[Warning: This post is geared for high-integrity people; if you're dishonest, please don't bother reading on or raising money from anyone.]
I’ve raised money twice: $1 million for ExpressDoctors (a flop) and $350,000 for Mojam (which got sold and is still around!).
I’m by no means a pro — you’ll find many others with more experience — but I don’t see too many of them writing about their experience.
I enjoy sharing my learnings with others in hopes of creating more awesome businesses, non-profits or other organizations in our Universe!
I’m leaving out the “Fundraising 101″ type tips such as: Define the uses of the money you need; investing takes longer than you think; have a good business plan, have a name-brand/or trustworthy bank and law firm to process paperwork, etc. — you can find those tips anywhere.
My tips are, hopefully, a bit outside the box.
The reason you need to create a pipeline is …
Some of the most successful products of all time began as something else — I love coaching entrepreneurs on this fact!
The morale of the story is: get started on building your products because the sooner you get started, the sooner you’ll know what amazing product you can build!
Here are 10 of my favorites products that began as something else:
Two engineers, Marc Chavannes and Aldred Fielding, sealed two shower curtains together to create a new type of wallpaper (with bubbles in it). It was later marketed as greenhouse insulation.
It wasn’t until years later that Bubble Wrap would be used to help protect IBM computers during shipping.
BubbleWrap is also ranked #22 in my list of The Top 100 Brands Synonomous With Their Product Category.
It was at first a patent medicine invented in the late 19th century by John Pemberton. …
I love serendipity — who doesn’t? I met a mayoral candidate for San Francisco last year due to some stuff I did to increase serendipity.
We all love serendipity — is it ever even a negative thing?
You never hear someone say:
“That guy really stabbed me in the back — how serendipitous.”
The layman’s definition of serendipity is “happy accident” — the word serendipity is said to come from author Horace Walpole who riffed on the word Sernedip (an old name for Sri Lanka) used in a fairy tale called “The Three Princes Of Serendip” about making discoveries by accident.
Here are 5 things I do to increase serendipity:
The most effective way to increase serendipity is to send out “beacons” — I first heard this mentioned by entrepreneur Jack Hidary in the book Power of Pull.
Jack — who works on the neat iAmplify.com business with his brother Murray — uses the analogy of a ship at sea that sends out beacons to let others know where it is and where it’s headed.
Beacons — I like that.
Here are some examples of beacons I’ve used to increase serendipity: …
I’ve begun to notice a pattern of what makes for the best CEO. There are five general CEO skills I believe are most important to being an excellent CEO:
A good CEO must be able to provide a clear vision of what it is the organization is doing.
What makes a good vision statement? As I wrote in 3 Tips On How To Write A Good Vision Statement, it needs to be concise, specific and answer this question for the team:
“Are we working on the right thing?”
Examples of good vision statements include:
“Making the best possible ice cream, in the nicest possible way” (Ben & Jerry’s)
“To provide access to the world’s information in one click.” (Google)
“To provide freedom and independence to people with limited mobility.” (The Scooter Store)
Check out this List Of 50 Awesome Vision Statements I compiled.
A good CEO masters the business model of an organization.
The above image is of a “Canvas” used to master a business model (in this case, Gillette’s) from the book Business Model Generation.
The Canvas pushes you to answer 9 questions that are imperative to mastering how a business should work.
The 9 questions to answer are represented above by a two letter acronym…such as KP for “Who are your Key Partnerships?”).
If found it most effective to answer the 9 questions in this order: