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The Do’s and Dont’s of Pitching To Your Drunk Uncle At Thanksgiving

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Thanksgiving is a time for gratitude, turkey, and… unsolicited advice from family members. As you pass the stuffing, the inevitable happens: your drunk uncle asks, “So, what exactly is this startup thing you’re doing?” Suddenly, you’re faced with the challenge of explaining your big idea to someone who thinks TikTok is just the sound a clock makes.
Whether you’re eager to share your entrepreneurial vision or simply trying to survive the dinner table discussion, there’s a right way—and a very wrong way—to navigate this conversation. In this blog, we’ll explore the do’s and dont’s of pitching your startup during Thanksgiving, ensuring that your business dreams don’t get roasted alongside the sweet potatoes. So, grab a glass of wine (but maybe not as much as Uncle Joe’s had), and let’s dive in!

Do’s:

  • Keep it light and simple.

Start with a casual approach. “Hey, Uncle Joe, I’ve got this cool idea…”

Keeping it conversational while approaching the subject is key to grabbing his attention. Your uncle doesn’t need a deep dive into your business plan or a lecture on market disruption. Use simple, relatable language to describe your idea. Instead of saying, “We’re leveraging AI to disrupt the logistics industry,” try, “We’re building a smarter way to get packages delivered.” Clear and concise explanations will resonate more than buzzwords. Remember to be prepared! StartupNV’s Executive Director, exited founder, and seasoned investor, Jeff Saling advises: “Perfect your elevator pitch. Attention spans will be especially short and split…. and have the deal docs and wiring instructions ready to send from your phone.”

  • Appeal to his interests.

Find something he can relate to.

Find a way to tie your startup to something your uncle cares about or knows. If he’s into sports, explain how your idea could help fans. If he’s a foodie, mention its potential impact on restaurants. Making it relatable will keep his attention and make your pitch more memorable.

  • Flatter him (a little).

Drop lines like, “You’ve always been good at spotting great ideas!”

Nobody likes a know-it-all, especially your drunk Uncle Joe. So, right when he seems to be dozing off from the conversation, ask him what he thinks of your ideas and leave space for him to share his. Bouncing ideas off of one another can make the exchange feel more natural and not one-sided. Make sure to listen to his ideas and “take” them seriously.

  • Let him know others are excited.

Tell him why everyone is going for seconds.

From seasoned investor, Joshua Curtis, here is some advice on showing excitement and spiking curiosity if your uncle is actually a savvy investor.

“As investors, we know that you love your stuffing, if you didn’t you wouldn’t be crazy enough to be a founder, but we want to see that everyone loves your stuffing too. Show us the demand! If you’re pre-revenue show us that you’ve done in-depth market research and have feedback from potential customers that they would purchase your product at your price. If you have revenue, show us metrics that indicate positive growth and adoption. Telling us your stuffing is the best is one thing, showing us through consumer interest and adoption is the best way to get us to grab our forks and get in line.”

  • Stay patient and flexible.

If he derails the conversation, gently steer it back or know when to pause.

With so much good food and good company, the conversation can certainly change every now and then. It’s important to know when to steer the conversation back to the topic and when to let the conversation flow on to the next, this can also be a chance to indulge in a second slice of pumpkin pie.

Don’ts:

  • Don’t get overly formal.

It’s Thanksgiving, not Shark Tank. Relax and match the vibe.

Pitching can be daunting whether it’s a room full of investors or during a networking event, but remember that this is a relative! There’s no need for a blazer, a slideshow, or corporate jargon about market penetration or scalability. Instead of diving into a stiff elevator pitch as though you’re talking to venture capitalists, take a moment to read the room. Your audience is family, not investors, and the Thanksgiving table is meant for laughter and connection—not a business boardroom.

  • Don’t turn it into a one-sided monologue

There’s nothing worse than feeling like you’re stuck in a never-ending lecture, especially at the dinner table.
If you dominate the conversation with a long-winded explanation of your startup’s mission, vision, and market potential, your uncle—and everyone else within earshot—might start tuning out. Thanksgiving is about sharing, not showboating. Instead, keep your responses brief and conversational, and let your uncle ask questions. The discussion will feel more interactive and less like a TED Talk no one asked for.

  • Don’t argue or get defensive.

If he says, “That’ll never work,” thank him for his thoughts and move on.

Chances are, your uncle might be unfamiliar with how your industry works but as your relative who wants to look out for you, he might be prone to pointing out the risks of your ideas instead of highlighting the positives. Make sure to avoid being defensive and instead, remind him that with great risk comes great reward.

  • Be careful not to over-stuff the offer just because he’s family. .

Know what your Ask is and be prepared with the deal terms you’re willing to offer ahead of time. You can find other ways to emphasize why this opportunity is special (early access to a high-potential investment).

Let’s hear from investor and StartUpNV’s Vice President, Madeline Feldman.
“Don’t promise equity in the family heirlooms as part of the deal, or over-promise equity just because you’re family. Blood may be thicker than water, but it’s not thicker than gravy. Remember to keep plenty of gravy for yourself and future investors. You can always share your riches with your family once you have them … (in cash!).”

  • DON’T Forget the Real Reason for Thanksgiving

At the end of the day, Thanksgiving is about gratitude and togetherness, not pitching your startup.

Be thankful that you have someone to pitch to, the opportunity to innovate, and a table full of great food to eat. If the conversation starts to derail or feel tense, pivot back to the holiday spirit. Approaching these moments with humor, patience, and perspective can turn even the most chaotic Thanksgiving pitch into a story worth sharing next year. You can hope, but don’t expect Uncle Joe to become your next investor.

Conclusion

Uncles are often wild cards; a single wrong move could turn your pitch into a heated debate about cryptocurrency at the kid’s table. As tempting as it may be to pitch your next big idea to your drunk uncle at Thanksgiving, it’s important to strike the right balance between enthusiasm and respect for the holiday setting. Remember, building support for your idea is a marathon, not a sprint, and the holidays are best enjoyed with laughter, good food, and meaningful connections.

Save the full pitch for a more appropriate time. Perhaps… during StartUpNV’s favorite day of the week, Pitch Day! Pitch Day happens every other Wednesday at the International Innovation Center in Downtown Las Vegas, and virtually from anywhere in Nevada,at 2pm. Catch the next one on December 4th, @ 2pm. You can also apply to pitch here.

The Do’s and Dont’s of Pitching To Your Drunk Uncle At Thanksgiving Read More »

AngelNV is Accepting Company Applications & Recruiting Investors!

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Are you a budding entrepreneur looking for funding to launch or scale your startup? Are you a new or experienced investor, looking to become a savvy startup investor, access quality dealflow, and expand your network? If so, AngelNV is your gateway to making these ambitions a reality.

AngelNV is a thriving community of investors and entrepreneurs committed to bridging the gap between venture capital and Nevada startups. With a proven track record of success, AngelNV has facilitated millions of dollars in investments while encouraging a collaborative ecosystem of founders and funders.

Here’s everything you need to know about joining the next halo capital adventure, AngelNV5.

What Is AngelNV?

AngelNV drives capital into Nevada’s startup ecosystem through two core programs: a founder due diligence bootcamp and an angel investor academy. The founder bootcamp equips entrepreneurs with skills for fundraising, due diligence, and pitching, while the investor academy teaches new angels how to confidently evaluate startup investments. The program culminates in a grand Finale event, where 6 finalist companies pitch their companies and 2-3 receive investment. The event, attended by media and the public, celebrates Nevada’s startup ecosystem and AngelNV’s role in supporting diverse growth. All investments are shared with the AngelNV syndicate for potential additional backing and are matched dollar-for-dollar through state funding, doubling the impact.

