Internet startup problems
Bjoern Lasse Herrmann is a co-founder of Blackbox, which runs a startup accelerator program and Startup Genome, a research and development project for uncovering the mechanics of startups.
Two months ago, my team at Blackbox set out on a mission to crack the innovation code of Silicon Valley and share it with the rest of the world. Now we are releasing a report based on the results of our first survey. We want to thank Sandbox, FastCompany, Inc., ReadWriteWeb, Hackernews, youngupstarts, Yourstory.in and many more who helped us spread the word and gather a total of 650+ survey results. And a special thank you to all our fellow entrepreneurs who shared information about their company for this cause.
Here is a sneak peek of our results, showcasing 7 signs of failure:
1. Not Working Full Time
If you decide to start a company, don’t do it half-hearted. Creating something from nothing is hard. Succeeding almost always requires going all in. Temporary moonlighting is permissible but significantly curbs performance and potential.
Many times we hear people say they will work half time until they have raised money. Here you can see that people who work half time are able to raise money, but about 24x less than founders who go full time. They also have trouble building up the intensity required to drive the user growth needed to validate interest in their product. Working full time is especially critical for startups with a product that requires critical mass to be valuable.
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