JFDI Mentor Christoph Zrenner spoke on the topic of starting a company at e27’s Founders Drinks last week at Shuffle Bistro Bar in Clarke Quay.
Christoph co-founded Wildfire, an influencer word-of-mouth media company based in Shanghai. Wildfire received the Most Innovative Company Award 2011 in the Interactive Digital Media category from the Singapore Venture Capital Association (SVCA).
What did he have to say to the founders in the audience?
1. Ask yourself 3 questions
Before starting up, ask yourself these three questions. If you don’t have a good answer, you may want to reconsider the business plan:
1. Do you have a customer interested enough to buy your solution?
2. Have you identified the problem clearly?
3. Do you have a scalable product?
2. Sales is everything
He recommended that this be cultivated in the startup culture from the beginning. As a founder, you have to make the first sale happen .
3. Give yourself enough time
Christoph echoed the words of many JFDI Mentors when he told the crowd to be patient, it will take a lot longer than you hope or think it will. You need at least 2-3 years. Other mentors have said 5 years, 7 years. Look at Pandora Radio, which faced ups and downs for 10+ years since its founding but is now listed on the stock exchange.
4. Wear a Suit!
Meng recommends reading Alan Flusser.