Calling All Entrepreneurs

Are you an entrepreneur ready to take your startup to the next level? AngelNV is here to help you secure the funding you need.

The Entrepreneur Track

Key dates for entrepreneurs:

  • Bootcamp Start Date: Complete for 2024, returning October 14th, 2025
  • Application Deadline for Funding: December 13, 2024

Education
Through the 6-week AngelNV Founder Bootcamp, startup founders receive in-depth, interactive training designed to prepare them for fundraising. The program is offered in-person and virtually, making it accessible to entrepreneurs across Nevada. This free bootcamp covers critical aspects of fundraising, including crafting compelling pitch decks, understanding term sheets, mastering due diligence, and more. Participants gain access to resources such as the UNLV research library, mentorship, and ongoing support through the StartUpNV community. At the program’s conclusion, founders apply for investment via the Dealum platform, with guidance from the AngelNV team to strengthen their applications. 

* Our DD bootcamp for 2024 is already complete, but will return next year and is a valuable resource to any founder who plans to raise outside capital. Register now for Fall 2025!

Funding

The Application is now open to all Nevada-based startups. Prior AngelNV investments have included companies that can demonstrate traction, through revenue or other market validation, have strong (and coachable) teams and advisors, and a product or service that is scalable to an 8-figure exit. In 2024, more than 160 companies applied for funding from AngelNV, with two receiving investment. While only a handful of companies ultimately make it to the finals, going through the due diligence bootcamp and the application process is a valuable learning opportunity. 

AngelNV5 culminates in a live pitch event on March 29th, 2025, where startups compete for a significant investment prize—over $400,000 in funding! This event not only offers funding opportunities but also provides exposure to a wide variety of potential investors. Every applicant is encouraged to attend the finale to network with investors, connect with other entrepreneurs, and learn from presenters.

A Unique Opportunity for Investors

Investor Track

The AngelNV investor track brings together people who are passionate about investing in high-potential startups, offering them a platform to learn, network, and make meaningful investments. These experienced and new investors come from Reno, Las Vegas, throughout Nevada, and the western US. 

Now in its fifth year, AngelNV has become a cornerstone of Nevada’s entrepreneurial ecosystem. The program combines investor education with real-world experience, allowing participants to learn the craft of smart startup investing, while potentially earning impressive returns.

In just four years, AngelNV investments have doubled their value and are on track for a 5x to 10x return on the portfolio. This success is a testament to the program’s meticulous approach to investment selection, due diligence, and ongoing founder support.

For aspiring angel investors, AngelNV is an unparalleled opportunity to learn the ins and outs of startup investing while building a portfolio of high-potential startups.

Why Join AngelNV as an Investor?

  1. Education: Learn the fundamentals of angel investing through a structured curriculum that covers everything from deal evaluation to portfolio management.
  2. Community: Join a network of like-minded individuals who share a passion for startups, innovation and economic development.
  3. Returns: Participate in deals with the potential for high returns. Since 2020, AngelNV has invested over $2.5 million in Nevada startups, generating an implied return of over 2x in just four years.
  4. Impact: Support local entrepreneurs and contribute to the growth of Nevada’s startup ecosystem.

Investment Minimum

AngelNV offers a low-risk way to dip your toe into angel investing while starting to build a portfolio of promising startups. Requiring only a $5,000 minimum investment—much lower than traditional $50-100k minimums (to invest in venture funds) or the typical $25-50k (for individual investment) required by most startups, AngelNV broadens access to angel investing in Nevada. Investors can gain exposure to startup investing, learn alongside experienced peers, and spread their risk by participating in a pooled investment—minimizing the financial barrier to entry and maximizing the learning opportunity. 

At least 40 investors will invest $5,000 (and donate $500/ea for fund administration and fees), resulting in at least $200,000 to invest in one company at the finale. If more than $200k is raised, the angels can decide to invest in additional finalists, or invest the entire amount into their top choice. All investments are shared with the AngelNV syndicate for potential additional backing and are matched dollar-for-dollar through state funding, doubling the impact.

Investor Participation

Starting January 14th, 2025, investors will attend sessions weekly for 11 weeks, leading up to the grand finale. All sessions are held remotely, with a number of in-person mixers in Las Vegas.

Investors will review company applications and continue to narrow down the number of startups, advancing a smaller group through each round and ultimately selecting a final 6 on which to perform due diligence. Investors then select one of the finalist companies alongside fund managers and analysts, to form teams that complete extensive due diligence and present their findings weekly to the broader investor group. 


After the 11 weeks, AngelNV culminates in a grand finale conference, open to the public, where finalists will pitch and angels will decide which companies will receive investment from AngelNV5! 

Investors often return for future AngelNV cohorts, attend alumni events throughout the year, and continue to build their startup portfolios. AngelNV alumni are also invited to join additional investment opportunities, such as FundNV, Sierra Angels, and SyndicateNV.

To learn more or register your interest, submit this form and our team will be in touch!

Building Nevada’s Startup Ecosystem

AngelNV is more than a conference or a bootcamp—it’s a movement towards our mission of transforming Nevada into a hub for innovation and entrepreneurship.

A Rising Tide Lifts All Boats
By bridging the gap between investors and entrepreneurs, AngelNV strengthens Nevada’s startup capital ecosystem. Startups gain insight into what investors want and access to much-needed capital, while investors benefit from a pipeline of well-prepared, high-potential deals.

Statewide Impact
As a trusted investment partner, the State of Nevada’s SSBCI program will match AngelNV investments dollar for dollar, doubling the impact of investments. As Nevada’s startup ecosystem continues to grow, based on favorable business climate, taxes, incentives, affordability, etc., it is critical to ensure the funding, access to funding, and generational wealth scale in parallel. In combination with FundNV and SyndicateNV, AngelNV has connected over 100 investors with startup investment opportunities, resulting in 30 investments totaling nearly $30 million over less than 5 years.

Case Study – an AngelNV success story!

Startup investing is a high-risk and high-return-potential asset class. Success involves making smart investments, and making many investments. Most of your portfolio companies will fail, but the ones who succeed will make up for the losses, and then some. With each new cohort of entrepreneurs and investors, we’re confident in being able to share many more AngelNV and Nevada startup success stories in the future as the early-stage companies scale to profitability and eventual liquidity. 

Dot Ai (formerly SEE ID): From AngelNV to IPO Aspirations

Dot Ai, the AngelNV2 first-place investment choice, is an exciting example of the program’s impact. Since its inception, the Nevada-based logistics tech startup has disrupted the industrial supply chain industry with AI-driven solutions that track and manage assets more efficiently than legacy systems. According to this press release, Dot Ai will become a publicly traded company within the next few months! Investors’ investments will convert to DAIC shares traded on the Nasdaq. Each $5k “share” in ANV2 will yield $20k+ in shares of DAIC, at the time of IPO. That’s a 4x+ liquid multiple in two years! Hopefully, the shares will continue to appreciate in the future. Amazing!

Dot Ai’s Journey:

  • From Local Startup to National Spotlight: Dot Ai is set to go public through a merger with ShoulderUp Technology Acquisition Corp., valued at approximately $248.5 million. The merger will position the company to expand its reach and bring its innovative solutions to more industries.
  • Innovative Technology: Combining artificial intelligence, IoT, and cloud software, Dot Ai helps clients like the U.S. Air Force and Rooms To Go track assets in real time without significant infrastructure costs.
  • Rapid Growth: With an estimated $10 million in revenue for 2024 and projected bookings of $30 million for 2025, Dot Ai’s growth trajectory has been nothing short of extraordinary.
  • Exceptional Leadership: Under the guidance of CEO Ed Nabrotzky, a former Panasonic executive, and CXO Bill Reny,Dot Ai has assembled a world-class veteran-lead leadership team and board that includes industry heavyweights like former Airbus North America Chairman Allan McArtor.

