Take 2019 by the horns by subjecting your goals to a premortem.
It’s the time of year when the founders in my orbit are discussing their company’s goals for 2019. Every one of them is excited to take the new year by the horns. Their goals are specific, impactful, and carefully modeled in spreadsheets.
Their teams and investors will surely be thrilled with their achievement… but 90% of companies don’t hit their goals due to inadequate implementation and resource planning. It’s a pain I know all too well as a repeat VC-backed founder myself.
Why a Vision Statement is the most important line of code a startup will ever write.
Traditional Vision Statements are Exciting for the Company
A traditional vision statement is aspirational for a company; it describes where the company is going if it’s successful. It can also be limiting when viewed through the lens of a venture capitalist.
In Q3, ICO markets finally developed a demand for traction.
The ICO market has experienced a sudden cultural shift that has left concept-stage blockchain founders grappling with the same increased demand for evidence of traction that has long stymied founders trying to raise capital in traditional VC markets. The median ICO dollar size and overall volume of deals have dropped by half since a peak in Q1 of 2018.
Pressure for earlier validation has mounted from their blockchain peers as well. At cryptocurrency conferences, technologists from established initiatives have been exhibiting an ostensible lack of acceptance for concept-stage projects. Blockchain thought leaders openly share their consensus view that projects launching large public ICOs, without any proof-of-concept or market adoption, are drawing negative attention to the entire cryptocurrency movement.
Dramatically improve the odds of your venture’s success by rooting out and mitigating knowable risks with a premortem.
In startup culture, optimism tends to flourish at the expense of honest pessimism. At Foundational, we embrace this by starting our strategy engagements collaborating with our clients to agree on how the world must be changing, what their teams are doing to bring about that change, and how we will measure the achievement of their inevitable success… we also use a novel process that quickly identifies the likely causes of failure well before they occur. It’s a simple and impactful technique that any team can do for themselves in under an hour.
What is Traction? Where does it come from? And, most importantly, how do you generate it?
Startups are in an endless pursuit of product-market fit. If they are very young, they might still be defining their vision of what the world will look like should they find it. If they are more mature, they are justifying to their next round of investors and strategic hires that they are strengthening their understanding of the early fit they’ve already established. This road is so well-traveled that the industry has adopted a name for the story of this pursuit: traction.
Our perspectives, learnings, and insights on Traction Science, venture capital, product-market fit and startup best practices.