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47 Comments
- csb92376, on 10/12/2007, -3/+16Critical factors for a startup:
1. Gotta have a "business plan"
2. Said "business plan" should be packed full of buzzwords - "web 2.0, ajax, myspace, ipod, google, etc."
3. Stay away from "web 1.0" buzzwords - "leverage the e-strategy solutions". That's a no-no!
4. Ask for at least $10m. Anything under $10m and they won't take you seriously.
5. Name your startup something that doesn't make any sense - "Ditch.com, 478turd.com, moneybucket.net" - akinder, on 10/12/2007, -3/+11Creating a startup isn't that hard, as long as you have a mind for time management and a marketable idea.
And, always remember, you have to spend money to make money. Don't be afraid to run up a little debt if you believe enough in your idea and your company. - joethepeacock, on 10/12/2007, -2/+9I really think this particular panel / article is just sailing over the heads of the average Digg user.
Not trying to insult Digg or it's users, but really, the demographic for Digg is just plain going to miss 99% of what's being said here in this panel. But to you 19 year old college kids sitting in the computer lab at 3 AM drooling over real-time-updating AJAX-enabled checkboxes and whatnot, you should know that this video features a legend in the computer industry overall (Guy), one of the godfathers of computer gaming and personal computer software (Lauren Elliott) and four of the most incredible tech-arena entrepeneurs of our time.
One day, when you attempt to actually run your own business (IF you attempt to run your own business), these names and the things they are saying will mean something to you. - brendanc, on 10/12/2007, -2/+9You won't have a labor force if your managers suck.
- iamexcite, on 10/12/2007, -1/+7Dreamweaver is the industry-standard HTML editor at this point. While it can help you write php code and query databases and stuff, it's not going to write YouTube for you. Even so, it's a great product and well worth looking into. Grab the trial version if you don't already have an HTML editor of choice.
I believe you're more concerned with the backend. There are a myriad of options--you can use a scripting language like php, a framework like .NET, write your own code to handle requests (or use Apache modules, etc), or do a mix of all of the above.
I don't mean any offense, but it sounds like you are striking out on your own (working independently) and haven't done anything of this scale before (almost no one has). I would recommend you check out some of the frameworks that let you get a site up and running as fast as possible, as opposed to seeing what the elephants in the room are using. This will let you see if your idea is going to work, flesh out ideas to apply for a provisional patent if applicable, and perhaps most importantly recruit friends . VC's aren't going to deny you funding because you're presenting a semi-successful prototype with real users that will need heavy rewrites (that's what the $$$ is for), but they will shoo you away if you show them something that's not quite there because you spent all your time learning how to optimize for scalability or writing your own database query optimizer.
Do you have much programming experience? If so, as a first step I'd recommend looking to whatever language you're comfortable with to get a framework. (Disclaimer: I am no expert so I will probably butcher these. Apologies in advance, and please correct.) Java? Tomcat. C#/Visual Basic? .NET framework. Python? Django or mod_python to get more low-level. PHP? Well... php. I'm not saying you should use them, just see what's out there and then
Of course, don't take that last point too seriously because you can probably have a site up faster with Ruby on Rails from scratch than you could learning SQL Server, etc.
Free tools abound for *almost* every platform. Again, I'd recommend looking to whatever will get you there *fastest* and let you change things easily. Some friends and I joke that everyone running around screaming web 2.0 jargon and bragging how their Ruby on Rails app is going to revolutionize everything is a tool, but I helped a friend with Django briefly and was very impressed that I could go from nothing to having a site up in minutes. Will it be what you use permanently? Probably not. But 9 out of 10 startups (or more?) end in complete failure, and the quicker you find out what doesn't work, the more you can skew the odds in your favor.
Good luck! - geuisteses, on 10/12/2007, -2/+8I'm selling Web 2.0 startup kits for the low, low price of $19.95. Buy now! Limit 1 order per customer!
- showgun, on 10/12/2007, -1/+6Marketable ideas, mean nothing.
A Marketable business means everything. And you can only have a marketable business with successful execution.
Debt should be the last option, and only pursued if your concept is proven (its a franchise, or something with a proven concept like a pizza joint). Expirimental ideas should be pursued with owners equity, with your money first.
What entrepreneur doesn't love its own idea? That shouldn't be the threshold for whether or not to fund with debt. - iamexcite, on 10/12/2007, -1/+5Are rounded corners and ubiquitous social tagging functionality included, or do I have to make my own?
