Today Micael Widell, the co-founder and CPO of online marketplace website Fyndiq held a very interesting lecture at the Royal Institute of Technology (KTH). I was caught up with his presentation. Not because of his charisma, but more due to the entrepreneurial spirit he was breathing.
His main focus at the presentation was the 6 different phases his startup had made through. Here is some of the notes I took from the presentation:
Diffrent phases when building companies
• Phase 1: Decide to do it
Going in full time is important.
• Phase 2: Find a project and co-founders.
• Phase 3: Get serious
Think big. From PowerPoint to MVP
Finding first investors
• Phase 4: Build and iterate product
Launch means nothing, the work starts here
Need for more money
Bold Decision to expand organisation
Lots of spent learning money
Good API + good Marketing+ Key partnership resulted in traction.
• Phase 5: Early traction
Trying to keep up with growth
Strain on organisation
Paying off technical debt
Putting up processes and workflows
Trying outsourcing of key functions
• Phase 6: Expanding the organisation
Hiring department heads and HR ppl
Find people who reflect founders’ spirit and personality
Shift focus from exit to building great organisation
Founders less and less essential to daily operations
The most interesting phase according to me is phase number 1. Decide to do it. I think that many people out there have had some kind of idea they’ve believed in and wanted to go for. But at some point, we feel insecure. We don’t want to take that last step out of the airplane before free falling. We have our education, job, house and maby family. Risking so much, for something you really can’t forecast the result of, would just be stupid in a rational world.
But the world is not rational, and if we don’t take risks, we won’t achieve anything. With this sentence I don’t mean that one should jump of school, quit his job and sell his apartment for the first idea one thinks will be “it”. But think about how many other great companies there would be today if more people with great ideas just would dare to take that phase 1 step.