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For a room packed with (current and future) business owners, the advice and insight proffered was as valuable as it was authentic. Here are 10 tips that came out of Go North that every tech entrepreneur might want to take to heart.
1. It’s all about talent
Seriously. Hiring and keeping the best in talent is the single most important thing you can do for your company. And some words of wisdom: Hire for potential over experience, and if you’re not qualified to hire the very best for every role, get outside help.
2. Pick up senior talent
Having the best tech minds is one thing. But if you want to take your business to the next level, you need seasoned business talent that’s been there, done that. Add seniority to your team and find someone who has managed a product team, understands marketing, and has the vision and experience to scale your company.
3. Don’t sell out too early
Dragon’s Den star Michele Romanow told us that when you look at all of the companies that have been sold over the last year, and how much they have appreciated, Canadian companies rise to the top. That means our companies are the most undervalued in the world and our startups are getting wooed too quickly by big companies with big offers. Instead of getting tempted by the first juicy offer, recognize the value in your company and either hold out for more or hang on and keep building.
4. Leverage the community
Our tech community is collaborative, friendly, honest and chock full of people willing to share ideas, advice and knowledge.Use this to your advantage. Find mentors who are about a year ahead of you, since they’ve just been through the challenges you’re facing and have come out the other side.And if you’re thinking of selling? Ted Livingston of Kik and Harley Finkelstein of Shopify both said they would be willing to act as mentors for startups in the community, and discuss the process with you.
5. Don’t underestimate the value of the U.S.
While you might be thinking of steering clear of the U.S. right about now, keep in mind that they’re still likely your biggest customer (and if not, they’re your biggest opportunity). What’s more, the U.S. sets the tech agenda for the world – you need to make it there if you want to make it big.
6. Go public when you’re ready
Going public makes you think longer term about your business, and provides the capital structure you need to focus on building it. Just make sure you’re ready for it. To become a public company, you need to look like one and act like one, with buttoned-down policies and procedures, and a solid track record of performance.Need help with that? See #2.
7. Know you’re good enough
Confidence has always been one of the biggest issues for Canadians – and when it comes to our tech companies, the pattern continues.Sure, something could go wrong with your company, your IPO or your next launch. But that’s not what you should be fixating on.Focus instead on your strengths, your potential and your awesome product. A doubtful entrepreneur never wins.
8. Find the right investors
You may be at the stage where any investor seems like the right investor.Just keep in mind that you will likely be spending a great deal of time with your investors, so look for a firm that you can partner with – who shares your vision, fits your style, and can offer more than just funding. It’s also smart to seek out investors who may be lighter on capital but heavier on advice, energy and guidance. These are the people who tend to come through during clutch situations.
9. Look up once in a while
It’s easy to get so focused on perfecting your product that you spend all day every day with your head down.Once in a while, step outside your office and get ideas and feedback from the people and companies around you.Don’t lose sight of user experience.
10. Actively hire for diversity
Diversity of background, experience, gender and age brings diversity of thought, ideas and perspective. You want a mix of people around your table so that together, you can create breakthrough ideas and experiences. Keep in mind, if you’re looking in the same places or using the same hiring campaigns all the time, the same kind of people will come knocking. Expand your hiring horizons, actively look for people different from you, and see what great things unfold.
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