- gd007, on 10/12/2007, -2/+4this makes me quit my job and start a business.
- showgun, on 10/12/2007, -3/+5Do it Kevin Rose, is worth $60 million (right BusinessWeek?)!
Start Ups make everyone millionaires. - nsanden, on 10/12/2007, -1/+3All you need is love. Love is all you need.
- phlux, on 10/12/2007, -1/+3anyone who is interested in actually attending these types of panels should join SVASE: silicon valley association of start-up entrepreneaurs. http://svase.org
I have attended panels like this one, and generally they are very good.
With the exception of the one with jon abrahms, the founder of friendster. The panel was good but he is a pompous ass and it took all my might from punching him in the face.
The panel was talking about sites supported by ad revenue. They were swearing up an down how ad rev is the model to go by but not once in the panel discussion did they ever say that you need to have a model based on a site that users actually want to visit.
Of course this is (seems like) common sense - but the fact was that these people should have been stating this. all they were doing was pushing ads...
anyway, back to this article:
I am in the process of creating a startup and let me share with you my challenges so far:
- VCs want 50+% of equity in your company. If you have an idea without a working product (site) then your seeking VC funding will require a solid biz plan and a relinquishing of more than 50% of the idea - assuming you can convince a VC to fund it.
- Developers are very key employees/founders to have. I have 10+ years experience in IT and can manage a very large complex team to delivery but I am not a developer myself. I value the skills in a developer very highly and it is important to find a developer who can have as much conviction about your idea as you do. I also think that developers at large are generally really lazy. I have spoken to and presented to many developers on this current venture. They were excited about the idea, but thought it would take a lot of developement and therefore couldnt commit the amount of time needed. Even when being brought in as founder.
- you should spend some amount of your own (or money you can get from family etc) money on your project and seek to have it either self funded or funded with monies that brings it into at least beta phase without having a VC.
- use an outsource (offshore) development co. philippines, russia etc. but make sure they have an office here in the states. Make sure they have real live people in the US that you can interact with.
I think every person who has an idea they think is a good one should pursue it. This will result in many ideas not becoming major industries - but its important for every person who thinks they have something to share and contribute to do so - even if it *only* results in the development of that individual.
*****DO NOT BE AFRAID TO FAIL******
GO FOR IT.
The world needs your contributions. You cannot sit on your ass all your life daydreaming - that gets civilization no where.
- Drop friends who talk they are going to help you / contribute / develop but really are looking for a free ride off your actions. HIRE PEOPLE. dont try to get all talent for free. remember the saying "you get what you apy for" - pay for great talent, THEN befriend them.
- Share your knowledge. Do what you're going to do, but share the experience. Even if it takes you no place - give that information and knowledge back to others and help them learn from your adventure. "who you know" is a great thing in business and life. Meet people, better them. You will reap that in the long term. - anonydigg, on 10/12/2007, -2/+3that host guy with the funny shirt is so annoying.
- inactive, on 10/12/2007, -1/+2Reid wants to eat you, everybody run!!!
- ttntyler, on 10/12/2007, -2/+2Not if you have enough money to invest on your own
- Himself, on 10/12/2007, -2/+2'taking advantage' refers to a bleeding edge tech startup I worked for where the expectation was 60-80 hours a week when everyone negotiated salary on a 40 hour a week. Anyone who objected a few times was terminated and with rare exception no one was older that 24. they were liberally violating labor law
- Nation, on 10/12/2007, -1/+1I use to share the same sentiment, but after a few years of building businesses and working with people with more experience then I, my stance has softened a lot.
a proper VC should have two things:
1. money
2. experience/success in the general field.
When someone invests the level of money they do they have an interest in the success of the company. Since they have been successfully, they should be listened to, at least on some level.
I'm not saying I will ever use VC, I am not saying that everything they do is the best, but I am not at the point of all VC and VC peps are Ev!L. - sirmoggy, on 10/12/2007, -1/+1Holy crap, Reid looks like he ran a marathon before he sat down. Easy, big fella!
- addakorn, on 10/12/2007, -1/+1This should help:
http://digg.com/?s=web+2.0+generator - igotnothing, on 10/12/2007, -3/+3VC's are a necessary evil
- Himself, on 10/12/2007, -5/+5vc + ip + taking advantage of labor force = profit
- UNL1M1T3D, on 10/12/2007, -2/+2Is it just me or is the guy from Linkedin real sweaty?
