WATCH | What does it really take to launch a successful startup? These young companies at Collision Conference in New Orleans shared their main problems and solutions.
Nine out of ten startups fail in their first year. So how do you avoid nightmare startup scenarios like running out of money, expanding too quickly or losing sight of your immediate goals?
Hundreds of startups from all different sectors and all over the world flocked to New Orleans this month for the 2017 Collision tech conference.
They told Circa what some of the early problems they faced were, and what they wish they knew when they went into business.
What is the single biggest struggle you've had in starting a business?
"Getting the right pieces together, especially if it’s a bigger concept." -Assad Rahman, founder, and CEO of members-only airline AR Jet Set Club
"Everything. There’s no one thing. I think every day we get something new we have to figure out." -Eric Leeker, co-founder of social dating app The Set-up
"Convincing yourself that your company is going to be successful." -Alejandro Muller, CEO of international e-commerce platform Encarguelo.com
"Confidence. I think when you have a great idea, you think it’s amazing, you really feel it in your heart, but sometimes you’re afraid to expose yourself."- John Alexander, co-founder of community rental site Xchange Post
"There's no model for upcycling [so] there was no easy path to follow." -Scott Hamlin, founder of waste upcycling business Looptworks
Many of the young companies in attendance came not only to get noticed but for the chance to pitch high-profile investors. Startups say having grit, courage and an open mind are crucial for getting ahead.
What is the best piece of advice you would give a new entrepreneur?
"Do your research." -Jessica Rush, co-founder of social dating app The Set-up
"And just jump in." -Eric Leeker of The Set-up app
"Pick really, really wisely the team that is going to be working with you." -Andres Mozo, CFO of Encarguelo.com
"Listen, a lot. Listen to people around you. Listen to potential users around you. And not stay focused in the track that you think should be dictating the company." -Dalit Shalom, director of product design for The Sage Project, a company demystifying food labels
"Understand your capital situation and what your needs are. Make sure that it’s something you’re long-term passionate about and that it has meaning and purpose in it, and it’s not just about, 'Hey, I’m going to raise a bunch of money and make a bunch of money.'" -Scott Hamlin of Looptworks