

LAST YEAR WE MET WITH OVER 300 DIFFERENT DIGITAL COMPANIES AT THE MEDIA KITCHEN. ABOUT 75% OF THESE COMPANIES HAD REVENUES UNDER $100MM. BEING THAT YOU CAN ONLY WORK WITH YAHOO!, GOOGLE, AND FACEBOOK SO MUCH, WE SPENT A LOT OF TIME COMPLIMENTING OUR PLANS WITH THE COMPANIES WHO ARE CREATING AND PUSHING INNOVATION: STARTUPS. WORKING WITH STARTUPS ISN’T EASY AND WE’VE LEARNED SOME LESSONS THAT WE’D LIKE TO MAKE PUBLIC. HOPEFULLY THESE LESSONS CAN SAVE YOU TIME AND MONEY AS YOU CONTINUE YOUR JOURNEY, WHATEVER THAT MIGHT BE.Sunday, May 15, 2011 2

1 WORKING WITH INNOVATIVE COMPANIES IS NOT EASYSunday, May 15, 2011 3

1 WORKING WITH INNOVATIVE COMPANIES IS NOT EASY THEY ARE YOUNG, IDEALISTIC, NON-PROCESS ORIENTED, AND PERSONNEL CONSTRAINED UNDERSTAND THIS. DON’T TRY PUTTING A SQUARESunday, May 15, 2011 PEG IN A ROUND HOLE. BE OPEN. 4

2 YOUR PRODUCT IDEA IS NOT ON THEIR ROADMAPSunday, May 15, 2011 5

2 YOUR PRODUCT IDEA IS NOT ON THEIR ROADMAP YOU NEED TO SELL YOUR IDEA TO A STARTUP CONSTRUCT A BRIEF DOCUMENT THAT WILL OUTLINE EXACTLY WHAT YOU WANT FROM THE STARTUP.Sunday, May 15, 2011 6

3 EXECUTION TIMELINESSunday, May 15, 2011 7

3 EXECUTION TIMELINES TAKE THEIRS (STARTUP) AND MULTIPLY BY 3 MAKE SURE YOU BUILD ENOUGH PADDING INTO YOURSunday, May 15, 2011 TIMELINES. 8

4 RELATIONSHIPS MATTERSunday, May 15, 2011 9

4 RELATIONSHIPS MATTER HAVE YOU TRIED CONTACTING A “HOT” STARTUP? START BUILDING RELATIONSHIPS WITH VENTURE CAPITALISTS AS THEY ARE YOUR ACCESS POINT FORSunday, May 15, 2011 STARTUPS 10

5 BE NICE.Sunday, May 15, 2011 11

5 BE + PLAY NICE. YOU MIGHT BE WRITING A CHECK, BUT THERE ARE PROBABLY 10 OTHER PEOPLE WHO WANT TO AS WELL.Sunday, May 15, 2011 ONLY HIRE NICE PEOPLE. 12

6 NOT EVERYONE IS ENTREPRENEURIAL.Sunday, May 15, 2011 13

6 NOT EVERYONE ON YOUR TEAM IS ENTREPRENEURIAL. DON’T SWIM AGAINST THE CURRENT. FIND THOSE WHO ARE AND GIVE THEM THE TOOLS TOSunday, May 15, 2011 SUCCEED. 14

7 FEEDBACK FOR STARTUPS CAN BE TRANSFORMATIONAL.Sunday, May 15, 2011 15

7 FEEDBACK CAN BE TRANSFORMATIONAL. PROVIDING STARTUPS WITH CONSTANT FEEDBACK ULTIMATELY HELPS THEM SUCCEED. PROVIDE HONEST AND THOUGHTFUL FEEDBACK AS TO WHY OR WHY NOT YOU ARE WORKING WITH THEM. POINT OUT WHAT IS WRONG WITH THEIRSunday, May 15, 2011 PRESENTATION. 16

8 VISIONARY THINKERSSunday, May 15, 2011 17

8 VISIONARY THINKERS SOMETIMES IT’S HARD TO WRAP YOUR HEAD AROUND A VISIONARY IDEA CHALLENGE YOUR STAFF CONSISTENTLY WITH BIG IDEAS. STRETCHING THE MIND HELPS GET TO BIGSunday, May 15, 2011 IDEAS. 18

THANK YOU. @THEMEDIAKITCHENSunday, May 15, 2011 19

What We've Learned Working with Startups

by The Media Kitchen on May 15, 2011

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