Entrepreneurial Lessons From The CEO Of MentorMate

As an entrepreneur, overcoming doubt and criticism will likely be the most difficult challenged to face. The more out-of-the-box your idea is the more difficult it will be to sell. So, what can you do to persevere and give your startup the best chance possible? Here are a few lessons from Björn Stansvik, CEO of MentorMate:

(Curated from Pittsburgh Business Times)

• Stansvik’s company has seen unmatched success after increasing revenue by over 500 percent in the last three years. Before finding success, however, Stansvik faced many obstacles beginning with his parents.

“Stansvik came to America in his mid-20s from Sweden, the son of ‘overprotective civil service parents,’ he says, who valued safety and certainty. In contrast, he was the restless, striving type who wanted adventure and ambiguity. As a result, he decided to come to America to start a business because he admired from afar our nation’s welcoming attitude toward entrepreneurs and its healthy business climate.”

• Upon arriving in the U.S. Stansvik only had 90 days to find work before his tourist visa expired. Stansvik struggled to find work for a technology employer, but he didn’t let rejection stop him:

“After going nearly three months without any job offers, Stansvik made a bold move, creating, without being asked, an 80-page SWOT analysis of a Minnesota tech company he admired. He delivered it and asked for a volunteer job and desk. Surprisingly, the company said yes. Within a few weeks, he had proven his value so thoroughly that the company offered him a full-time job — and sponsorship for permanent resident status.”

• Stansvik’s story also emphasizes the importance of accepting help from others. He admits that he couldn’t have found his start without significant support from other people. Stansvik ended up staying in Minneapolis after a stranger suggested he get in touch with another Swedish man there.

“Stansvik would be the first to acknowledge how much he’s benefitted from the help of others. For instance, while traveling in Mexico, a stranger recognized his Swedish insignia bag, began speaking to him in Swedish, and suggested he contact his Swedish pal Erik in Minneapolis.”

There are several entrepreneurial lessons you can learn from Stansvik and his company, especially determination and perseverance. How do you think entrepreneurs can benefit from Stansvik's story?

4 Startup Branding Trends To Try

Founding a successful startup company is almost every entrepreneur’s dream. Unfortunately, building a business involves several steps beyond having an innovative idea. As you create a business plan and strategy for your company, don’t forget about the importance of branding. Many companies suffer from using the same website and logo for years and years. Instead, try these branding trends adopted by other successful startups:

(Curated from Tech.Co)

1. Storytelling

Instead of having the About page on your website describe what your business does include a real story. Use this page to discuss why the company was founded, what inspired the idea behind it, and what the future holds for customers. Telling an interesting story will help customers remember your business and your brand.

“Brand storytelling is the combination of the information you share with target audience members, along with what they believe about you from what they’ve read from online reviews and other sources. Stories are what humans are taught to understand. Therefore, they do far more for branding than standard websites packed with information overload.”

2. Minimalism

As intricate designs became more popular, it also became easier for companies to drown each other out with their loudness. Try a minimalist design to contradict and stand out against the white noise of over-the-top branding.

“Brands can follow the big retailers, or startups like Lovely Candy Company, who used Phase1’s simple package designs to spark a brand that is now recognized on a national level. Forget about complicated designs and markups. When branding a product, keep it simple, think about your overall brand image and pull it all together. Going into the next year, minimalist design is key.”

3. Act Small

Consumers love small businesses because they want to feel like they’re buying from their neighbors instead of a large corporation. Even large companies can act on this love of small businesses such as Walmart. Walmart promotes local businesses and sells local products.

“Customers want to feel connected to the brands they interact with. They want to feel as though they’re giving back and supporting something other than “big brand America.” Jet, an online retailer set to become a competitor of Amazon, is harnessing this power by retailing big name products with a local flare. Acting small, even if you’re not, is a branding trend to get on board with today.”

4. Get in the Conversation

Use social media to get the word out about your company. With hashtags, tagging, mentions, likes and favorites, your startup can join the conversation and become a topic of conversation to spread brand awareness.

“The more involved you appear, the more solid your branding will become. Seamless, an online delivery service for restaurants in specific locales, is one brand to watch. Their customer service through social channels is nearly flawless. Because of this, the startup has grown into a household name in the past year.”

If you have any questions about these brand strategies or how to launch your startup, feel free to contact us. The Riverside Center for Innovation has tons of resources for entrepreneurs in Pittsburgh!

