Lesson 1:  Know the job your technology is being hired for

It is tempting to say ‘solve a real problem’ here but instead I will take a tip from Innovator’s Dilemma.  You see, my partner and I had created award winning technology.  We had clients and pushed the foundational technology on which we built our product to its limit.  We were going to change the way data was integrated, used and understood:  on the fly!  Sweet!  But I was technologist first and business problem solver second.  Oh, we did have a job our technology could be hired for and it would perform that job better than any existing solution back in 2007 and would still do a pretty decent job today.

You see, we had already won business in disease management and vulnerable population tracking.  We could grab mobile health information in the field and analyze it in real-time alongside a multitude of other health related data streams without every compromising the integrity of any given source of information.  Participation in data visibility with complete control for each participant.  The only problem:  it was on SLIDE NUMBER THREE!  If we were going to win the hearts and minds (and believe me you need a story that generates passion) we needed to tell a compelling solution story, not a technology story!  We needed to know that job and lead with it!

Instead, we were all too happy to share how our technology not only worked to perform that job better, but solved all kinds of problems.  Too numerous to count, so many it boggled the mind.  Which leads me to lesson two…

Lesson 2:  Clear focus

I know you think you have it as a leader, as a founder.  10 slides that follows the Guy Kawasaki formula (timeless).    You know the market, competitors, competitive advantage, barriers to entry and you even have a perfectly formed hockey stick of revenue with no end in sight.  Oh you have it all.  Including a message that tries to say it all.  In 20 minutes.  That weaves a complex story of technology, meets market demand, meets overnight star!  And it is just the tip of our ‘bowling pin’ plan. [Yes, I have used all those phrases and tried to tie off every detail in every area without taking a breath] See how many different use cases (did I really say use case, yes) we fit with our unique solution?  And after a confident presentation you step up to face the first question from the crowd:  What are they selling again?  Why exactly do I need this?  I see where you are going but…?

What happened.  Did you fail to live in the harsh world of the 5 second impression?  The 140 character tweet that must say it all.  A post from notable investor and business thinker Vinod Khosla’s Five-Second Rule challenges the limits of clarity, simplicity.  I know for a fact I failed the five second rule (and still struggle) – can we have 10 please?  And no matter what you think about explaining complexity you should never try to boil the ocean!  Even if you have a really large pot.

Share your passion – just make sure you share it clearly, with the focus and dedication it deserves.

Lesson 3:  Know your audience

Remember that presentation.  Full of awesome sauce!  You have practiced it a 100 times (and yes, I stopped in the 20s, another bad idea).  You have it nailed, it states that problem and your solution with crystal clarity.  You can bring it out time and time again.  But should you?  Do you know your audience?  I certainly could wax poetic about “mash-ups” and “semantic integration” but I failed to understand my audience did not always appreciate the nuance of lightweight, web service integration.  (Or even want to) No, they had another agenda.  Understanding how this turns the precious working capital they are about to fork over into a positive return.  Now that was what they wanted to know!  If I wanted to make a technology pitch then find technology-centric investors!

In short, know the audience first and while you still may need to check the appropriate boxes make sure you understand what they NEED and CONNECT with them first and foremost.

Back to Vinod Khosla (yes, I am a fan) for a little more insight.

Lesson 4:  Avoid that live demo thing

Ok, lesson 4 falls in the practicle category.  Before you throw over to your partner to show the ‘cool live demo’ remember you only make a first impression, once.  And you don’t want that impression to be a dropped wifi connection or “this was working when we practiced” comment followed by dead space.  If you have a compelling solution that is clearly great for the job it is designed to do, a clear focus and a bead on what your audience needs to know to help make you a winner don’t drop the ball by relying on the potentially reliable.  Should you have something real, no matter how small?  Probably!  Can it be a video demonstration?  Yes.  Pitched effectively from a few compelling screen shots?  Maybe. Then let yourself of the hook and run to toward simple!  And make sure that demo is telling the same story you are telling (with that clear focus, know your audience stuff)!

Lesson 5:  Never let them see you sweat

And one last note (one I actually did know way back when) – if you are going to ask for money, be confident, believe in your team and demonstrate your determination to win.  Transparency is fine but avoid dropping to one knee and begging.  Believe me, it will feel right sometimes when you look at that bank account but it rarely is!

As a serial entrepreneur from the mid-Atlantic (yes we do start companies on the East Coast in areas other than Cambridge and New York even) can attest Silicon Valley and Alley both have superior chemistry in that regard to many regions, so let’s not hate.  But I am not sure Mr. Gilbert fully grasps the true point of Newry despite his updated comments regarding them specifically.

In what should be more complement than challenge for supremecy, entrepreneurs and investors are waking up to the economy of abundance.  They are saying yes to creating unique ecosystems to foster local innovation and development like the Valley.  Essentially this economy of abundance suggests that the ingredients to success can come together in many places and spaces.  That talent need not flee to a physical zip code around Sandhill Road to succeed.  We are not assured success in trying but in short, a ‘cook can come from anyone, and anyone can cook’.

Going to an unusual disney source for inspiration, Remy the cooking mouse discovers this very fact, that indeed a ‘cook’ can come from anyone – even a mouse!

Individual regions now understand the value in creating start-up ecosystems.  Hubs that can retain local talent and use the new power of connectedness across boarders to fuel the best ideas from around the world, not from around the Valley.  I am pretty sure by scrolling through the comments this is the simple cry that is heard.  We do not want to be Silicon Valley, it is unique, no doubt.  However, many entrepreneurs and investors don’t want to have to live in a certain region to make ideas work.

I think even David Cohen of TechStars would admit that Boulder (which also did not make Mr. Gilbert’s list of interesting technology places) did not start out with a vibrant ecosystem but I doubt many would question what TechStars has accomplished.  And now with the support of the Global Accelerator Network, championed by TechStars and efforts like it across many regions we may even find here in the mid-Atlantic that we don’t need to be Silicon Valley but we all can cook!

I certainly admire the fact that he is content and I suppose many of us do live in extreme comfort when it comes to technological gadgetry but is there “nothing new under the sun”? I certainly hope not. In fact, I know we need more innovation  every time I get frustrated trying to parse data into a database or deal with date manipulations in code.  You would think concepts like that should barely require human intervention at all at this point! No, it may be tempting to get caught in the “tyranny of the present” and think the road ahead is littered with me too social networks, coupon sites and nextVilles but there is plenty of space for genuine innovation and invention (and successful, well marketed me too concepts).  We are shifting, if not already, into an economy of abundance where our ability to create and impact the life of others is unprecedented.

In fact, I would venture to say that we have at least until glasses tell you everything and we all fly to work until the world of innovation ends.  Yikes, that may be closer than we think!