Prize Spotlight: Boast Capital has generously sponsored the 1st place and 2nd place team for two tickets each to the NEXT Silicon Valley pre-accelerator program.
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10 Startup Weekend Lessons to Help You Succeed
So you’ve signed up for Startup Weekend UBC taking place March 14 – 16. Are you excited?! Nervous?! Not sure what you signed up for?! Regardless of how you feel going in, you are about to have a whirlwind, life-changing weekend.
I joined the Boast Capital team in the fall of 2013 and was encouraged to participate in my first Startup Weekend (SW). I was so nervous! Boast Capital has been a big supporter of SW – my colleagues have personally participated in, facilitated and helped organize SW in over 10 cities, and the company has sponsored previous events in both Calgary and Vancouver. If I was going to truly become part of the Boast Capital team, I thought I should give it a shot.
And, I loved it!
As a Startup Weekend participant and a sponsor of SWUBC, I wanted to share some of the lessons I learned that helped my team and I win runner up:
1. Designate a project manager from the get-go and define your methods of communication.
Luckily, my team had a project manager who stepped up and got us organized within the first 15 minutes of getting to work. We added everyone to a Google Drive folder and created a comprehensive Google Doc to keep track of everything. We wanted to use a communication tool that everyone was familiar with and that could get the job done, quick and simple.
2. Work backwards.
Thirty minutes into our initial discussion, our project manager interrupted our noisy chatter and asked: what’s the end goal? We stopped talking over and around one another and actually listed out our personal goals/expectations as well as went over the judging criteria in as much detail as possible. We created a road map.
3. Divide and conquer.
The first 45 minutes were rough. I honestly thought to myself, “Oh boy. I’ve never lead a team this big. I have no idea what I’m doing.” It was a nightmare trying to collaborate as a team of 8, especially with very different thinking mentalities. My team members had engineering, design, development, marketing, and finance backgrounds. This was great for collaborating, but it was also a challenge trying to get everyone on the same page.
We roughed our way through a hypothesis to the problem and then quickly divided the team based on skill set: Development/design; Business modelling and finance; and Customer validation/marketing.
4. Validate, validate, validate.
All of our features and pricing model were based on market research with our target audience. We knew it would be the key to our success so we focused our attention on it from the start. We created an online survey, approached strangers at a busy location where we knew our target audience would be and intimately interviewed 10 potential customers. It helped us paint a clearer picture of the problem we were trying to solve and how we were going to solve it (and make money doing so!).
5. Check in with your teammates.
Dividing and conquering and having a project manager to keep track of it all is great, but it’s so important to check in with your teammates. I constantly asked if they were still having fun (one of their personal goals for the weekend) and how they were feeling. Sure, this is touchy-feely and didn’t contribute to hard development, but it helped us become a unified team.
6. Take advantage of free advice, but be specific in your ask.
We requested two marketing coaches who were members of our target audience. We interviewed them and got testimonials then dove into questions about the business model. The development team requested a great coach near the end of Day 2, who showed them a WordPress theme that would make development a whole lot easier. It wasn’t that easy to transition to, but it paid off in the end and our developers learned A LOT about customizing WordPress themes.
7. Show your team you trust them. Don’t micromanage.
I caught myself doing it on the first night. (I literally started typing on someone else’s computer, then shamed myself!). Take a leap of faith and let them take a stab at delivering. Then give them your feedback.
8. Laugh. Have fun.
When I walked by some of the groups to grab lunch, they looked so serious. We were a ‘punny’ group, and I highly encouraged any and all silliness. During crunch time, a teammate and I looked at a ‘Makes me Giggle’ Pinterest page for a minute, had a (really) good laugh, and then got back to work.
9. Be authentic.
Alice Reimer, one of the co-founders of Evoco (acquired by Accruent) gave an inspirational talk on pitching and one of her key points was to be authentic. You could tell she lived and breathed it, and she was truly inspiring. The final pitches that grabbed my attention (and stopped me from glancing at the #swyyc Twitter feed), were the ones where the founder was clearly passionate about the idea and it showed in their eyes.
10. Take care of your body: Hydrate. Eat well. And sleep, somewhat.
Drinking lots of water = lots of bathroom breaks = getting out of your chair for a brief burst of exercise. #Winning.
Don’t just stock up on the sugary treats and salty snacks. Eat lots of fruit, veggies, and get your protein. Thankfully one of our team members brought a 2lb bag of apples everyday. My dentist will be happy with the results.
Sleep is also really important. However, I can’t say I did much of it. I was running on pure adrenaline when I finished my pitch on Sunday evening. Yes, I may have laughed more than usual, but I was ok for the most part and got caught up on sleep the following day.
I’m so honoured (and proud) to have worked with an amazing team who supported my vision and allowed me to be an ‘entrepreneur’ for the weekend. Follow my colleagues and I on Twitter (@BoastCapital) and share your Startup Weekend stories with us using hashtag #SWUBC!
Author: Jenn Egroff
Jenn Egroff is a Marketing Manager at Boast Capital, a financial advisory firm specializing in Scientific Research & Experimental Development (SR&ED)/ R&D Tax Credits. In her spare time, she helps out with sponsorships for the Chic Geek, a non-profit focused on increasing diversity in startup communities by educating, empowering and engaging more women. You can connect with Jenn on Twitter @jennegroff