Why It Matters: Dot Ai’s success story exemplifies the long-term potential of early-stage investment through AngelNV. By providing initial funding and resources, AngelNV investors have helped Dot Ai transform into a market leader poised for success.

Upcoming Events

Mark your calendars for these important dates:

  • Application Deadline for Entrepreneurs: December 13, 2024
  • AngelNV Conference: March 29th, 2025, Las Vegas, NV

Whether you’re an entrepreneur eager to pitch your idea or an investor ready to dive into the world of venture capital, these events are not to be missed.

Join the AngelNV Community

AngelNV is more than just a program—it’s a community of innovators, investors, and changemakers. Here’s how you can get involved:

  • Entrepreneurs: Apply by (deadline) for funding for your startup.
  • Investors: Register your interest and take the first step toward becoming an angel investor! 
  • Everyone: Attend the AngelNV Conference to learn, network, and witness the transformative power of entrepreneurship.

Ready to take the next step? Visit AngelNV to learn more and join the movement.

AngelNV: Where Investors Become Angels, and Startups Take Flight.

AngelNV is Accepting Company Applications & Recruiting Investors! Read More »

Founder Frights: 5 Kinds of Spooky Characters That Might Give You a Scare in the Startup World

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1. “Zombie Startups: When It’s Time to Let Go”

Zombie startups shuffle through the world, neither dead nor alive, but definitely not thriving. If your startup is stuck in perpetual stagnation, it might be time to reconsider its future before you become one of the walking dead founders.

Zombie startups may still have some customers and are technically running, but they’re not growing or evolving. These companies often drain founders’ energy and resources without providing enough momentum to scale or succeed and are a major pain for investors looking to close out & right off the corpse. Learn more about key signs, how to call time of death on a startup, and stories of a few who double-tapped on the pivot to avoid becoming walking dead here.

Advice: Some rules of ZombieStartupLand to take with you…

Rule #7: Travel Light
“Heavy burn rates? Trim the fat—only the essentials survive the apocalypse.”

Rule #17: Don’t Be a Hero
“Sometimes the best move is to step back from your zombie startup and walk away.”

Rule #18: Limber Up
(Meme of a founder stretching) – “Always warm up. You never know when you’ll need to pivot… again.”*

Rule #22: When in Doubt, Know Your Way Out
“Have an exit strategy ready—zombie startups are known to hang on… and on… and on…”

Rule #31: Check the Back Seat
(Meme of a founder looking back nervously) – “Watch out for co-founders who suddenly resurface in zombie mode.”*

2. “Beware of Vampire Investors: Avoiding Bloodsuckers in the Startup World”

Just like a vampire needs fresh blood, some investors seem to feed on your hard work. They’ll offer capital but expect unreasonable control in return. Vampire investors drain more than they give—taking control of your company, demanding high equity and decision making power,, or offering unfavorable terms, with little strategic or network value, and not enough capital to justify the terms.Founders often accept blood-sucking terms out of desperation, but it can lead to a loss of control over the company and ultimately, its mission. Founder-friendly terms are one of the best indicators that your investors will be good team players in the light of day.

Key Signs:

Excessive Equity Demands: Investors asking for too much equity for the amount of capital they’re providing.

Overbearing Control Rights: Investors wanting too much control over board decisions or strategic direction, limiting founder autonomy.

Lack of Value-Add: They offer money but little to no strategic value, connections, or mentorship.

Advice:

Negotiate Smartly: Always seek a balance between capital and control. Try to negotiate terms where equity and decision-making remain in the hands of the founding team.

Choose Investors Carefully: Look for investors who offer more than just money. Opt for those who bring industry expertise, strategic advice, or valuable networks to the table.

Get Legal Advice: Have a good lawyer review term sheets and contracts. Don’t sign anything in haste just because you’re eager for funding. Once you let one blood sucker into your house… it’s hard to stop the bleeding.

3. “Frankenstein Founders: Piecing Together a Misfit Team”

Creating a team that doesn’t fit can lead to chaos, just like Frankenstein’s monster was a patchwork of mismatched parts. Building a startup is like assembling your dream team. But if you piece together co-founders and employees who don’t align in vision, skills, or values, you might end up with a monster instead of a thriving company.

Key Signs:

Conflicting Visions: Co-founders or key team members disagree on the long-term direction of the company.

Skills Gaps: Team members have overlapping strengths but leave critical skill gaps (e.g., no marketing lead in a product-heavy team).
Cultural Mismatch: A lack of shared values or communication styles can lead to misunderstandings and poor decision-making.

Advice:
Founders’ Alignment: Co-founders need to have clear, aligned goals from the outset. This includes both the vision for the company and the personal goals of each founder.

Complementary Skills: Build a team with diverse, complementary skill sets. Your early hires should fill gaps in your expertise, not duplicate strengths.

Culture Fit: Don’t underestimate the importance of cultural fit. Even if someone is highly skilled, if they don’t mesh well with your company culture, it can lead to long-term problems.

4. “The Curse of the Phantom Co-Founder”

 

A phantom co-founder is someone who vanishes when things get tough, leaving the remaining founder(s) to carry the weight of the company on your own. This can cause burnout and resentment, and damage the startup’s chances of success.

Everything seemed great in the beginning, but as soon as the going got tough, your co-founder disappeared like a ghost in the night. You’re now left haunted by their absence, but not the absence of their equity stake, while trying to run the startup alone.

Key Signs:

Lack of Commitment: Early signs might include a lack of follow-through on tasks, frequent unavailability, or a lack of enthusiasm for the company’s growth.

Avoiding Tough Decisions: When difficult challenges arise, the co-founder is nowhere to be found.

Focus on Other Projects: The co-founder may be more invested in side projects or their day job, treating the startup as secondary.

Advice:

Define Roles Early: Clearly define each co-founder’s role and responsibilities from the start. Everyone should know what’s expected of them.

Founder Agreements: Have a formal founder agreement in place that outlines ownership, contributions, and what happens if someone leaves.

Frequent Check-Ins: Regularly assess each other’s commitment and engagement levels. If a co-founder seems disengaged, address it early to avoid larger issues down the line.

5. “Don’t Get Trapped in the Haunted House of Bad Contracts”

Once you’re inside a bad contract, it can feel like you’re stuck in a haunted house with no escape. Bad contracts can haunt you long after they’re signed, with hidden clauses or unfavorable terms locking you into detrimental deals. This can apply to partnerships, vendor agreements, and even investor contracts.

You signed what seemed like a straightforward deal, but now you’re trapped by spooky clauses and unforeseen consequences. Don’t let your startup become the latest victim of haunted contracts!

Key Signs:

Overly Complex Terms: The contract is filled with confusing legalese that makes it hard to understand what you’re really agreeing to.

Hidden Clauses: There are clauses that grant excessive control or penalties that seem unreasonable or hidden in the fine print.

No Exit Strategy: The contract doesn’t allow for an easy way out, leaving you locked in regardless of future changes in circumstances.

Advice:

Read Every Word: Never sign a contract without thoroughly reading and understanding it, even if it feels tedious. Key details are often hidden in the fine print.

Consult a Lawyer: Always have a lawyer review any important contract, especially when it comes to equity, IP ownership, or long-term partnerships.

