Posts tagged ‘Startup company’

June 14, 2014

Sustaining vs Disruptive Innovation

Cover of "The Innovator's Solution: Creat...

Cover via Amazon

I have been listening to Clay Christensen and Michael E. Raynor‘s book “The Innovator’s Solution: Creating and Sustaining Successful Growth“. Really impressed with the systematic approach to innovation and why innovation can be categorized and built within existing companies or even in Startups. I believe this book is one of those classics that outlines how anyone from Venture Capitalist to Startup Founders to Managers of Businesses or CEO’s can bring a culture of innovation into any organization. This is clearly important given the changes that we are starting to see. I believe this way of thinking can really help entrepreneurs as well, there are some theoretical and empirical frameworks that suggest that Sustaining innovation is rarely the realm of startups and Disruptive Innovation is rarely the realm of incumbent businesses. One of the first question that I ask a startup founder or entrepreneur is if his idea or business is disruptive, if it is not then I suggest they do hypothesis testings to make it disruptive otherwise it is a fools errand trying to beat an existing business with a 10% or 15% improvement in the startup’s offering. For a startup to really disruptive it needs to be good enough but has dramatically different pricing, convenience or value being delivered to the customer.

The internet itself is a sustaining innovation, whereas Cloud Computing is a disruptive innovation. I believe what Elon Musk has done with Electric Car technology is also very disruptive. I think it will be not long before Electric cars become a main fixture of our culture.

I highly recommend the book and I think VCs, Entrepreneurs and Angel investors who are serious about investing should really read the book and try to understand the solution for the Innovator’s dilemma presented in this book. It has opened my eyes to transformational views of startups and investing in startups.

January 22, 2014 – A Startup Profile

GuideToIcelandTourism in Iceland is growing rapidly, this much is true and with the growth of tourist, the need for investment in infrastructure, innovation and services to cater to the market demand is also growing. I believe startups or entrepreneurs are more suited to rise to this challenge. It is difficult for established companies to move quickly, read why I believe this to be true. is one of the startups that has been accepted into the GreenQloud Startup Program. I believe for startups to be successful there are a number of requirements, the most important of all is the founding team. I met Elmar Johnson and Ingolfur Shahin, the CEO and COO. Elmar, wait for it… is a medical doctor with a passion for travel. I am very impressed with the team that Elmar and Ingolfur have assembled to take this company forward. Their concept is quite simple target bloggers and drive traffic through their content to sell services and packages as it relates to travel in Iceland. The emphasis is on locals blogging about the culture, what and where to go for the best sushi in Iceland etc I believe the long tail of this type of content drives Mavens to the site. They have built a booking engine connecting a hodge-podge of tour operators, hotels and destinations into a single source that any tourist can easily navigate and also solicit the services of locals to go on guided tours. The way the website operates is by providing free tours from tour operators to bloggers and thereby creating a affiliate program for real services. I think this is brilliant, here is a Google Adwords meet Tupper ware network marketing and selling. All of this surrounded by beautiful images taken by Iurie Belegurschi, who takes just amazing pictures.

The team is tenacious, detailed, and really passionate about how they want to build this business. This is the kind of team that I love to mentor. They are always bubbling with ideas and ways to drive the business forward. IMHO, you have seen nothing yet from this team and really excited to be working with them.

