I will be Entrepreneur Coach to the teams for the duration of the program. I got to spend some time with them at lunch time and I shared with them my thoughts on the what it takes to be a successful entrepreneur and building a meaningful startup. My talk was predicated on my Triple-Helix of Entrepreneurial Success thesis.
I used the analogy of a space shuttle (a rocket doesn’t quite work because it breaks up into various parts and only the top module re-enters the atmosphere). The key motivators, the WHY, is represented by the engine of the shuttle and these are what drive the individuals and the team to take on the challenge of building a new business. When things go pear-shaped, when they are having those inevitable moments of doubt, that is when they should draw on their motivations, which will help them build resilience.
The shuttle’s fuel consist of the core ingredients needed for any startup to be a success – capability, team, market, need and finances. These are what keep the shuttle powering ahead and it is important to achieve the right mix of ingredients to ensure the engine works efficiently and effectively.
The real differentiator is the triple-helix – the operating system of the space shuttle. This is what can put a startup on the path to success. Having all three parts of the helix at work: FOCUS, ACCOUNTABILITY & BALANCE, will ensure the shuttle has an optimized journey and successfully achieves its mission.
Later on in the day I spent a few hours one on one with the teams and was excited to see them working through a range of the inevitable startup decision points already.
Congrats to the teams and I wish them all the best for the summer.
The teams are:
WeSit: A high-tech version of the Babysitters Club that connects a trusted networks of parents with babysitters.
TheBestDay: The Best Day is a social planning tool for the web and phone that makes it easy for a group to agree on a time and place for an activity.
VIC: We have designed a robotic kit that is controlled through common interfaces that we believe will revolutionise the toy market in Australia
Muro: Muro is a context-based photography platform that allows people at the same event to connect with each other through image sharing.
SnapDisco: We’ve built a visual search engine for shoes — shoppers find local stores selling their perfect shoe, businesses pay for analytics.
Don’t Panic Watch co: A watch that watches you. An automatic panic button built into a watch to detect medical emergencies such as falls and heart attacks.
Feedback: Our startup is a smartphone application that allows users to raise money for charity by completing market research surveys on the go
CloudHerd: CloudHerd will be a business that offers value for livestock sellers and producers by providing advanced inventorying systems and auctions that interface with current legal requirements, such as the NLIS in Australia. It will provide the in depth features necessary to move a lot of the inspections and other typical livestock transaction business tasks online.