Negotiate Exit Clauses: Try to negotiate terms that allow you to exit or renegotiate the contract if things don’t work out as planned

Written by Madeline Feldman 

Founder Frights: 5 Kinds of Spooky Characters That Might Give You a Scare in the Startup World Read More »

When to Call Time of Death & How to Revive: Real Stories of Startup Pivots and Comebacks

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Every founder dreams of success, but the harsh reality is that approximately 90% of startups fail. While failure isn’t always preventable, recognizing the warning signs early can help you either pivot successfully or make a dignified exit before exhausting all your resources.


The Tell-Tale Signs of a Failing Startup


1. Chronic Cash Flow Problems
You’re constantly worried about making payroll
Runway is shrinking with no clear path to extending it
Customer acquisition costs remain stubbornly high with no improvement in sight
You’re considering taking on high-interest debt just to keep the lights on


2. Market Indifference
Users aren’t as excited about your product as you are
Customer feedback is polite but noncommittal
Free users aren’t converting to paid customers
Your target market requires extensive education about why they need your solution

Turning Setbacks into Success: Inspiring Startup Pivot Stories

Every founder dreams of a successful startup, but statistics are sobering: nearly 90% of startups fail. Failure isn’t always avoidable, but noticing the warning signs early can open doors to a successful pivot or a strategic exit that preserves resources and reputation. Here are powerful stories of startups that turned things around with strategic pivots, and key takeaways for every founder.

The Instagram Transformation

Instagram, now a $1 billion photo-sharing app, began as Burbn, a complicated check-in app resembling Foursquare. But founders Kevin Systrom and Mike Krieger realized something critical from their users’ behavior: people loved the photo-sharing feature far more than any other. Here’s how they pivoted to success:

  • User-Centric Analysis: The team noticed users weren’t engaging with most of Burbn’s features. Instead, photo-sharing and filter options drove the most activity.
  • Bold Simplification: They stripped Burbn down to a single function—photo sharing—and enhanced the experience with easy-to-use filters and a clean, simple interface.
  • Results: Within weeks, Instagram saw massive user growth, catching Facebook’s attention and leading to a $1 billion acquisition in just 18 months.

Slack’s Leap from Gaming to B2B Communication

Slack is another powerful pivot story, emerging from the failure of a gaming company called Tiny Speck. Tiny Speck’s game, Glitch, struggled to gain traction despite millions in investment. But the company’s internal communication tool, created to help the team collaborate, revealed an unexpected potential:

  • Discovery of a Hidden Asset: While Glitch failed, the internal chat tool solved a pain point familiar to many companies.
  • Repackaging for a New Market: The tool became Slack, addressing a universal business need for efficient communication.
  • Results: Slack became one of the fastest-growing B2B companies, reaching a valuation of $7 billion within five years.

How to Execute a Strategic Pivot: Real-World Lessons

Stitch Fix’s Playbook for Market Expansion
Stitch Fix started as a styling service for women but scaled by carefully testing and entering new markets. Here’s how they grew beyond their initial niche:

  • Testing New Markets: They started small, piloting men’s clothing by using existing systems to gauge interest.
  • Gradual Expansion Strategy: With limited initial inventory, they gradually rolled out to select customers, using a waitlist to build demand.
  • Leveraging Core Strengths: Stitch Fix applied their algorithm-based styling to new segments while maintaining high-touch customer service.
  • Metrics and Feedback: Stitch Fix continuously refined its offerings based on customer feedback and tracked success through measurable metrics.

This deliberate, data-driven approach allowed Stitch Fix to expand to men’s, kids’, plus-size, and home goods markets, transforming it into a multi-billion dollar business.

Netflix’s DVD-to-Streaming Evolution

Netflix’s pivot from DVDs to streaming provides a masterclass in transition management. Although not a startup at the time, Netflix’s strategy highlights key steps for founders looking to pivot:

  • Parallel Operations: While DVDs remained profitable, Netflix gradually developed its streaming platform, using DVD rental data to shape streaming offerings.
  • Transparent Communication: Netflix was clear with users about the future, openly sharing updates and changes.
  • Strategic Investment: They built up streaming technology while still benefiting from DVD revenue and invested heavily in content licensing.

Today, Netflix’s streaming service dominates, but it was their careful pivot strategy that helped them make this transition smoothly and effectively.

Reid Hoffman’s Journey from SocialNet to LinkedIn

Reid Hoffman’s story shows that even a failed startup can provide the foundation for future success. Before founding LinkedIn, Hoffman launched SocialNet in 1997, aiming to connect people for both dating and professional networking. SocialNet failed within two years due to several factors:

  • Lack of Focus: SocialNet tried to be both a dating and professional networking platform but lacked a clear direction.
  • Timing and Execution: SocialNet was ahead of its time and couldn’t find traction.
  • Takeaways: From this experience, Hoffman learned the value of focus, timing, and the need for clear audience targeting.

LinkedIn went on to become the leading professional network, and SocialNet’s lessons were instrumental in this success.

Key Takeaway: Failure as a Learning Opportunity

Every failed startup provides lessons that can shape the next venture. Whether by pivoting smartly or learning from what didn’t work, the path of entrepreneurship is rarely straightforward. Embrace each lesson, use your insights, and remember—failure often marks the beginning of a new journey toward a much bigger success story

Owner Jeff Saling start up nv 1

Written by Jeff Saling 

When to Call Time of Death & How to Revive: Real Stories of Startup Pivots and Comebacks Read More »

StartUpNV and Community leaders to hold second annual techstars startup week las vegas, october 15th-19th

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LAS VEGAS (Sept. 25, 2024) – StartUpNV, a nonprofit statewide incubator and accelerator for Nevada-based startups, is again sponsoring the Las Vegas edition of Techstars Startup Week Las Vegas, Oct. 15 – Oct. 19. Techstars Startup Week is a five-day event held in cities across the world to celebrate entrepreneurship and showcase the local startup community through meetups, lectures, discussions, and celebrations.

The weeklong event is dedicated to designers, developers, and entrepreneurs who wish to share ideas, form connections, and join a thriving startup community. With the theme “What Happens Here, Scales Here,” Techstars Startup Las Vegas features three tracks of programming: Startup Capital, CommUnity, and Innovation. Daytime sessions and nightly happy hours take place in multiple venues throughout Las Vegas and are all free to attend, but registration is required at: https://startupweeklasvegas.com.

The week will offer inspiring keynote speakers, such as Geoff Ralston, successful founder and angel investor in more than 100 companies and former president at Y Combinator. Breakout sessions will cover a wide variety of topics through presentations on raising and investing capital, a discussion panel of community leaders, and numerous workshops on relevant subjects including artificial intelligence, refining a pitch, sizing a market, winning in the federal marketplace, and many more.

Many of the sessions will be led by top-tier leaders in the startup community nationwide such as:
● Brandon Ward, co-founder of DreamSAFE and owner of The WE Mentality, will lead an interactive workshop designed to enhance leadership skills and build high-performing teams. Participants will gain valuable insights into creating a positive team culture, leveraging individual strengths, and implementing leadership techniques that drive success.
● Liz Heiman, a sales operating system architect and founder of Regarding Sales, will lead “Breaking the Mold: Why Selling Like a Girl Wins the Sale,” where she will show women exactly how to harness their strengths to easily and comfortably close more sales, especially since women innately ask more questions, organically engage in more conversations, and naturally listen better, which propels them to the top of the sales leaderboard. In fact, women close 33% of leads compared to just 24% for men; 86% of women hit their sales quotas, whereas only 78% of men do; and sales by women are, on average, $5,000 higher than men’s.