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January 20, 2014

Strategy is always about Action

Garry Kasparov and I, Luxembourg Q1 2006

I joined the Executive team in Glitnir in February 2006. The bank had an event in Luxembourg called “Meet the CEOs” and one of the keynote speaker was Garry Kasparov. The title of his talk was about Strategy, being a Grand Master of Chess, Garry probably knows a thing or two about Strategy. What I distinctly remember from the talk was that he emphasized on the fact that Strategy is always about Action. A deliberate, calculated and result driven action. As an Entrepreneur or a Startup, we are always faced with numerous paths based on a deliberate product, marketing, sales or funding strategy. I talk to a number of startup founders and entrepreneurs, the striking similarities between all those conversation when it comes to Strategy is that they always have too many strategic priorities and try to do too many things at the same time. This IMHO is a failing strategy. At the very early stage of the product/service development it might work because you are prototyping and you have not figured out the product to market fit, so it is fine to throw a number of ideas into the market and see what sticks. Again, the Strategy is deliberate, you are trying many things because of a hypothesis that one of those ideas will gain traction. It takes a lot of work to focus on a single strategy and execute around that. If entrepreneurs can get this one thing right the odds of failure can be reduced considerably.
Being an entrepreneur or a startup founder is f#$king difficult, and getting disciplined to focus on 1 to 3 strategic priorities is even harder. Even Elon Musk the quintessential serial entrepreneur has been focusing only on the Electric Car and leaves all his other ideas and companies to be executed by others.
Do yourself a favor, ask yourself what is your Product to Market fit strategy if you are in the early stage, if you don’t have one, get back to the drawing board and get that straight without that your startup will fail or run out of money or both. After you have crossed the chasm of Product to Market fit, you need to go back to the drawing board and determine your business scaling strategy. Yes, building a company is hard and takes a lot of work but there is nothing more insane than trying to do the same thing over and over again and expecting a different result. You need different strategies for different stages of the company.
The founder/CEO of the company is responsible for the Strategy, the success of the company depends on the CEO who can morph into different modes depending on the stage of the company. Ben Horowitz, has a very interesting post about “Why Founders Fail: The Product CEO Paradox“. There are gems of advice for Product centric founders. Once you have a strategy then the mode you need to get into is action, tactics and expected results. Another one of the best of Ben Horowitz post is “The Struggle“, I wrote about it… one of the best paragraphs in that post goes like this:

This is not checkers; this is mutherfuckin’ chess – Technology businesses tend to be extremely complex. The underlying technology moves, the competition moves, the market moves, the people move. As a result, like playing three-dimensional chess on Star Trek, there is always a move. You think you have no moves? How about taking your company public with $2M in trailing revenue and 340 employees, with a plan to do $75M in revenue the next year? I made that move. I made it in 2001, widely regarded as the worst time ever for a technology company to go public. I made it with six weeks of cash left. There is always a move.

You always have a move without strategy you will not know which one to take.

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November 29, 2013

On the road of building Startup Communities in Iceland

English: Jim Collins (James C. Collins), an Am...

English: Jim Collins (James C. Collins), an American business consultant, author of “Built to Last” and “Good to Great”. (Photo credit: Wikipedia)

Brad Feld interviewing Jim Collins, two of my favorite business thought leaders and authors talking about a topic that I extremely engaged in and interested in developing in Iceland. I was pretty bummed that I could not make it for the Startup Phenomena Event in Boulder, Colorado. There are a number of pearls of wisdom in this discussion. The most important of which is the concept of doing big things, focusing on the who and the role of luck or chance. I believe that in order to build an antifragile or lasting startup community it has to be a long term thinking which makes sense because doing things like this well… takes a long time. I believe the startup community in Iceland is starting to hum, the biggest lead indicator of this is when a young software engineer who came to me and wanted to work at GreenQloud, he was brilliant, talented and with a lot of energy so I was only thrilled to get him to join our team. 3 months in he wanted to quit and I was baffled because he loved the culture and environment that we are creating in GreenQloud, really liked the people he worked with and was really on board with the Mission of GreenQloud… when I asked him what has changed, he told me that he and his friends are doing a startup and they wanted to go out on their own and do that. I knew then and there the vision I had for Iceland is starting to take shape.

When really smart people are willing to risk their jobs, careers and possibly a lot of their time to build a company we have the right ingredients to building an antifragile startup community. What is really missing is the Big Hairy Audacious Goals that Jim Collins referred to in the talk. I have some ideas up my sleeve, GreenQloud is one of those big ideas. If you have not been following what we are doing with GreenQloud, you should really look at it. I believe GreenQloud could be a bigger company than any company built out of Iceland and I am not saying it because I am the CEO. GreenQloud is in the business of changing the world and it takes time, effort and passionate people. We are on that journey and starting to really accelerate our execution. I also have a couple of projects that I am really excited about launching, you will hear about it in the near future. We are currently kicking off the preparation for Startup Iceland 2014.

July 25, 2013

Circle of influence and circle of concern

Deutsch: Viktor Frankl

I was reading a blog post by Seth Levin of Foundry Group on “Handling Rejection“, where Seth blogs about an interaction he had with a 54-year old startup founder, who reached out to Seth and the Foundry Group to see if they were interested in his idea. Seth replied that they have a clear strategy of investing in broad themes and the said founder’s business did not fall in that category, so they were not interested. Instead of thanking Seth for his response and continuing to build the relationship with him, this founder just ranted about how hard it was for a 54-year old Entrepreneur who is on the outside looking in and trying to break into the inside of the VC world, how he did not have a pedigree or from the right family and on and on and took his anger out on his response to Seth’s email. The Founder was blaming everything that was hard about being an Entrepreneur or a startup founder.

