You’ve got the vision, the core team, and even a little money. You’re prepared to devote enormous time and energy to your new startup. You’re unsure what the future will bring but you want to preserve the possibility of going public some day. Here are 10 things you can do to put your startup on the path to an eventual IPO.
Each hire is incredibly important and needs to be vetted for capability, drive and fit with culture.
Hire right the first time and if you don’t, correct your hiring mistake quickly.
Surround yourself with people smarter than you are. A players hire A players; B players hire C players.
Choose your partners well and structure partnership the right way
The prospect of partnering with a large company is always very tempting, but can also be fraught with peril. Stay focused on what works for you, do your diligence and don’t be afraid to walk away.
Pilots are terrific, but many a promising company has been ‘piloted to death.’
Think carefully about taking strategic investment – this is coming back in vogue. Often strategic investors can be very helpful to a young company but think through the implications and make sure you’re not impairing your business in the long term or sending unintended messages to the market.
By definition, entrepreneurship and insanity are cousins. Successful entrepreneurs learn to overcome failure and endure people telling them that they’re pursuing the impossible. Insanity is defined as repeatedly trying the same thing and expecting a different result. It’s a fine line but we think it is good practice to pop your head up every few months to ensure you’re still heading in the best direction.
Speed, quality and cost are all critical, but you can generally only accomplish two at a time.
Cash is your lifeblood – whether organically grown or from investors. Protect it zealously and use it wisely.
About Our Name
Boston Red Sox legend Ted Williams achieved an unsurpassed .406
batting average in the 1941 baseball season. He accomplished
this by being a selective hitter and only swinging at pitches
within the specific areas of the strike zone in which he knew
he could hit best.