The week will also feature nightly networking happy hours, a Founder Hour that connects entrepreneurs with local venture fund leaders, popular local startup events like Tech Alley and Robotics Meetup, and fun activities, such as a pumpkin-market-fit carving competition, rapid fire presentations known as Ignite Talks, and Startup Showdown sponsored by the city of Las Vegas where founders go head-to-head pitching their startup through a performance medium, like singing, dancing, or acting.

Techstars Startup Week Las Vegas is made possible thanks to StartUpNV as well as sponsors: Deel, Brex, the city of Las Vegas, Tech Edge Developers, GOED, Vu Technologies, KPMG, Tech Alley, UNLV, AngelNV, Silicon Valley Bank, Lucihub, Cootoh, Lowtail Libations, and other local businesses. A full agenda with session details and free registration is available at https://startupweeklasvegas.com. Limited sponsorship opportunities are still available. Email madeline@startupnv.org for sponsorship details on how to showcase a brand at Startup Week.

About StartUpNV
StartUpNV is a 501(c)3 non-profit statewide accelerator and business incubator for scalable Nevada-based startups that provides expert mentorship and access to a network of capital partners. StartUpNV’s founders, mentors, university connections, investors, and business partners work together to grow and support a robust, inclusive startup ecosystem in Nevada. StartUpNV’s related venture funds, FundNV, AngelNV, and the new 1864 seed fund, provide startups access to local venture capital along with education for entrepreneurs and angel investors. Since inception in 2017, StartUpNV has heard pitches from more than 1,000 startups, held more than 250 education events, and seen nearly $80 million in venture capital raised for more than 55 companies. For information visit: startupnv.org

MEDIA CONTACTS: Amy Maier, amy@twgpr.com, 702-904-0296

StartUpNV and Community leaders to hold second annual techstars startup week las vegas, october 15th-19th Read More »

Understanding SBIR and STTR Programs

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By Cara O’Hare

Raising funds for your startup often involves preparing a pitch, meeting with investors, and navigating a lot of rejections (hopefully balanced by a few yeses). But what if traditional venture capital (VC) isn’t the right path for you at this stage? Many deep tech founders—those working on fundamentally research-based innovations—believe they need to seek investor funding to support their Research and Development (R&D). However, investors typically aren’t interested in funding research for the next 6+ months. So, what are your options?

Investors usually prefer to back startups that have a product, some traction, and are making headway in the marketplace. If you’re still in the early stages, where does that leave you? One significant but often overlooked option is the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. Don’t let the names fool you, these programs are tailored for small businesses, not just universities.

Many companies overlook these opportunities—Nevada, for instance, is ranked near the bottom nationally for receiving these awards. This could be due to a lack of awareness or uncertainty about how to apply. This article will explore the details of the SBIR/STTR programs and why they might be a great fit for your startup.

What are the SBIR and STTR programs and am I eligible?

So, what exactly are the SBIR and STTR programs? The SBIR program is a federal initiative designed to support small businesses engaged in research and development (R&D) with the potential for commercialization. It stimulates technological innovation, increases private sector commercialization of innovations derived from federal R&D, and fosters the participation of socially and economically disadvantaged individuals in technological innovation. The STTR program is similar to SBIR but emphasizes the collaboration between small businesses and nonprofit research institutions. It’s designed to facilitate the transfer of technology from research institutions to the marketplace.

Program Phases

As you explore the SBIR and STTR programs, you’ll come across the three program phases:

  • Phase I: Establishes the technical feasibility and commercial potential of the proposed R&D. Awards typically range from $50,000 to $250,000, lasting 6 months (SBIR) or 1 year (STTR).
  • Phase II: Continues the R&D from Phase I based on its results and the project’s merit. Awards are generally around $750,000 for 2 years. Only Phase I awardees are usually eligible for Phase II.
  • Phase III: Focuses on commercialization of the technology developed in Phases I and II. This phase is not funded by the SBIR/STTR programs but may involve follow-on contracts or other funding sources.

The specific amounts and timelines can vary by agency. While some programs allow you to skip phases, moving through Phases I-III is often advantageous for building a track record with the agency and maximizing early-phase funding to explore the commercial potential of your technology.

Eligibility:

  1. For-Profit Business: Your company must be a for-profit entity.
  2. U.S. Owned and Operated: You need to be based in the U.S. and operate primarily here.
  3. Fewer than 500 Employees: Your business should have fewer than 500 employees.
  4. Work Done in the U.S.: All the research and development work must be performed domestically—no outsourcing allowed.
  5. R&D Focused: The programs are meant to support research and development. They’re not for purchasing equipment or funding very low-risk ventures that just need capital.

If your startup checks these boxes, the SBIR and STTR programs might be a great fit to help you move forward!

Participating Agencies

The SBIR program is administered by 11 federal agencies, and the STTR program is administered by 5, each with its own focus and priorities. It’s important to find an agency that aligns with your mission and objectives. Each agency funds very specific technology areas, also known as “Topics”. Be sure to review all of the different topic areas that might be relevant to your project to position yourself for a strong application.

1. Department of Agriculture (USDA)

The USDA’s SBIR program supports innovations in agriculture, food systems, and rural development. Grants are awarded to small businesses for research and development of new technologies and solutions in these areas.

2. Department of Commerce (DOC)

NIST’s SBIR program focuses on advancements in measurement science, standards, and technology. NOAA’s SBIR program supports innovations related to environmental and atmospheric sciences.

3. Department of Education (ED)

The Department of Education’s SBIR program funds research and development projects that use innovative technologies and solutions to improve educational outcomes.

4. Department of Homeland Security (DHS)

The DHS SBIR program supports technologies that enhance national security, emergency response capabilities, and other critical functions related to homeland security.

5. Department of Transportation (DOT)

The DOT’s SBIR program funds technologies that support the DOT Operating Administrations: the Federal Highway Administration, the Federal Railroad Administration, the Federal Transit Administration, and the Pipeline and Hazardous Materials Safety Administration.

6. Environmental Protection Agency (EPA)

The EPA’s SBIR program broadly funds technologies addressing Air Quality, Homeland Security, Sustainable Materials Management, Safe Chemicals, Land Revitalization, and Clean and Safe Water.

7. Department of Defense (DOD)

The DOD’s STTR program emphasizes collaborative research between small businesses and research institutions to develop technologies that enhance national defense capabilities. Priority Areas include: 5G, AI/Autonomy, Biotechnology, Control and Communications, Cybersecurity, Directed Energy, Hypersonic, Microelectronics, Network Command, Nuclear, Quantum Sciences, Space, and more.

8. Department of Energy (DOE)

The DOE’s STTR program supports collaborative research in energy technologies, including Advanced Scientific Computing Research, Environmental Management, Fossil Energy, Biological and Environmental Research, Fusion Energy Science, Cybersecurity, Energy Security, and Renewable Energy,

9. Department of Health and Human Services (HHS)

HHS agencies focus on innovations that support health, life science, and biomedical discoveries that could impact the lives of patients and their families.

10. National Aeronautics and Space Administration (NASA)

NASA’s STTR program supports the development of advanced technologies related to space exploration and aeronautics through collaborations with research institutions.

11. National Science Foundation (NSF)

The NSF’s STTR program funds a wide range of scientific and engineering research, including advanced manufacturing, information technology, and environmental sciences.

SBIR vs STTR
Choosing between an SBIR and an STTR application depends on whether you need to formally partner with a research institution. The key distinction is that, unlike the SBIR program, the STTR program requires the small business to establish a formal partnership with a nonprofit research institution.

While all 11 agencies participate in the SBIR program, five of them also engage in the STTR program: the Department of Defense, the Department of Energy, the Department of Health and Human Services, NASA, and the National Science Foundation.