It got me thinking, I had written about “The Excuse Department is Closed” and also the material in the book 7 Habits of Highly Effective People by Dr.Steven Covey where he talks about the Circle of Influence and the Circle of Concern. What do I mean by the Circle of Influence and the Circle of Concern? Well, it is quite simple actually, the Circle of Influence is the space that contains everything that you can do something about i.e you can take an action and the Circle of Concern is the space that contains all the external things that you cannot do anything about like the state of the economy or a financial collapse, response of people to your efforts etc. As an entrepreneur and/or a startup founder it is very easy to get sucked into thinking about everything that is beyond the scope of what you control thereby you can wallow in self pity how the whole world is out to get you. This is the wrong way to look at things. I see the above founder’s behaviour in may entrepreneurs and people I meet, they continually focus on all the things that are outside their Circle of Influence. If you want to win the battle of Entrepreneurship, you need to be laser focused on your Circle of Influence, for most people it is their own actions. If you have not worked on building that internal strength, Entrepreneurship is a very hard road.

I love the work of Dr.Viktor Frankl on Logotherapy and Existential Analysis, which was one of the big influencers of Dr.Steven Covey in his writings. Frankl’s approach is based on three philosophical and psychological concepts:

Remember between every stimulus that you receive and your response to it, there is a space, in that space lies your personal growth and your free will and your will to act, to meaning and your meaning of life. If you are an entrepreneur, you have to choose to carry your own weather, you have to handle rejection well because deep within you lies the internal security. The internal security of free will, the purpose of why you are doing what you are doing. If you have not worked on yourself to build that internal security, I strongly encourage you to build that first because without that internal strength it is very hard to fight the battle of entrepreneurship.

July 19, 2013

Mentoring, Teaching and Training

“We can’t solve problems by using the same kind of thinking we used when we created them.” – Albert Einstein

I strongly believe anyone can learn any skill given the right guidelines, tools, mentoring and time. It is not easy to help or teach someone to acquire a new skill. Ask your teacher how she got through her day while you were in her class. God knows I am blessed with many teachers and mentors who took the time to show me the ropes and helped me get better at many things. Believe me it was a struggle for them, I was not the sharpest cookie in the room. I get extremely frustrated when people don’t want to spend the time to help or mentor or teach their colleagues, interns and their own customers because it is hard, it is painful and the other person does not pick up the skill as fast as they expect them to. To all those out there thinking that way, I say rubbish. There is nothing more important than building your team and helping your team, there is nothing that a company can do that is more important than training and building a world class team. I understand the frustration of those who have the experience, they focus on the efficiency side of things, it is efficient if they can get a team member who has the same experience or background as them. It is easier to get through the tasks, there is no struggle, there is no conflict or the effort needed to understand, explain and be patient with people. It is hard, remember with People, fast is slow and slow is fast.

While you are a startup, resources are limited, you need to do more with less, you will not be able to recruit the smartest girl in town or the smartest guy because the smart ones are not sitting idle, they are busy with other things and they are usually compensated handsomely for their time… because they are smart and can get stuff done. So, how does a startup compete for talent in a tight market? this is an age old question and I think there is a way. What if you could get people who believe in what you do but don’t have the right skills? well, you get them on-board and give them the mentoring, time and tools to see if they can go through the struggle. I know I know if you are teaching people how are you going to build the startup… well, no one said it was easy if it was then everyone would do it really well. A Startup is an experiment, you need to experiment with people as well. So, the next time you are planning to hire someone, take a chance, wait for the one who believes in what you are doing and is willing to volunteer their hearts and their minds. Give them the tools, methods, mentoring and time, they just might surprise you.

For those who are mentors and teachers, there is nothing more nobler than providing a service that helps your brother or sister in need. I believe very strongly if you want to learn something or get better at something there is no better way than to teach it. The minute you assume the role of a teacher/mentor you see things differently, your paradigm changes, only if you have an open mind and are willing to volunteer your heart and your mind. Take a chance on yourself, spend the time to teach your colleague a skill that you want to get better at, as I said before you might just surprise yourself and learn something about yourself.

