I spent today mentoring fellow entrepreneurs at Mini-Seedcamp at Helsingborg. Going in I felt that most value I could add would come from sharing what we have learned on the road of getting Everyplay off the ground. It turned out that while that was valuable as a background for the day, most of the time was spent in brainstorming ideas for growth, monetization and financing together with the other mentors and the entrepreneurs themselves.
After each one of the twenty startups had given their five minute pitch in the beginning of the day, we started in-depth sessions with two startups at a time. It was great working with passionate entrepreneurs and experienced fellow mentors to dig thru the startup’s assumptions and try to nail down how they could get more customers, create more revenue, scale faster and finance all of that.
There were a couple of startups that had big ideas ranging from really creative and cutting edge uses of peer to peer technology (Peerialism) to transforming paper receipts into electronic ones on any point of sale terminal (Kvittar). On the other end of the spectrum it was great to see real operational and growing business like Red Apple Apartments, who are adding a lot of value to the apartment rental business and are struggling to manage the fast growth (what a happy problem! ;-)).
The high points of the mentoring sessions definitely were those couple breakthroughs where the entrepreneur and the mentors would jointly come up with a new twist to the startup’s take on the market and you could literally see the entrepreneur’s eyes light up in a heureka moment. One of those moments took place in the mentoring session with 1Calendar, who simplify the hassle that juggling university course schedules is. After thinking thru the market and how they could scale faster, we came up with a pretty nifty crowdsourcing twist for getting more universities rapidly into the system. I can definitely see 1Calendar running with that idea and scaling a lot faster than they could have done before.
Most of the startups were really early and one shared criticism between every mentor I spoke with was the challenges in articulating what they really were doing. Way too many dressed up their perfectly good business idea into a Dilbert mission generator-esque mumbojumbo that you’d need 10 gigawatt lasers to pierce thru. It was also obvious that many of the startups need more practice on pitching and presenting as the morning presentations were somewhat lackluster except for a five-six standouts. It’s easy to critize, but I’d hope that every single startup pitching would video record themselves pitching, analyze the recording and repeat at least 15 times before appearing in front of a demanding audience like the one at Seedcamp.
One thing I felt that could have been added to the mentoring sessions is the notion of methodologies or approaches that a startup could use to structure their business development activities. I’ve become a huge believer in Customer Development, and I can’t help thinking that every startup founder needs something similar to help guide them.
Personally I’m totally stoked after working the day with fellow entrepreneurs at the Mini-Seedcamp. The passion and energy totally swept me along. Each startup had their own unique approach and I could learn something from every single one of them.
Best of luck to all of the Mini-Seedcampers – follow your passion and execute relentlessly!