A Formula for Success for Startups, Techstars & Fintechs! (E = MC2)

Entrepreneurship = Making Impact x Courage (Squared)

That's the secret formula for success Vijay Tirathrai, MD of Techstars shared with the audience during a fireside chat I moderated, as part of an event organized by Startup Grind Abu Dhabi. Beyond this formula, check out his TOP TIPS below!

Shy. Human. Intelligent. Father. Entrepreneur. Leader. These are a few words I’d use to describe him. He’s initiated 4 startups himself, and has worked with the region’s leading Founders and CEOs. Beyond his secret formula, his precious advice to startups, is as follows

TOP 10 TIPS

1.    E = MC2 (Entrepreneurship = Making Impact x Courage), You must be in it for the impact, and you must have courage (squared). That’s the key to success

2.    Focus - Keep your eye on the big picture, while navigating daily distractions

3.    Failure – Its normal. Fail fast with the idea of learning and growing.

4.    Doing a start-up can suck your soul. Have a hobby outside your business to maintain your sanity

5.    Have a reality check. Understand that if you choose to start a new company, you’ll have to put everything else on the side for a long time. 

6.    Get the business model right before raising funds. Build a ‘flywheel’ thats systematically generates customers and cash. 

7.    If you are raising funds, persevere. Out of 105 investors, you’ll get 1

8.    Build warm relationships all the time, that’s the key to getting the right investors.

9.    Realize that to attract investors you need to demonstrate the ‘path to profitability’ even if you not profitability today.

10.  Being an entrepreneur can be lonely, surround yourself with Mentors. Reach out for help. It can make all the difference

Startup Grind is the largest independent startup community, actively educating, inspiring, and connecting more than 2,000,000 entrepreneurs in over 600 chapters. We nurture startup ecosystems in 125+ countries through events, media, and partnerships with organizations like Google for Startups.

Techstars is the worldwide network that helps entrepreneurs succeed. Each year, they choose over 400 startups to join their three month mentorship-driven accelerator, investing $120K and providing hands-on mentorship and access to the Techstars global network. A Network for life.