Andrew Hyde - Latest Comments in If I Started A Company Today

Re: If I Started A Company Today

Andrew Hyde — Tue, 25 Nov 2008 15:17:35 -0000

I'm glad I could help! Best of luck with it!

Re: If I Started A Company Today

Josh Farkas — Tue, 25 Nov 2008 12:16:53 -0000

Thanks Andrew! :D

Re: If I Started A Company Today

DoubleDad — Tue, 25 Nov 2008 09:03:07 -0000

I'm in the process of putting together a webapp (in the project management space) and I agree that assembling a strong team is key. While I also agree that building your product (or application) alongside your customers is key, so is having a strong starting point. We're putting forth a lot of effort into the initial design for the first release so we can avoid as many design flaws as possible. This way we can minimize the impact (read "cost") of future enhancements. Also, if you don't start with a strong basis, you won't be able to engage your customers because they'll lose interest too quickly.

What is everyone's experience with offering "deals" to your first few customers to generate interest and start relationships to help improve the product? Do you try to give the product away for free in exchange for a collaborative relationship?

Re: If I Started A Company Today

Timothy — Mon, 24 Nov 2008 13:07:58 -0000

Some very good points. Nice post.

I am actually in the process of starting up a company, and this was very helpful.

Re: If I Started A Company Today

Andrew Hyde — Mon, 24 Nov 2008 05:26:42 -0000

Good call, especially on the order.

You are so right about contractors being more available and cheaper. Same goes for advertising buys.

Great post as well!

Re: If I Started A Company Today

Andrew Hyde — Mon, 24 Nov 2008 05:24:32 -0000

Organize some events, like Ignite or a BarCamp, let people know you are looking, work on smaller projects.

Re: If I Started A Company Today

Andrew Hyde — Mon, 24 Nov 2008 05:23:54 -0000

In the same mantra:

Spend less. Spend less. Spend less.

Re: If I Started A Company Today

Andrew Hyde — Mon, 24 Nov 2008 05:23:11 -0000

Less competition, you really have to focus on your product and it is the best time to hire.

Those are a few at least.

Re: If I Started A Company Today

Andrew Hyde — Mon, 24 Nov 2008 04:23:41 -0000

That is the best company name, great site

Re: If I Started A Company Today

Andrew Hyde — Mon, 24 Nov 2008 04:14:05 -0000

Great blog, I grabbed the feed

Re: If I Started A Company Today

Andrew Hyde — Mon, 24 Nov 2008 04:13:29 -0000

Finding the first batch of customers is really tough, but also fun.

All the best!

Re: If I Started A Company Today

Andrew Hyde — Mon, 24 Nov 2008 04:00:33 -0000

I would agree with your assessment of shorter goals. I get caught up in too many short term goals myself, and after 5 months look up and wonder what I spent all my time running around doing.

Yes, all about listening, and Gnip is rocking it.

Re: If I Started A Company Today

Andrew Hyde — Mon, 24 Nov 2008 03:59:07 -0000

Sites like UserVoice are helping with this as well.

I like the spin as well :)

Re: If I Started A Company Today

Andrew Hyde — Mon, 24 Nov 2008 03:58:29 -0000

First time I have seen that link, very interesting way to do it.

Josh Hug from Shelfari was a big advocate of this, in how he did it himself. I hear a lot of '80/20 split because I had the idea' theology, that is what I am getting away from.

Re: If I Started A Company Today

Billy — Mon, 24 Nov 2008 02:02:03 -0000

Nice tips. I have been thinking along these lines of late, and currently struggling to form the right team for the project.

Re: If I Started A Company Today

Brandon J. Mendelson — Mon, 24 Nov 2008 01:37:39 -0000

Build cash. Build cash. Build cash.

Too many people jump into business without the funds to support it.

Re: If I Started A Company Today

Kelly Cain Smith — Sun, 23 Nov 2008 22:48:53 -0000

why is it that you think that when there is a down economy it's the perfect time to start up? i'm just curious to know. good post.

