Lessons Learned From The ilab Startup Bootcamp

Lessons Learned From The ilab Startup Bootcamp

The startup sphere is a fast-changing ecosystem. Accelerator programs have long provided a structured approach for budding startups and entrepreneurs grow their ideas. From the ilab Accelerator Germinate 11 Bootcamp Weekend, these are our top 3 lessons from the program.

ilab Accelerator Germinate 11 Bootcamp Cohort

Practice Loud, Practice Proud

It turns out there is a secret to presenting a smooth sounding, super slick pitch. No prizes for guessing, it’s that dead simple.

Practice, practice, practice. It sounds cliché, but take every opportunity when presenting as one to test out new lines, new slides, or even to focus on your tone and pitch. The three ideal scenarios to practice are to, one: practice by yourself, from start to end; two: practice in front of a small group of people you know; three: practice in front of a group of strangers.

Important Decisions Take Time

Take the time to critically analyse the advice that mentors give. Each of your mentors is a specialist in their own field, which is great for helping your business explore the more complicated areas of entrepreneurship. However sometimes their advice can be conflicting, leaving you just as confused as before.

“Should I focus on building my SEO ranking…? Or is growing an organic social media community more important?”

At the end of the day, no one believes more in your startup than yourself. You are the expert of your own business, so it is important that you think about all the options in respect to your business’s goals and achievements. By taking a step back and looking at your mentors’ advice in the overall picture, you will be able to make more informed decisions that will help your business grow.

MVPs Are Iterative

Your minimum viable product should be just enough to satisfy early customers and to provide feedback for future developments. While this is a core goal for any startup in the early stages of growth, like everything else it should be a dynamic goal that changes according to your market.

Your MVP should be used to test your team’s assumptions, and as these assumptions evolve so should your MVP. Iterative thinking is the key; as a small business, you should be aiming to maximise your team’s utility by continually reviewing product development. Whether this is a step forward or a step back, keeping your MVP clearly aligned with your goals will help to fast-track your startup and clearly define your direction.

Key Takeaways

  1. Check off three practice scenarios for a great pitch: start-to-finish, in front of a small group, and in front of a crowd of strangers.
  2. Take the time to discuss and dissect the advice from your mentors.
  3. The creation of your MVP is an iterative process. Two steps forward and one step back is the path to success.

 

This post was originally published by the Modulr Tech team on their Medium page. You can read the original post: https://medium.com/@modulr/3-lessons-from-a-startup-bootcamp-981f51d51893