When applying for an SBIR, you can include other entities, whether large or small, as subcontractors to enhance your team’s capabilities. You can also collaborate with universities or research institutions as subcontractors. However, if you do not plan to include a nonprofit research institution in your project, the STTR program is not suitable for you.

Beyond the partnership requirements, there are differences in the distribution of R&D work. For SBIR, the small business must conduct at least 67% of the research in Phase I and 50% in Phase II. In contrast, under STTR, the small business must perform at least 40% of the research, while the research institution must contribute at least 30% in Phase I. In Phase II, the small business still needs to perform at least 40% of the work.

When deciding between SBIR and STTR, consider what formal partnerships you will need, the distribution of research work, and the agency that aligns with your proposed project. This will help you determine the most appropriate application.

Applying

Now that we have determined your eligibility, found some agencies that could be a fit and the topics that align with the proposed work, and picked whether an SBIR or an STTR is the right fit, let’s talk about the application process. 

Keep in mind that all agencies are different, and you should always read the Notice of Funding Opportunity (NOFO)/Broad Agency Announcement (BAA)/Solicitation for specific information for your application. Below I have included the general steps to take to get you started on your application. 

  1. Pre-Proposal

Some agencies offer a pre-proposal process to help you engage with them before writing a full proposal. For example, the Department of Energy (DOE) and the National Oceanic and Atmospheric Administration (NOAA) have Letter of Intent (LOI) programs. Submitting an LOI can provide early feedback on whether your application is likely to be nonresponsive to the NOFO, helping you align your proposal with agency requirements.

The National Science Foundation (NSF) also offers a streamlined option called Project Pitch. This brief document covers your technology, objectives, challenges, market opportunity, and team. If you are a fit for the NSF, they will invite you to submit a full proposal.

Agencies that participate in the pre-proposal process can save you hours of work and headaches by making sure you’re aligned before you put in all the time to write a full proposal.

  1. Register in the required databases

It might seem obvious or like something to tackle last, but one of the most important tasks you can do now is register in the required databases. You don’t want to be in the final days of writing your proposal, just before submission, and face a website crash that prevents you from getting the necessary information for final submission.

Required for all agencies:

Get an Employer Identification Number (EIN), Unique Entity Identifier (UEI), and register on SAM.gov and sbir.gov.

For specific agencies:
DoD: Login.gov, DSIP portal

NIH: eRA Commons

DOE: PAMS

NASA: Electronic Handbook

Be sure to check your specific funding announcement for additional information.

  1. Research agencies and topics

Go through the list of agencies and topics and pick one that is most relevant to the work you aim to do. While you can submit your project to multiple agencies, you can only accept funding from one. Note that you cannot receive funding for the same project from two different agencies at the same time.

  1. View open solicitations

A quick way to check which agencies are currently accepting proposals is the calendar view on the sbir.gov website: https://www.sbir.gov/topics, below that view, you can also search the topics for each agency and learn more about them. You should always cross-check this information with the information provided on the agency’s specific SBIR/STTR web pages.

  1. Research existing awards

It’s important to take a look at what the agencies have funded previously, so be sure to review closed solicitations and the published awards on the sbir.gov website: https://www.sbir.gov/award. By looking at previous awards, you can get a sense of what’s been funded under specific topics and what might be funded in the future. This can be especially helpful if you’re undecided about your topic and agency—you might be surprised by the range of topics these agencies cover!

  1. Talk to your Program Manager

While it may seem intimidating, you should absolutely reach out to the Program Manager for specific programs or topics if you have any questions. In many cases, the Program Managers are the ones who have proposed a specific topic in that agency, and know exactly what they’re looking for from applicants. They’re usually more than happy to help. You can typically find a Program Manager’s contact information alongside the specific topic for an agency.

  1. Review the agency solicitation and Draft Proposal

Be sure to follow the format and guidelines specific to your agency for the most accurate information. Generally, agencies evaluate your proposal from both a technical and a commercial perspective. Below are some review criteria that are commonly applied across agencies, but remember that this is not a comprehensive list. Always review the funding opportunity details or speak with the Program Manager if you have any questions.

  1. Technical review criteria: 
    1. Does the proposed work plan fulfill the requirements of the SBIR subtopic?
    2. Is the proposed approach relevant to the commercial objectives of the subtopic?
    3. Have you outlined the risks, risk mitigation strategy, and anticipated benefits?
    4. Is the proposed work consistent with the agencies’ needs?
    5. Are the small business, partners, and research team staff qualified to conduct the proposed work?
    6. Is the proposed R&D scientifically sound and technically feasible?
  2. Commercial potential:
    1. Have you clearly defined the market potential and commercial impact of a proposed product?
    2. Have you outlined proposed and existing commercial partners and included letters of support and/or commitment?
    3. Have you defined your Total Addressable Market (TAM), identified key competition & outlined your business model?

8. Submit early!

Be sure to submit your proposal at least 3-5 days early. Many others may be using the website around the same time, and you might encounter internet issues or other problems. Submitting early gives you time to troubleshoot and ensures you’re prepared.

9. Debrief with Program Manager

If you’re not funded, don’t be discouraged. Even a well-crafted proposal with significant effort can still be rejected, and that’s okay! Set up a meeting with your Program Manager to request detailed feedback on why your proposal was not selected. Use this feedback to improve and be sure to resubmit. The biggest mistake you can make is not resubmitting—sometimes, you may have a strong proposal but need to clarify a few points. Your chances of success increase significantly with each resubmission, so be sure to keep trying!

Don’t be daunted by the SBIR process. The path to success can be challenging, but persistence pays off. Stay determined, ask questions, and keep pushing forward. With the right approach and resources, you can turn your innovative ideas into a reality. Be sure to take advantage of free tools and resources to assist you on your SBIR/STTR journey, such as the ones listed below.

NIH Sample Proposal: https://www.niaid.nih.gov/grants-contracts/sample-applications 

DOE applicant resources: https://science.osti.gov/sbir/Applicant-Resources

SBIR 101: https://www.sbir.gov/tutorials

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Achieving product validation

Achieving Product Validation For Every Startup Stage

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Achieving product validation

By Rafael Kartaszynski

Starting a business is exciting. You’ve got a brilliant idea, and you’re convinced it’s going to change the world. But before you pour all your time and resources into your concept, there’s one critical thing you need to focus on: validation. Achieving product validation for every startup stage is the difference between launching a successful startup and wasting precious time on an idea that simply doesn’t have legs. In the world of entrepreneurship, getting validation at each stage can make or break your business.

So, what does it mean to validate a startup? At its core, validation is about ensuring there is real demand for your idea, product, or service. It’s not enough to believe in your concept — you need to know your target market believes in it too. This process involves multiple stages, each offering key insights to guide your entrepreneurial journey and refine your approach to product development.

Idea Stage

Ideas

The journey begins at the idea stage. You’ve got a concept, but now is the time to determine if it’s truly viable. The focus here is on early validation, where you assess whether your idea addresses real problems. Begin by conducting market research to understand market size, trends, and the competitive landscape. The key question is: Is there demand for your product? Tools like Google Trends and Statista can provide data on current trends and consumer interest. Dive into industry reports for further context.

A crucial part of this stage is talking to real people. Conduct customer interviews to identify potential customers’ pain points. What problems are they facing that your product could solve? These conversations give you raw, direct insights into whether there’s a need for your product. Supplement this qualitative feedback with surveys or questionnaires via platforms like SurveyMonkey or Google Forms. This approach helps gather quantitative data to validate your findings on a larger scale.

Prototype Stage

Once your idea has passed the initial validation phase, it’s time to build a prototype. A prototype is a basic version of your product designed to test functionality with real users. This stage focuses on gathering detailed feedback about how users interact with your product. Through user testing, you can gauge whether your prototype solves the problem effectively and is easy to use. Tools like User Testing or Lookback are helpful in collecting detailed user experiences.