- McZiggz, on 10/12/2007, -4/+4...noob.
If you haven't heard of photobucket you don't use the internet much.
If you haven't heard of LinkedIn you don't have a cool job, work for a cool company, or have successful friends. - Nation, on 10/12/2007, -1/+1Do start a business
Don't quit your job - marc421, on 11/11/2008, -0/+0
Starting up in a down time?
http://www.ScrappyUpstarts.com - Himself, on 10/12/2007, -1/+1as in ruthless?
- vagabond0101, on 10/12/2007, -1/+1To create a successful startup what u need most importantly is the right vision
- splaster, on 10/12/2007, -0/+0"Fifty plus percent? To me that's totally unacceptable. That would be like many beginning pop stars who perform every day all over the world and are burnt out after 5 years and then notice that the managers got most of the money and the 5 million dollar house in Malibu is not really their own. Never give up control."
Unfortunately, that is not the least bit unusual. But look at this way, what would you rather own: 50 million shares of stock with a share price of $0, or 10 million shares of stock with a share price of $10? - inactive, on 10/12/2007, -1/+1awesome post! got me laughing.
- farm3r, on 10/12/2007, -1/+1VC = Viet Cong?
- cphuntington97, on 10/12/2007, -3/+3I think digg uses wordpress.
/joke - vagabond0101, on 10/12/2007, -1/+1iamexcite:
nice explanation.. thank you :) - inactive, on 10/12/2007, -1/+1Reid wants to eat you, everybody run!!!
- gd007, on 10/12/2007, -2/+1start with some free templates.
- qwertydvorak, on 10/12/2007, -2/+1charge more than your expenses, you will be successful. don't and you will be always be on the brink of bankruptcy and asking the govt for handouts... ask the airline companies about that one....
- ScottJG, on 10/12/2007, -4/+3Ive wanted to start my own Startup for awhile, But how do sites like YouTube and Digg make their websites? Dreamweaver? Straight HTML? Templates?
- chrish01, on 10/12/2007, -4/+3vc = the suck
- inactive, on 10/12/2007, -4/+3yes, VC's are sharks. Worse than lawyers.
- neonrehan, on 10/12/2007, -1/+0Awesome video. Awesome panel group. It was refreshing to see the faces behind these companies. Most obviously a bunch of ooober dorks made successful entrepeneurs, and thats what is so enticing. I believe that the ratio of 'gimmicks' vs real need-based services when it comes to the missions of most Start-ups is teeter tottering too much.
I see a trend of great innovative ideas dying after a few quarters of development because they are revealed to be just transient fads. - eoecho, on 10/12/2007, -1/+0If you get the $10M, call me. I can help you spend it on custom publishing and marketing. eoecho.com
- greenflash, on 10/12/2007, -1/+0"- VCs want 50+% of equity in your company. If you have an idea without a working product (site) then your seeking VC funding will require a solid biz plan and a relinquishing of more than 50% of the idea - assuming you can convince a VC to fund it."
Fifty plus percent? To me that's totally unacceptable. That would be like many beginning popstars who perform every day all over the world and are burnt out after 5 years and then notice that the managers got most of the money and the 5 million dollar house in Malibu is not really their own. Never give up control. - crbaker, on 10/12/2007, -2/+1Your a fool for dissing one of the smartest guys in the computer business.
- spliznork, on 10/12/2007, -5/+3No, don't ask for as much as you can get, ask for as much as you can use. Asking for a lot up front sets your valuation, which sets your expectations for your series B. Don't bite off more than you can chew, or you'll have a seriously down second round.
- strictnein, on 10/12/2007, -7/+4Which of those guys on the panel have been successful? I recognize none of them and I don't remember any of their companies being bought out.
- zulusafari, on 10/12/2007, -4/+1Traditional VCs will not even look at you unless you ask for a lot of money and in turn make them a lot of money. Expectations are always high.
- inactive, on 10/12/2007, -10/+2How are you ever going to start a start-up if you can't even go around the country or city without being pulled over and having your start-up money stolen from you? http://digg.com/politics/United_States_versus_124_700_in_U_S_Currency
- inactive, on 10/12/2007, -11/+2***** the naysayers who are downdigging every comment here.
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