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!

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Posted in Open Source |