Re: If I Started A Company Today

Josh Farkas — Sun, 23 Nov 2008 21:22:29 -0000

Great stuff. Many thanks!

Re: If I Started A Company Today

Adam Sheppard — Sun, 23 Nov 2008 20:11:28 -0000

My co-founder and I are former Microsoft veterans and recently formed a research and development lab named 8ninths.com in Seattle

We'll be launching our first site in December. The advice above pretty much echos the approch we've taken and just wanted to weigh in and let you know we enjoyed your post.

Our founder blog is at http://8ninths.com and this is where we share our insights on what we find cutting edge and interesting on the web.

You can subscribe at http://tinyurl.com/5zwz7d

Thanks!
Adam.
Co-Founder, CEO
8ninths

Re: If I Started A Company Today

scott_miller — Sun, 23 Nov 2008 19:53:26 -0000

great post. working on a new startup now and just so happens that my process is very similar. spending lots of time interviewing customers. next step will be launching a blog aimed at the target market. theory is to get to know the customers and their wants intimately before going too far down the prod. dev. road.

Re: If I Started A Company Today

Andrew Hyde — Sun, 23 Nov 2008 18:49:42 -0000

Found the link from your hacker news comment: http://is.gd/8IFY

Re: If I Started A Company Today

Ted Rheingold — Sun, 23 Nov 2008 17:08:38 -0000

Hear, hear! I concur, a downturn is a very realistic time to start working on something, especially if you do not require outside resources other than team members. While others bemoan the frigid VC environment you can be starting on an empire.

From my experience I would reorder things though to be 1, 5, 4, 2, 3 (I'm more an inventor/do-er than a MBA entrepreneur).

I'd listen and then start building something to get feedback on. Then only after I've confirmed there is real potential would I spend the time and focus on building a team and business plan. I've found you can waste a lot of time on building team and plan before knowing you have a product people want. You can lose a year or more with nothing to show. Putting product first, does require the founder to be able discern and develop a product into the testing period.

The exception on early team members is co-founders - which I completely agree with you - are near-critical. Anyone willing to work for free for a year to 2 and willing to stick by a company for the next 2 to 5 to 10 years is the best way to spend your equity ever ;)

Another way to get product down early without team building is contractors, who in downturns are happy to work at reduced rates (I know I was ;)

Andrew, it's a pleasure reading your bullish stanceon the opportunity a downturn provides. I wrote a blog entry at our Dogster, Inc. blog on the coming year entitled VC Gloom Means Entrepreneur Boon. Starting work on Dogster.com in 2003 made all the difference.

Re: If I Started A Company Today

Eric Marcoullier — Sun, 23 Nov 2008 16:39:08 -0000

Awesome post, Andrew. You're obviously packing away a ton of great learnings working with TechStars and your own startups.

My only quibble is that a six month plan is way too long. It's great to plant a flag in the ground in terms of long-term goals, but as a brand-new startup you're unlikely to accurately predict anything beyond 60 to 90 days out.

It's all about listening, as you wisely listed in your first point in the this article. If you set a 90-day plan you'll take 90 days to launch. If you launch a 180-day plan you'll take 180 days to launch. The longer it takes you to launch, the longer it takes you to start listening to your customers. And as soon as you start listening to them, your remaining strategy goes out the window.

Re: If I Started A Company Today

Andrew Hyde — Sun, 23 Nov 2008 15:59:05 -0000

Link goes to a 404 page.

Very interesting and useful advice. You can't say enough about A/B.

Re: If I Started A Company Today

Grant Blakeman — Sun, 23 Nov 2008 15:41:06 -0000

I love the spin on step 5. It's so important (especially in the web realm) to just build it. Get people using it. And work alongside them. Starting to understand their business and how your product interacts with it will be more valuable than any sort of one-way feedback.

I've been doing that with one of my sites for a while now and it has been invaluable. The eventual public release will be much better because of it. We've even identified new business opportunities we hadn't seen before.