Pittsburgh Events You Don't Want To Miss This Month

Yinzers have no reason to be bored this October because Pittsburgh has several awesome events scheduled. Pittsburgh’s October calendar is chock full of unique and entertaining events for everyone to enjoy. Here are a few you definitely don’t want to miss:

(Curated from NEXT Pittsburgh)

1. Pittsburgh Zine Fair - October 4

This one-of-a-kind event will feature 46 vendors and numerous zine collections. If you’re interested in literature and keeping print alive, stop by the Union Project and check it out:

“See why print matters at this diverse gathering of local and regional artists, writers, activists, publishers and collectives who will sell, share and demo their creations. Don’t miss the kickoff mixer at Bunker Projects on October 3rd, featuring a preview of readings and performances by exhibitors.”

2. Pittsburgh Abides Big Lebowski Fest - October 9

If you like The Big Lebowski you’ll love this event dedicated to the Dude. The Big Lebowski Fest will feature a showing of the movie, themed activities and contests. Come by Spirit Lodge to enjoy all things dude.

“Ready to bowl?Be an achiever and compete in raucous rounds of trivia, ear spitting and ringer toss, take dance lessons and perform your “cycle” onstage. Don your best Dude threads and vie for prizes in cutthroat costume contests, and strike a slacker pose with the Knutsens.”

3. Maker Faire Pittsburgh - October 10-11

The Maker Faire is an inventor’s dream event with over 200 makers, workshops, artists, and presentations at Nova Place. Whether you’re interested in DIY crafts, coding, or engineering, this event caters to everyone.

“Where can you operate a remote control cupcake launcher, listen to a four-string robotic slide guitar and learn to cook meals powered by the sun?  Pittsburgh’s legacy is steeped in making and the best place to see the region’s next generation of DIY creators this month is at the inaugural Maker Faire Pittsburgh. Equal parts science fair, county fair and DIY confluence, Maker Faire will bring together some of the region’s most inventive minds—from tech enthusiasts and crafters to engineers and students.”

Also on the lineup for October is a Hops and Horror event at the Carnegie Museum of Art, a Night of 1,000 Andy’s at the Warhol Museum and Pittsburgh Zombie Fest on the Andy Warhol Bridge. What event are you most looking forward to this month?

Image by John Marino

4 Innovations Making Businesses More Efficient

Owning a business used to involve tons of paperwork, bookkeeping, and other tedious tasks. With innovations in technology, however, owning and operating a business has never been easier. Not only can you communicate with employees and clients remotely but you can also store and organize data more efficiently. If you’re a business owner or thinking about becoming one, here are a few tools you can use to make your life easier:

(Curated from Tech.Co)

1. Cloud Technology

Cloud technology keeps everyone connected and updated on the latest projects. Whether you’re traveling or your employees work remotely, everyone will be on the same page. Your business won’t waste paper and you’ll save space because you won’t have filing cabinets full of documents.

“Most software now uses cloud technology to make it possible for companies to store all information securely, enabling a business owner easy access to records from anywhere. With this capability, it’s now easier than ever to collaborate on projects without being in the same office, and work quickly and efficiently without worrying about where a file is located or whether you have the most current version of the document.”

2. Mobile Apps

Even how you approach customers has improved with advancements in technology. You can appeal to busy consumers by marketing your product or service via mobile apps.

“It’s possible now for a customer to shop, check reviews, and pay for purchases all through their screens, and business owners can capitalize on this technology to add yet another avenue to connect their products or services with consumers. Although it may seem counterintuitive for people to use such a small screen to do their online shopping, apps make it easy and convenient to complete these transactions. Building apps is becoming much more affordable as well, and can bring in new business with different demographics.”

3. Online Marketing

Online marketing is one of the most effective tools for reaching audiences. It’s inexpensive and efficient because you can reach millions of people at low cost.

“Fortunately, social media is an affordable, albeit time-consuming, tool to engage with your customers. Business owners can also address complaints personally, and consider customer feedback just by tuning in to what people are saying online. Owners finally have the opportunity to listen to what consumers want specifically, and can use that information to their advantage.”

4. VoIP Systems

VoIP stands for Voice-over Internet Protocol Systems, which means you can make phone calls over the internet instead of paying for a separate phone line. There are several other benefits to VoIP Systems such as transferring calls to a different device or even having voicemails transcribed for you.

“With VoIP it’s also easier to track your calls with software programs that offer plenty of additional features. If you work in sales, you can track your sales calls, record calls if necessary, and follow up on leads. VoIP systems are affordable even on large scales, and help to keep everyone in your company connected with each other and with clients.”

With all of the tools available to business owners, running a business has become a more efficient process. What digital tools does your company or startup use to promote efficiency?

Image by Chris Potter

Why You Shouldn't Share Your Startup Ideas Too Early

As an entrepreneur you might have several business ideas you’d like to explore. Before you start discussing your potential startup ideas with others, you should take a few precautions. You don’t want someone to steal your idea for a successful startup company and not give you credit. Here are a few things you should remember before you start talking too much:

(Curated from Tech.Co)

• In order to protect your intellectual rights, remember that silence is golden and is the best way to avoid compromising your ideas.

