At the TiE Bangalore meetup, where several common learnings were shared, many beliefs of startup founders turned out to be either untrue or exaggerated.
A dozen shortlisted startups participated in the ‘The First 6 Months’ meetup organised by TiE Bangalore for early insights from an audience of seasoned entrepreneurs and professionals. You can find details of the startups and some of the crowdsourced feedback from this link.
This post, however, is more about some common learnings shared which we as startup entrepreneurs could relate to as well. Here are some early beliefs of startup founders that turned out to be either untrue or exaggerated.
Myth 1: funding equals success
There’s a lot of buzz when startups receive funding or when they get acquired. While these may be the milestones in a startup’s journey and help it in terms of brand visibility, they do not guarantee increased revenues or the adoption of its products.
In addition, startups may want the focus to be more on their products and not on the disproportionate attention and time spent on the funding process.
There could also be another trap — bootstrapped founders may start to focus more on metrics that potential investors want to hear, rather than on product or customer acquisition strategies. If the web app of a startup generates maximum interest and engagement from users, there’s no need to spend time and money on building a native mobile app, as suggested by some investors. After all, validation from customers is what ensures long-term success.
Myth 2: all mentoring is good
At a recent event held at the Axilor Transit…