The prototype stage is iterative, meaning you will likely go through several rounds of feedback and revisions. Based on the feedback you receive, make necessary adjustments to improve the product. Analyzing user interactions with tools like Hotjar or Crazy Egg will help you understand whether users are engaging with the product as you intended, identifying areas of friction or confusion. The goal is to refine your product with each iteration.

Developing Your MVP

At this point, your next step is creating a minimum viable product (MVP). An MVP is a streamlined version of your product that offers just enough features to attract early users and solve their core problem. This step helps you test your value proposition in real-market conditions. Developing an MVP is a smart way to minimize risk and avoid building out unnecessary features. You can gather valuable insights from early adopters, which will help you understand whether your idea has real demand.

Your MVP is a practical way to further refine your business concept before investing in a full-scale launch. By releasing an MVP, you can begin the cycle of receiving customer feedback and continuously improving your product. It’s also a great way to start building relationships with early users, who can later become your product advocates.

Launch Stage

Once your MVP has been refined and validated, it’s time to move into the launch stage. However, even at this point, validation remains critical. Launching your product to the market is where you’ll start to see whether the broader audience responds to your solution. Beta testing is an excellent way to manage this stage. Releasing your product to a small group of users before the full launch helps identify last-minute issues that may have gone unnoticed in earlier testing phases. Platforms like TestFlight or BetaList can assist with this.

During the launch, it’s essential to keep an eye on key performance metrics like user acquisition, user retention, and revenue. Tools such as Google Analytics and Mixpanel can track these metrics, offering a clear view of whether you’re meeting your business goals. Customer reviews and feedback post-launch are also crucial for continuous improvement. Monitor social media and review platforms to see how customers are reacting to your product, and make adjustments accordingly.

Scaling Your Startup

After a successful launch and as you start to gain traction, the next challenge is scaling your business. Scaling requires validating whether your product can grow sustainably in new markets or demographics. This involves conducting additional market research to see where you can expand. At this point, you should also consider if your product can be diversified by adding new features or even launching new products. Based on customer feedback and market trends, this could be the right time to introduce those changes.

During the scale stage, make sure your business model is sustainable. Monitor customer lifetime value and churn rate to understand if you’re retaining customers in the long term. Feedback tools like User Voice can help gather customer suggestions and prioritize the most demanded features.

Sustainability and Continuous Validation

Even after scaling, the validation process doesn’t end. Every time you introduce a new feature or adjust your business model, you need to ensure that it still aligns with customer needs. Continuously gather feedback from users and stay adaptable. Keep an eye on your cash flow and don’t overspend on unnecessary features before you’ve tested them.

The key to long-term success is remaining flexible and continuing to validate new ideas. This ensures that your business is always evolving to meet market demands and customer expectations. Even after achieving early traction, it’s important to stay connected with your customers and never lose sight of their needs.

Finally, achieving product validation for every startup stage is about understanding your target market, addressing customer pain points, and delivering real value. It’s a systematic process that requires ongoing testing and refinement at every step. From early idea validation to scaling your product, you must remain committed to gathering valuable insights and adjusting your approach as needed. Don’t rush to launch before you’ve validated your concept—build iteratively, test frequently, and always stay engaged with your target audience. Each stage of validation brings you closer to building a successful startup that customers love and are willing to support.

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Lessons from past startups

Learning from Past Startups: Practical Takeaways for Modern Ventures

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Lessons from past startups

The first in a series of short (mostly accurate) stories from startups and the hot takes or mistakes we can glean from those that have innovated before us …

The theme of today’s post is one of the earliest lessons we are taught, and also the first sentence in my middle school typing class’s daily exercise… ‘Honesty is the best policy.’

As a business and a brand, you must practice what you preach… relentlessly. Even though we are all guilty of it, people despise hypocrites and love to expose fraud or pull the curtain back on a juicy scandal. Your relationship with your customers, employees, and investors, just like any relationship in your life, is built on trust. 

Be Honest with your customers

Keep thy word, build customer trust!

One of my favorite companies to truly go the extra mile for their customers, reflecting their values of honesty and respect as key differentiators, is first up on our list. 

    1. Zappos’ Decision to Keep Promises
    Zappos

    Story: In 2010, Zappos, the online shoe retailer, once faced a significant challenge when a pricing glitch offered products at a fraction of their cost. Despite the financial loss ($1.6m), Zappos decided to honor all purchases made at the incorrect prices. CEO Tony Hsieh publicly addressed the mistake and reaffirmed the company’s commitment to customer satisfaction.

    Result: This decision upheld and solidified Zappos’ reputation for exceptional customer service, creating loyal customers and enhancing their brand trust. The long-term customer loyalty gained from this honesty far outweighed the short-term financial loss.

    Takeaway: Zappos has become a timeless case study & master class in customer service for the quality, commitment, and transparency of their culture. Zappo’s was known to be SO HONEST, that if they could not fulfill the needs of a customer’s shoe requirements, they would send them to their competitors. These are just a few examples of the commitment to customer service that Zappos is so well known (and loved) for.

    * our COO just read this blog and informed me that Nordstrom was the real OG in consumer satisfaction and suggests we all read this book

        1. The Honest Company … or are they?  

      The Honest Co.

      Story: The Honest Company, which markets itself as providing safe, eco-friendly, and non-toxic products, was accused of falsely advertising the contents of some of its goods… a few times. The company advertised that its products were “natural” when they actually contained synthetic and potentially harmful ingredients. In 2015, The Environmental Working Group claimed that Honest Company’s sunscreen failed to meet the SPF level on the label and was ineffective. Many customers also complained that they got sunburned after using the product.

      In 2016, a class-action lawsuit was filed against Honest Company, alleging that it falsely labeled some of its products as “natural” when they actually contained synthetic and potentially harmful ingredients. In 2020, The Honest Company faced another lawsuit over its cleaning products, which were claimed to be “non-toxic” and “safe.” In 2021, shareholders filed a lawsuit against the company claiming they were misled about the company’s financial performance during the COVID-19 pandemic…. You get the point. 

      Results: The company faced several class-action lawsuits alleging false advertising and misrepresentation. Plaintiffs claimed that the company misled consumers into paying premium prices for products they believed were free from certain chemicals. In 2017, The Honest Company agreed to settle the “natural” lawsuit for $1.55 million, though the company did not admit any wrongdoing. In 2019, the company settled the sunscreen lawsuit for $7.35 million. They did not admit any liability but agreed to modify their labeling and advertising practices. Despite the lawsuits the company did continue to scale and IPO’d in 2021 at a $1.4b valuation. The scandal hurt the brand’s reputation, especially since the company built its identity around transparency and safety. However, it also led the company to take steps to improve its product formulations and transparency. 

      Takeaway: While The Honest Company continues to operate and has taken steps to regain consumer trust, the scandal remains a notable example of the challenges companies face when their marketing claims are called into question. This one has (so far) survived the storm, though legal battles and bad press are expensive, time consuming, and often (though, not always) avoidable. Many brands fail after losing consumer trust, especially if they don’t have a beloved celebrity and philanthropist  at the helm (Jessica Alba, CEO of The Honest Company).

          1. Patagonia’s Radical Honesty, and a Radical Branding Move

        Patagonia

        Story: Patagonia, the outdoor clothing company, ran a campaign on Black Friday in 2011 with the slogan “Don’t Buy This Jacket.” The ad encouraged customers to think twice about purchasing items they didn’t need, highlighting reasons to not buy the featured jacket, as part of the company’s commitment to environmental sustainability. They acknowledged that every product they make has a negative impact on the environment. This was an extremely bold and counter-intuitive marketing move, but one that succeeded and resonated with their loyal customer base. Patagonia has a great reputation for being true to its mission, honest, and good for customers & the planet. 