July 16, 2013

S.M.A.R.T Goals or Metrics

Scoreboard FB

Scoreboard FB (Photo credit: Wikipedia)

Do you have a ScoreBoard for your Startup? Well, if you don’t you need to get one. Once you have a scoreboard you need to determine what you are going to measure and there are some time tested definitions for establishing goals for your team, your startup or how you are executing. Remember Vision without Execution is Hallucination. So what do you need to define your team’s Goals? Goals or Metrics need to be S.M.A.R.T

1. Specific

2. Measurable

3. Achievable

4. Realistic

5. Timeframe bound

I have written about Metrics that matter before, but I don’t believe I have written about how to define goals. The above acronym has always helped me when working on defining a goal. Every startup is different but end of the day most of the things relating to a startup is based on serving a human/organizational need. If you can translate that need in terms of S.M.A.R.T goals then you are doing 99% better than most of us out there trying to navigate this thing called Entrepreneurship. S.M.A.R.T goals are not just for your startup, they are an effective tool to define Win-Win Performance Agreement with your team.  As part of building a world class team, one of the most important thing the founders/leaders/executives can do is establish a Mentorship based Win-Win Performance Agreement with each and every team member. We are starting to work on this at GreenQloud. Building a startup is hard, raising money for your startup is harder but the most important thing you can do is build a World Class team. It is well within your circle of influence. If your team is effective then all other things fall into place. I always like to say, you cannot guarantee success but you can easily increase your odds of success. One attribute that can exponentially improve your odds is the time you spend in building an effective team around you. I have written about the importance of Team Building. I am surprised when I talk to startups and even investors here in Iceland, how little weightage they give to the Team attribute. IMHO, it is the deciding factor, everything else can be defined, designed, built, scaled or modified, but you can never execute at world class level without building a trusted, aligned and self-motivated team. I love the Avengers movie, how 5 different people, who don’t always like each other come together to fight a good fight. I don’t see a Startup any differently.

July 15, 2013

Startup Management – Masterfully Curated Resources for every startup

SUM_Logo2Fred Wilson wrote about an AVC regular William Mougayar is building an education oriented community for entrepreneurs called Startup Management (SUM). I wanted to bring attention to this aspect of a Startup, I have written about this before Startups are not a small form of a big company. The management of things in a startup require different sequencing than in a traditional company. This sequencing is not rocket science but harder because you need to figure out what you are doing makes sense i.e creates value to someone and make sure you have enough time to make sure that it pays for itself. There is very visual depiction of this, I say that doing a startup is like jumping off a tall building and making your parachute while you are falling and hope and pray that the building was tall enough or your parachute making skills are so great that you can make the parachute fast enough before you hit the ground. This analogy is visual and clearly shows what every entrepreneur feels when they are building a company, it is not all glamor, glory and pride, it is a lot of hours of blood, sweat and tears. Given that everyone acknowledges that this is difficult would it not be great if we could tap into a resource that gives us the roadmap? like what Fred has been doing with his MBA Monday Series, or Brad Feld has been doing with his Term Sheets series or Mark Suster on Sales and Marketing or building a B2B startup. I am sure there are many resources like this and Startup Management is going to SUM all of this together (did you get the pun?). So this blog post, I am requesting everyone to sign up for the Startup Management and get a curated list of topics from around the web about Startup Management. Fred, Brad and Mark are the first ones to acknowledge that what they share is only a tip of the wisdom that is out there on the internet and I am really happy to see that all this is aggregated by SUM. To give you a glimpse of what the content is going to be I am reposting the first digest that I got in my inbox:

Creme de la creme curation from William Mougayar, Must Read from this week.
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As you start reading, I’d like you to consider forwarding this email to others in your network, promise? If you’re a VC, forward it all your portfolio companies. YES, all;- why be selective? If you’re a startup, send it to your customers, partners and internally. Let it go viral. I don’t mind. There is nothing like this email and Startup Management (SUM) throughout the Tech Startup world, so let’s get the word out. I know I’ve got your mindshare, so now let’s get SUM market share.SUM = Great articles users submit + Original stuff we write, + Posts from the Top 100 Tech Bloggers. And it’s complemented by a Library of content (50 categories), a Wiki of terms, and links to curated Videos and Books. It’s the single best destination for Tech startups and grownups to keep learning on the job and on the blogs.Startup Management is only one-week old, so I’m trying this new Email, a Week-end Roundup from the past week. It’s the crème de la crème from my personal curation of hundreds of weekly articles. This is a subset of what’s on the website, and it’s organized by topic. If I curate the best, write the rest, then you’ll need to read this fest.
CultureWhy it’s important to Create a Culture that Drives Success, Not One That Makes You Feel Good, so here’s the Ultimate Guide to a Startup Culture’s Evolution to get you there. And if Google is Retaining Top Talent Through ‘Employee Entrepreneurial Culture, so can you.Marketing
Do you know The 7 Heavenly Habits of Inspired Inbound Marketers or the Seven marketing mistakes most startups make? If you want more dynamite Marketing presentations, check out the ones from this week’s MozCon.

