This video focuses exclusively on early-stage startup advice for aspiring entrepreneurs. Thomas Stocking and David Dennis at GroundWork Open Source walk through the process of starting a company, step-by-step, covering everything from selecting a winning product idea to negotiating VC funding.

David and Thomas start by highlighting the importance of initially brainstorming numerous ideas, and being ruthless with the selection process. They also emphasize that founders should vet these ideas with experts in the field, and they provide advice on how to find people who will provide objective feedback (this may include calling up VCs, analysts, media contacts…even executives of competing companies!) They mention the challenges of covering initial startup expenses, and discuss strategies for successfully closing your first round of venture capital funding, which involve being prepared with a compelling presentation and answers to tough questions.

Thomas and David also communicate that incredible persistence is required to make a startup company succeed, but at the same time, founders must be willing to continually reassess and refocus their business plan…it’s crucial not to become too attached to one idea! The interview concludes with their advice on the skill set required to succeed as a founder or CEO of a startup, and how to direct your career such that you acquire and develop those skills. If you’re thinking about starting a company, then this is the episode for you!

Download Episode

GroundWork Open Source is a company specializing in IT and network monitoring solutions. Many excellent open source IT management tools can currently be found on the web, but the challenge lies in the integration of these tools, which is what GroundWork provides, at 20% of the cost of comparable proprietary IT software (or less, in the case of their free community version). The open source aspect also allows their software to be very flexible for unique applications, and they provide highly scalable enterprise packages for growing customers.

In this interview, I had the opportunity to speak with Thomas Stocking, Co-Founder and Sr. Director of Customer Support, and David Dennis, Sr. Director of Product Marketing, and they discuss all about the company’s tech, product features, open source business strategy, marketing approach, and competitive pricing. Stay tuned for Part 2, an episode focused exclusively on advice for entrepreneurs!

Download Episode

In this final video in the 3-part series, Aaron shares the interesting story of how Box.net got started. Back in 2004, when the founders were in college, they realized that there was no practical solution on the market for online file management and sharing between computers and users, and found themselves trapped using USB drives and emailing files to themselves. The founders started the company from their dorm rooms, and once they received angel funding, they left school to pursue the Box.net project full time.

I asked Aaron about how they successfully made the transition from a dorm room project to a full-fledged company…at one point, every startup has no users, no employees, and no money, so those initial steps can be very challenging. Aaron stated that because of the tremendous demand for online file sharing, there was immediate interest in Box.net…they were even featured on Engadget on Day 2 after launch, which created instant momentum, helping the company attract users and ultimately receive funding.

Aaron also shares about the beginnings of his entrepreneurial career back in high school, and provides advice on the skill set required to be a successful CEO of a young and growing startup. He also opens up about the mistake of their initial hesitation to offer a free version of their software, and that it can be counterintuitive to increase revenue by giving things away for free!

Don’t miss this final video in the series!

Download Episode