“Everyone knows about the intellectual property dangers of sharing too much, too early. Patents, trade secrets, copyright — everything, in fact, that’s at the heart of your new business — will be put at risk if you talk about your ideas in any way that isn’t tightly limited. Non-disclosure agreements are powerful tools. Even more powerful are closed lips.”

• You don’t want to lose the competitive advantage you have as the first person to come up with this idea. Other people with more resources and more startup capital could beat you to the finish line and reach the consumers first.

“Someone always will be able to get to market with your idea more quickly than you can. Second place in the race to market often is last place. Your competitor can’t get a head start if you keep your idea locked safely away.”

• Even simply discussing your idea with family and friends could cloud your judgement. They will most likely want to be supportive and therefore won’t give you objective feedback.

“They don’t want to hurt your feelings. It’s highly unlikely that your friends and family will provide an objective assessment of your great concept. Every startup and every entrepreneurial idea requires validation. Family and friends won’t provide it, but you easily can be fooled by their kind words into believing that you are, indeed, ready to change the world. Quietly do some real market research and listen carefully to what you learn.”

So, before you start talking about all of your business ideas, make sure you take the proper steps to protect your intellectual property and rights. You should also do what’s right for your company and maintain a responsible silence in order to focus on what’s important, the progress of your successful startup!

Tips For Founders Seeking Startup Capital

One of the most difficult tasks for startup founders is persuading investors to support your business. For most startups, investors are the key to success. You need someone to spend money before your startup will make money. So, how do you convince people to invest in your startup? Here are a few tips:

(Curated from Tech.co)

• Treat your potential investors with respect and be honest with them. Instead of treating them like a bank, think of them as another resource. Investors know what it takes for a business to find success so don't hesitate to discuss ideas and options with them. 

"I love honesty. I want to dig into the problem with the founder and think about how to grow the company and build out the solution. If you're overselling me, it means you see someone who needs to be persuaded to part with cash, not a partner for sharing ideas." 

• Also, because investors know the business, they will also know what questions to ask. Make sure you're prepared to answer them. There is no such thing as being over-prepared when discussing your startup's future with potential investors. 

"Before seeking any investors, have a full diligence file prepared with all possible information they might need: deck, bios, financials, product review, you name it."

• Communicate with your investors on a regular basis. You don't want to smother them in daily updates but make sure you keep them informed. Leaving investors out of the conversation will give them the wrong idea about your startup and you'll also be denying yourself an important resource. 

"It's a happy medium: too often is desperation, but a three-month drop off in communication is also the kiss of death. If you only call me when you're hunting for capital, it's not a fit."

As long as you show investors you know what you're doing and you appreciate their input, getting investment shouldn't be a daunting task. If you have any questions about finding investors for your startup, feel free to contact us. 

Tips for Starting Your Business On A Budget

Let’s say you have an amazing idea for a business that will provide millions of people with a product or service they need in an efficient way. Your innovation is going to change the world and eventually turn a nice profit. But what will you do in the meantime?

Launching a business is not only challenging and time-consuming but also expensive. You have a ways to go before your startup will actually start paying for itself. Don’t be discouraged though! There are tons of resources available for you. So, here are a few tips to help you get started on a budget:

(Curated from Entrepreneur.com)

After you finalize your idea, create a business plan. This plan isn’t for investors but for you as the founder. Having a plan to stick to will help you save money in the future. The next thing to remember is that you can create the prototype yourself.

“You no longer need to travel to China or hire an expensive prototyping expert to mock up your new design. Look for free help at a local university or find one of the new maker spaces, such as TechShop,  where you can rent time and equipment to do the job yourself. Building the prototype can be fun.”

Another way to save money is to work from home. You’re already paying to live there so why not get more bang for your buck and start working there as well. This will save you money on the commute as well.

“Don’t assume that you need to rent an office to start a business or hire an accountant to track expenses and assets. There are several easy-to-use accounting packages available, such as QuickBooks, which run nicely on your existing small desktop or laptop.”

Paying for new equipment or hiring an IT professional isn’t necessary. You can find low-cost computer software and storage. Many of these products are designed to meet the needs of a new business like yours.

“With Google or Amazon, you can get all the application storage and computing power you need without even thinking about an IT staff and big up-front costs for computer servers and applications. All costs are month to month, with scaling options to match the size of your business.”

Getting your innovation ready for the world doesn’t have to be a scary process. By being resourceful, you can make it an adventure culminating in a successful startup company. If you have any questions about getting your business started, please contact us!