Startup Sales is Hard, But Hiring a Successful First Sales Rep is Harder, so you need to know When to Sell vs. When to Market to Customers.

Customer Discovery
How do You Discover What Customers Really Want?  Wait, don’t fall in the A/B Test Trap, so Ask Yourself the 6 Essential Questions before Running that A/B Test.

Here’s why it is foolish to Push for the “Perfect” Product.

Women in Tech
It’s incredible that Etsy Grew their Number of Female Engineers by Almost 500% in One Year, and here’s the story of a woman tech entrepreneur from Mumbai.

Scaling the Organization
Growth solves a lot of issues, but it also creates problems. There is nothing wrong inDeveloping Middle Managers at Startups, because your company will face 5 growing pains when transitioning from chaotic startup to accelerating midsize.

User Experience
Do you Experience Rot? And Is Your Website Guiding Customers To Lowest Effort Resolutions Paths?

Customer Communications
It’s a fact that Entrepreneurs Face Serious Communications Barriers. Be careful how you put your message out: 8 (Easily Avoidable) Ways to Lose Your Prospect’s Trust. Take a refresher on how to Grow Your Business Smarter with Conversion Rate Optimization, and give your users a Seductive Hook, If you can Find it Every Time. Here’s how to create a Create a Useful Value and Good Proposition. 

B2B Marketing
The Convergence of marketing and technology is an ongoing trend, along with the consumerization of the enterprise; so now you can Build a B2B Loyalty Program With B2C Tactics.  And find out How Marketing Can Deliver Qualified Leads, because Email Open Rates Continue to Rise. Are you new to Email Marketing? Find out How to Plan Your Lifecycle Email Marketing Plan.

Understanding your real competitors is important. Here are Lessons From Successful Entrepreneurs on How to Beat the Competition. 

Yes, it’s the other F word. Is there a “right” way to fail? Don’t let it get to your head. Head Games: Ego and Entrepreneurial Failure and How One Startup Had Millions In Funding And 100,000 Users — And Still FAILED.

Founder to CEO
You aren’t born knowing how to be a CEO, but you need to Stop being a founder, and start being a CEO. But remember, There are No Shortcuts to Intelligent Founder-CEO Transition. Why Organization is the key Character Trait and Skill of the Successful CEO, and how Drew Houston’s morphed from hacker to hyper-growth CEO. Sometimes, as you experience growth challenges, you have to Divide and Conquer.

You need to Build Brand Awareness First – Distribution Second, and don’t forget about branding when you’re doing online demand generation, because Growth Hacking is a Bridge to Marketing, so Make Marketing the Third Leg to Success, After Product and Engineering.

Quotes of the week
“I’m more worried about the billion or so people on Facebook every day, versus the 2 million people watching Fox News.” – Jon Klein, President of CNN

Hi, I’m Chris Schultz. You don’t have to be in Silicon Valley, but Silicon Valley has to be in you.”

About Startup Management
Startup Management is a single destination for the best content on management, strategy, organizational and marketing topics, including business models, revenue models and go-to-market approaches for startups and grownups. We mix curated, aggregated and original content, a tagged library of knowledge, a wiki, and links to videos and books, allowing you to quickly find what you need to know on-demand, on-the-job, and on the blogs.

What are we working on, next?
A single RSS feed for the whole site, an improved homepage, more articles in the Library, and a better mobile experience.
We migrated to a dedicated virtual server this week-end, so no more php memory errors, yeah! Thanks to AVC’er Dale Allyn who volunteered to help me figure things out.

That SUMs it up! Don’t forget to FORWARD —-> VIRAL is the way to Grow. If this email touched you, let it touch others.

