The document discusses 3 myths and 2 key ingredients for growing a successful startup based on the author's personal experience. The 3 myths are: 1) needing a completely new idea, when improving existing products/services can also work; 2) needing startup capital, when many successful startups require less capital than expected and it is available; and 3) needing luck, when perseverance and the right time are also important. The 2 key ingredients are: 1) building a strong team through investing time in each team member; and 2) having patience, as good ideas may take time to develop and market penetration occurs gradually through perseverance.

1. 3 MYTHS AND 2 KEY INGREDIENTS FOR
GROWING A SUCCESSFUL STARTUP
MY PERSONAL EXPERIENCE:
Aristides Protopapadakis
Founder & CEO

2. MYTH #1: I NEED A COMPLETELY NEW IDEA
▸ A new idea, something truly unique is of course
very difficult to find, particularly in a new market.
▸ Even if you find that amazing idea, chances are that
the market isn't ready for you yet. There is probably
no demand for your offering. If there was such a
need, chances are that somebody else would
already have it addressed somehow.
There are exceptions to this like for example the iPad,
but these are very rare and generally they need a big
and influential company like Apple, to drive the market.

3. COMPETITION: GOOD OR BAD?
The presence of strong competition in a certain market tends to be a
discouraging factor for many. To us, the experience has been quite the opposite:
▸ We have had far more success in mature markets where the demand for our
offering is established and competition is already in place, rather than in less
developed markets with very little, or no competition at all.
After all, if you are the only seller in a market, there is probably not much demand
for your offering, no matter how good it is!

4. DON'T WAIT UNTIL YOU FIND YOUR TRULY UNIQUE IDEA.
IF YOU FEEL YOU HAVE THE EXPERTISE TO BRING SOME
IMPROVEMENT TO AN EXISTING PRODUCT OR SERVICE, OR IF
YOU CAN BE MORE EFFICIENT IN PRODUCING AND DELIVERING IT,
THEN YOU SHOULD GO FOR IT.
CONCLUSION #1

5. MYTH #2:
“IF I ONLY HAD ACCESS TO START UP
CAPITAL I COULD ALSO MAKE A SUCCESS
OUT OF THIS OR THAT IDEA…
SUCCESSFUL ENTREPRENEURS HAVE A
WEALTHY BACKGROUND THAT OFFERED
FINANCIAL SUPPORT IN THEIR FIRST
STEPS.”

6. ▸ In reality, unless your idea concerns for example a new nuclear decomposition
process for a power plant(!) chances are that you probably need less capital
than you think.
▸ Even if your idea does need a more substantial startup capital, there are plenty
of funds and kickstarter initiatives out there these days, seeking good returns
for their investments who are willing to finance promising projects, if you are
convincing enough in presenting your idea.
After all, if no one is buying into your idea, there is probably a flaw in the idea
itself or in your strategy.
SHOW ME THE MONEY

7. BY BEING AGILE, LESS STARTUP CAPITAL IS NEEDED
At SYSTEMIC, we follow a development process called "Agile software
development"
▸ Software solutions are developed by small incremental iterations, a process
very different from the old school of software design where analysts designed
everything in advance, then engineers built, then testers tested in a back-and-
fourth process that could take a year or more to complete, and where the end
result was often misaligned with market demand.
In my case, a couple of years of unspent bonuses were enough to get me going
with version 1.0; happy customers to whom I am grateful financed the
subsequent versions.

8. DON'T LET MONEY (OR THE LACK OF IT)
STOP YOU FROM FOLLOWING YOUR VISION
AND IN TAKING IT TO THE MARKET.
CONCLUSION #2

9. MYTH #3: YOU NEED A SUBSTANTIAL AMOUNT OF LUCK
Yes, you do need luck. But luck is there for all of us, you
will get your own share when the time is right for you!

10. I’M AN ABSOLUTE BEGINNER, BUT I’M ABSOLUTELY SANE
I am a firm believer of the "Beginners luck” phenomenon
▸ The daring "new kid in town” often gets additional chances compared to the
old and well established folks, under certain circumstances which I would
summarize as a combination of being a fighter, believing in what you are doing
yet at the same time keeping your feet on the ground.
Listen to David Bowie's "Absolute Beginners" song for further inspiration!

11. YES, YOU DO NEED LUCK.
BUT LUCK IS THERE FOR ALL OF US, YOU WILL
GET YOUR OWN SHARE WHEN THE TIME IS RIGHT
FOR YOU!
CONCLUSION #3

12. 2 KEY INGREDIENTS FOR GROWING A SUCCESSFUL STARTUP
More importantly however, I think that are often overlooked yet they make all the
difference to bring success further down the road:
1.Team Building
2.Patience

13. VALUE OF TEAM BUILDING
Among my personal achievements, the one I am most proud of, is the building of the
SYSTEMIC team.
▸ As we were hiring more and more people to support the growth of the company, I quickly
realized that had to invest a very substantial portion of my time (maybe 30-50%) and
energy to focus on each person’s individual interests, motivation patterns, skills, personal
goals, interactions with each other in delivering the end product or customer support.
▸ At the beginning this appeared to be against the energy spent on product development
itself, yet the reality proved to be so different: I now firmly believe that people are the
most important asset of our company, much more than our current product line.
It is very wrong to believe that what maters is the idea and your own skills as a manager, and
that execution can take place by hiring and firing people as needed.

14. A GOOD TEAM GETS YOU PEACE OF MIND AND CUSTOMER REFERRALS
Nothing makes me happier than when a customer
calls me to praise the performance, skills and
support he received from one of our employees.
Much more than just being human, I know that
these customers are now loyal to us:
‣ They will keep for many years our maintenance
contract
‣ They will most probably ask for more products
‣ They will give the best referrals to new
customers.

15. DON'T UNDERESTIMATE THE TIME AND ENERGY YOU
WILL NEED TO INVEST IN THE PEOPLE WHO WORK FOR
YOU, AS THIS WILL BE YOUR GAME CHANGER AND IS
PERSONALLY VERY REWARDING.
CONCLUSION #4

16. PATIENCE & PERSEVERANCE
Although the initial success came very quickly, this was not always the case of our
subsequent path, as many of the good ideas we had took their time to reach the
final production stage and to penetrate the market.
However, if you are patient and keep believing in your ideas chances are that you
will find your way.
There will be bumps down the road, but successful founders are those who
persevere in the face of adversity or doubt. The ability to merge their passion with
patience and confidence and perseverance will help them overcome the struggles
at hand.

17. THE SECRET OF
PATIENCE IS TO DO
SOMETHING ELSE IN
THE MEANTIME.
Croft M. Pentz