Silicon Valley Comes To Malaysia: What We’ve Learned
What our team learned during Silicon Valley Comes To Malaysia:
Ideas are worthless
Ideas worth nothing to VCs and investors unless you’re capable of executing them. Sometimes we’re too excited about our world-changing ideas only to be disappointed when people with money dismissed them. Here’s h0w you can make your idea valuable:
- Have the right team or partner in-place which/who is capable in at least in technically overseeing the concept
- Come out with a prototype that shows you’re technically sure the concept can work
- Quote someone credible who have listened and approved your idea, if there’s any (don’t miss any pitching session even if you don’t need the money)
Failure is a path
In start-up entrepreneurship where operational history is close to none, failure is no longer considered a challenge. It’s a route that we must travel. Here are the stages of failures that one has to visit occasionally.
- Failure to get funding
- Failure to complete the product/product not working
- Failure to release the product in time
- Failure to successfully market the product
- Total project failure because the product concept is too lame (oh well..)
Passion trumps everything
As the world of start-up entrepreneurship is notorious with the above-mentioned failures, salary, equity and other material rewards can no-longer guarantee a sustainable commitment and motivation among your team members. Passion is the only fuel. Build a cult following around your idea.
If people is not passionate enough about your idea, maybe:
- You’re talking to the wrong people (a golfer can’t judge a baseball player’s swing quality)
- You can’t communicate your ideals well thus it’s not understood fully
- Your idea just won’t work, which makes ‘passion’ a viable tool to measure your project ‘potential’ sometimes
Action vs inaction
Get out and do something. We’ll learn more from our action rather than our endless research, SWOT analysis, ROI Estimation, Cost vs Benefit study, and counseling. Inaction can cost as dearly too:
A person may cause evil to others not only by his actions but by his inaction, and in either case he is justly accountable to them for the injury.
–John Stuart Mill
What are we waiting for?
Good luck fellas.