5-4-3-2-1 Countdown for Entrepreneurs (7/12/23)
5
Technologies that will transform our world
In case you missed it, an article in Forbes magazine last year by Bernard Marr identified “The 5 Technologies That Will Change The Future Of The Human Race.”
The author said these technologies will have “the most profound impacts on our society and the human race as a whole.” If you reflect a bit, maybe you can guess what they are. SPOILER ALERT: Artificial Intelligence, Gene Technology, Human-Computer Interfaces, Extended Reality, and 3D Printing.
5 years from now, how do you imagine these technologies will have changed your life?
4
Suggestions for when a startup should raise funds
In this three-minute video, I offer some fundraising advice on when, why, who, and how.
3
Leaders are re-inventing “New England Invents”
New England Invents is “a dynamic non-profit that promotes, protects, and educates independent inventors.” By providing low cost, high quality educational resources and guidance, NEI helps inventors learn how to turn a promising idea into a patentable, manufacturable, commercial product.
George Peters is the Founder and President, Lexa Gandolfo is the Executive Director, and Chris Donovan is Director of Strategic Development. They are all impressive innovators, and they are growing NEI to make it a greater resource for independent inventors of all backgrounds. By empowering inventors throughout the region, NEI will help spark innovation and commercialization that will, in turn, spur economic growth.
To join or sponsor New England Invents, contact George, Lexa, or Chris at the NEI site.
2
Excerpts from the book, “The Mom Test”
I enjoyed Rob Fitzpatrick’s book, “The Mom Test: How to talk to customers & learn if your business is a good idea when everyone is lying to you.” Here are two snippets:
“The world’s most deadly fluff is: ‘I would definitely buy that.’ It just sounds so concrete. As a founder, you desperately want to believe it’s money in the bank. But folks are wildly optimistic about what they would do in the future. They’re always more positive, excited, and willing to pay in the imagined future than they are once it arrives.”
“We go through the futile process of asking for opinions and fish for compliments because we crave approval. We want to believe that the support and sign-off of someone we respect means our venture will succeed. But really, that person’s opinion doesn’t matter. They have no idea if the business is going to work. Only the market knows. You’re searching for the truth, not trying to be right. And you want to do it as quickly and cheaply as possible. Learning that your beliefs are wrong is frustrating, but it’s progress. It’s bringing you ever closer to the truth of a real problem and a good market. The worst thing you can do is ignore the bad news while searching for some tiny grain of validation to celebrate. You want the truth, not a gold star.”
1
Flashback on what motivates entrepreneurs
Sixteen months ago, I wrote a commentary about two factors that motivate entrepreneurs: Risk and Reward. Here is a passage from that analysis:
Beyond the hope of earning a financial bonanza – which some consider “the American Dream” -- founders find their work rewarding in many ways. Here are four key rewards:
Purpose. A sense of purpose is probably the most rewarding byproduct of creating something out of nothing. You start with an idea, you develop it, you put money behind it, you collaborate with others to make it real. You become mission driven. But more than that, you become a pioneer who dares to change the world. That’s fulfilling in a way that can’t be measured by money or any other metric.
Power. By power I mean, empowering. If you think about it, taking the initiative in conceiving and creating a new thing – whether a product, service, project, or strategy – is inherently empowering; you have given that power to yourself by taking the leap.
Prestige. Are you surprised to see the word, prestige, in this list of rewards? Just to be honest, it’s one of the appealing things about entrepreneurship, as is true of other distinguished professions. There’s prestige in succeeding against the odds and creating new jobs and opportunities for others. That’s earned prestige, not reflected glory. And beyond any recognition or gratitude for success, founders rightly feel proud to be part of a community of individualists – plucky, inventive leaders.
Principles. To live according to moral principles is its own reward, and true success as an entrepreneur requires integrity, reason, and compassion to truly earn and enjoy “the good life.” But I also mention “principles” in the more business-like sense of learning what works, grows, and endures through trial-and-error. “Best practices” can be adopted and adapted by observation of what others do, but the thrill of discovering your own principles of research, analysis, product development, etc. is part of the entrepreneurial fun. We learn by trying, failing, and trying again. It's that never-ending process that leads us to appreciate how fortunate we are to be lifelong learners in work that constantly challenges us to be innovative.
Stay safe, stay happy, stay in touch!
Adam
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