William Mougayar
Founder & Chief Curator
Startup Management

May 12, 2013

SI2013 – Speaker Profile – John Sechrest

johnsechrest_headshotI got connected to John through Kristjan Freyr Kristjanson, CEO of Innovit+Klak and who runs Startup Weekend in Iceland. I had always felt that what we lacked in Iceland was broader participation of investors and mentors in the Startup community. John has been solving that problem in Seattle and in the greater Washington state. I am excited to hear about how he has been able to get new Angels to invest into the startup companies. I am also really excited by the philosophy that John has put into practice through his Seattle Angels Network. Startup companies need a lot of due diligence and investors need to play a role in actually helping the startup get off the ground. I believe strongly that Investor group has to work as hard as the Entrepreneur to make the startup a success. I have been writing about Brad Feld, Brad Burnham and Fred Wilson, in my opinion the successful venture investors work much harder than any entrepreneur I know. Check out the documentary “Something Ventured“, it is obvious how much effort the early VCs started to invest much like Angel investors and how much effort they put into each of the companies that they invested in. I think the advent of the Investment Management profession has killed the spirit of each and everyone to become an investor and entrepreneur. I think we have some really smart people working in the Investment management and Asset management business but I don’t think Investment is something that we should outsource. By getting involved with early stage companies with the partnership of experienced angel investors and investor mentors I believe anyone and everyone can invest in Startups and be successful. Don’t believe the fear mongering that your Financial Advisor gives you, Risk is misunderstood consistently by everyone so Investment or Fund managers are no different or better than any of us.

Anyways, I have digressed enough. The post was about John, John Sechrest is the founder of the Seattle Angel Conference and the Willamette Angel Conference, each providing a venue for new angel investors to explore the process. He is a co-organizer of the Lean Startup Seattle, helping entrepreneurs get focused on stronger company processes. As a global facilitator for Startup Weekend, he has worked with several communities take a step forward on entrepreneurial ecosystem development. The motivation to get John to visit Iceland and participate in Startup Iceland is to bring some knowledge on how we can create an Effective Angel Investor community here. I want to expand on the idea that John and other successful Angels have created. Maybe we will launch as I had wrote about before an Accelerator for Investors so young and new investors can get started early and participate in building an Antifragile Startup Community in Iceland.

April 9, 2013

Iceland Seafood Cluster

I have been writing a lot about Entrepreneurship and Startups, but I am not a big fan of the Cluster concept primarily because getting sjavarklasinn-70established companies to be Entrepreneurial is very hard because they look at different metrics and the incentive for the established companies to participate in Cluster building is a long term game, however established companies are relatively short term focused because they are trying to increase their yield on invested capital by getting more efficient on the operation, sales etc. On the other hand a startup in the same sector is more or less not too focused on efficiency, they are trying to exploit a weakness or a problem in the existing solutions, therein lies the challenge. It would take visionary leaders in established companies to harness, foster and encourage the building of a ecosystem around the sector that their companies are built in. This is exactly what Dr.Thor Sigfusson has done with his startup/project Seafood Cluster a.k.a Sjávarklasinn in Icelandic. thor_sigfusson-145It is fascinating to see how he has convinced established companies in the Seafood sector and new emerging companies to co-located in a building in harbor of Reykjavik. He has ambitious plans to expand the facility to allow more startups and established companies to have meetup spaces. It was exciting for me to watch this because Seafood is the sector that is as traditional as they come, we are talking about really established fishermen looking into working with young new startups, mentoring them and seeing if they can improve the established methods using new technology.

There is a wealth of information and reports around the concept, I have not read all the reports but I believe this is something that I believe can work. I like the idea and the execution of the fact that if you put new companies and established companies near each other and once they start talking magic usually happens. In addition, the same location has some support services like legal, marketing and publishing etc Think of this as an Accelerator for a startup in the Seafood Sector. I think the missing piece is what typical accelerators do which is a 3 month bootcamp like environment that basically focuses on the validation of the new startups and also getting investors to be part of the project. I think Dr.Thor Sigfusson has already done that because the Seafood sector or the Fishermen are the richest cohort in Iceland and they are starting to see the value of having such a place and are investing in this.

We have invited Dr.Thor Sigfusson to be a Speaker in Startup Iceland 2013, I think this concept needs to be communicated in the Startup Iceland platform, and he has agreed to do that. In addition, it would be interesting to learn from his talk what were the challenges, opportunities and road block that he had to cross to get this project off the ground. If you are interested you should definitely buy the tickets soon as they tend to run out fast.


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