Israeli entrepreneur and business leader Yossi Vardi came on stage at Le Web 12 in Paris today to deliver some of his tips. Unfortunately he was a bit rushed out and didn’t have time to finish his presentation. Here are the tips I was to able to pick up as I was listening to him.
[this piece written during a blogging stint for Live.Orange.com]
Yossi Vardi What should start-ups do to succeed?
1- What it takes to succeed?
The most important factor for success is luck. People who are hard-working though are often in the best position for being able to reap the harvest of serendipity. Trying and reaching out to people increases your ability to be lucky, Vardi said.
2 – raising too much money can be toxic
Start-ups which raise too much money want to show their investors that they are using the money and they are often led to burn too much money too early and fail to make a profit
3- right size for team?
Vardi suggests that the optimal size for initiating a start-up is 3. Having only 1 is too hard and above 3 it’s too difficult to get oneself organised.
4 – a mentor is needed
A mentor is needed to help support the team and help them meet the right people Vardi went on.
5 – pivoting
Start-ups have to pivot, i.e. be able to modify the concept so that it adapts to the Market. Pivoting is important but it can also prove that the founders can’t learn from experience if they are pivoting too often. This is a double-edged sword.
6- attracting investors’ attention
Finding an introduction to the right investors is important, this is why networking is key. The is also confirming what we had witnessed in Silicon Valley last September.
There is a debate – in Israel and elsewhere – between experts about whether it’s better to do an early or late exit. When doing exits, one has to remember that one is not selling one’s company to another one, one is selling to an individual Vardi said.
As mentioned above, Yossi Vardi’s presentation was unfortunately interrupted. There a many other recommendations Vardi can deliver to entrepreneurs, we’ll probably have to wait until the 2013 edition of Le Web for us to hear the rest of the presentation and Vardi’s advice.