“If you don’t love your idea, don’t do it”

If you don’t love your idea, don’t do it.

As well as this point, Nick Gerritsen, speaking at Supercharge, a recent startup event that attracted 150+ in Wellington, said that it is possible to smash it big from Aotearoa.

Not that it is easy to do it from here, or from anywhere – given that well over 90% of startups don’t manage to carry on as operating companies (though that’s not failure).

Gerritsen, who has founded and grown a number of ventures such as Carbonscape (charcoal and very valuable components through microwaving) and Nxtfuels (algae-derived renewable hydrocarbons).

 

Nick Gerritsen, Crisp Start

Here’s 10 key points he made, along with celebrating the fact of being a Kiwi.

1. Quality

• Quality of your proposal
  • How does it stand out?
  • Why is it unique?
  • Massive impact?
  • What’s it going to take?

2. Disruption

• How disruptive can you be?
  • What stage are you at and does it matter?
  • Low hanging fruit?
  • How fast can you move?
  • Global?

3. Defence

• What is your defensible position?
  • What is the IP?
  • Any big gorillas on your side?
  • Scale to market?
  • What is there to invest in?

4. The Plan

• Compelling plan
  • How much and for what?
  • Own the use of fund?
  • Does the ‘ask’ match the ‘potential’?
  • Capitalisation trajectory
  • Build the capability picture
  • (The way to build credibility is by having capable people in your team)

5. Capital

• The right flavour of capital?
  • Venture (vulture)?
  • Strategic
  • Can you get there with partnerships?
  • Sample the mix
  • (There is an opportunity for NZ at the moment; multinationals are under pressure. They know they have to change…and are talking to cool early stage companies, even if they are from NZ)

6. You

• How authentic are you?
  • Is it about the $ or real change
  • Use the Kiwi humility card
  • Earn respect
  • Under promise and over deliver

7. Pitch

• Remember that most over-sell
  • Understand the culture
  • Target your pitch
  • Research the portfolios (of people pitching to)
  • Ensure it makes sense
  • Be nice

8. Follow up

• Commit to following up
  • Be part of the team
  • Reach out
  • Admit to problems and ask for help
  • Be there

9. Think smart

• Continually look for tipping points
  • Don’t get too complacent/comfortable
  • Drive results
  • Remain open to opportunities (not locked into your plan)
  • Trash the founder syndrome (to be successful, you’ll have to build a team)
  • Deliver, deliver, deliver

10. Share

• Always leave something on the table
  • Everyone has to win
  • Bad energy will always limit progress
  • Generosity pays
  • Achieve liquidity for ALL
  • Get ready for the next one/build a following