        Result: This honest approach resonated with consumers, leading to increased sales and solidifying Patagonia’s brand as one committed to environmental causes. The campaign’s honesty helped build long-term loyalty and respect among customers. The campaign also helped bring in $10m in Black Friday revenue, which they donated to environmental protection groups.

        Takeaway: the proof is in the pudding… or rather, in the profits. If you haven’t had a spiritual advisor, mirror-selfie opportunity at a brand activation, or an embroidered pillow tell you this lately, here is your reminder… BE TRUE TO YOU! (and your brand)

        Founders: Be Honest with your investors

        Investors: you can trust… but VERIFY (and you be honest, too!)

            1. Theranos: The ultimate cautionary tale 

          Theranos, Elizabeth Holmes

          Story: Elizabeth Holmes founded Theranos with the vision of revolutionizing blood testing with a device that could run a wide range of tests using just a few drops of blood. Theranos attracted high profile investors and its product was touted as a revolutionary breakthrough, being valued at $9 billion at its peak. However, as the company grew, it became increasingly clear that the technology didn’t work as promised and internal reports and whistleblowers revealed that the tests were often inaccurate. Despite these issues, Theranos continued to promote its technology and deceive both investors and the public.

          The turning point came when investigative journalists, notably John Carreyrou of The Wall Street Journal, began digging into the company’s practices. Carreyrou’s reporting exposed the discrepancies between what Theranos claimed and what was actually happening behind the scenes. This led to increased scrutiny from regulators, including the Centers for Medicare & Medicaid Services (CMS) and the Securities and Exchange Commission (SEC).

          Result: With thorough investigation, CMS uncovered Theranos’ shortcomings and major violations in the company’s lab. Holmes continued to fund and promote the company despite growing concerns from employees, investors, and regulators. She failed to pivot or address the fundamental issues with the technology. Walgreens and other partners working with Theranos ultimately sued the startup, leading to the company’s eventual collapse and Holmes’ indictment for fraud.

          Takeaway: Investors, actually DO Due Diligence and TEST the product. If you don’t have domain expertise, bring in someone who does to help evaluate and advise. Especially when working in a sector like health, which could quite literally be life & death (and a major liability), it is imperative to be painstakingly thorough. Founders, if you are fond of smoke and mirrors, quit your day job and join a magic show! Be honest with your investors and ask for help. Problems are much better solved than swept under the rug.

              1. Slack: Acknowledging a Failed Game and Pivoting

            Slack

            Story: Slack, initially a gaming company named Tiny Speck, was struggling with its first product, a game called Glitch. The game was not gaining the necessary traction, and it became clear that the company was headed toward failure. Tiny Speck’s founder, Stewart Butterfield, was honest with his investors about the challenges and the need to pivot away from the game.

            Result: The investors, who appreciated Butterfield’s honesty and track record, continued to support the company financially. This allowed Butterfield and his team to polish their internal communication tool into Slack that would go on to become one of the fastest-growing business software startups ever. The honesty about the game’s failure and the subsequent pivot saved the company and led to massive success.

            Not a founder but interested in learning how to pivot in 5 minutes or less? Click here

            Takeaway: Once you have investors… they’re invested. Lying or avoiding communicating challenges and realities only makes things worse. Hopefully you have good strategic investors, perhaps with relevant experience or great networks, and even if they are silent and hands-off (which can also be a positive), they want you to succeed and they are quite literally invested in your doing so. One of the quickest and surest ways to piss off your investors is to go radio silent, be unresponsive, or dodge supplying meaningful updates and realities. This may come as a surprise, but you are not the first founder to struggle, to over-project your traction, to misunderstand or misjudge a key piece of the market’s needs. Market dynamics and other factors outside your control can change at the drop of a hat, and the ability (and humility) to pivot is a necessary skill. I’m personally a big fan of checking in, at least on a bi-annual basis, with the 3 P’s: Punt, Pivot, or Proceed. This could be for the company in general, a product in development or on the market, or a marketing campaign. Take inventory, analyze, and make a decision. You can only swim upstream for so long before you drown.

            This leads easily into our last lesson in honesty…

            Be honest with yourself – a failure to pivot (or punt) can be far more detrimental than a failure to launch… know when to call it quits. You can best do this by listening to your customers, not just yourself. One of the most difficult pills to swallow for a founder is that brilliant idea you are SO passionate about, and understand the problem so painfully, may not matter to anyone else… or at least not a big enough market to return your life savings and/or investors’. Failure is part of the startup game, though how expensive the lesson of failure is has quite a range. You want to fail for the right reasons, and maintain relationships, core talent, and investors for your next venture by having built trust and did your (honest) damndest along the way. The more customer discovery & research you can do before & during launching new products, the better shot you’ve got!

            Go ahead, type this 10 times fast: honesty is the best policy, honesty is the best policy, hoensty is the beest policy… 
            By Madeline Feldman, VP of Southern Nevada

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            social media for startups

            Building a Strong Online Presence For Your Startup

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            By Annie Schiffmann of Downstage Media

            Your startup is ready to take off (or it’s launched?) but without a solid online presence, you’re invisible to your potential customers. Building a strong online presence isn’t just about being online; it’s about being effective, consistent, and strategic. Let’s walk through how to lay the groundwork, automate key aspects, and create ongoing content that keeps your audience engaged.

            social media for startups

            The Digital Landscape Can Be … a Lot

            You’ve got a million things to juggle, and now you’re told you need to build a strong online presence. But where do you start? The problem with most businesses is that they jump into the deep end—social media, email marketing, content creation—without first setting the foundation. It’s like trying to build a house without laying the groundwork.

            Let’s start from the beginning and guide you through a three-phase plan to build a robust online presence.

            Don’t Make the Mistake of Skipping Steps

            Starting with social media or random marketing tactics without a clear strategy is a recipe for burnout. Without a solid foundation, your efforts won’t stick, and you’ll end up spinning your wheels without making any real progress. You need to start with the basics, automate what you can, and then focus on creating ongoing content.

            Three Stages to Building Your Online Presence

            1. Foundational: Lay the Groundwork for a Solid Online Presence

            The first step in building a strong online presence for your startup is getting clear on what you and your team are going to say when you talk about your brand. You’ve got to understand the words that you’re going to use, and be consistent with them. It’s best to outline these for your brand, then each division of your company, then each individual offering.

            Here’s what you need:

            • Brand Messaging: Create a clear, compelling message that resonates with your target audience. This is your foundation.
            • One-Liner: Develop a one-liner that piques curiosity and draws people in.
            • Brand Playbook: Document your brand’s voice, tone, and messaging guidelines to ensure consistency across all channels.

            Without a strong foundation, your online presence will crumble. Start with a clear brand message, a one-liner that draws people in, and a brand playbook that everyone on your team can access to keep it all consistent.

            2. Automated: Set It and Forget It (Well, Almost)

            Once your foundation is solid, it’s time to set up systems that work for you, so you can focus on other stuff. I spoke about this in the chapters I wrote for The Content Entrepreneur about email marketing and automation. This phase is all about creating automation that keeps your brand active without requiring constant attention:

            • Website: Your website is your digital storefront. It needs to be clear what you offer, how it will make your customers’ lives better, and how they can get it. And it has to do that in seconds.
            • Lead Generator: Offer a lead magnet, like a free resource or guide, to capture email addresses and build your email list.
            • Email Sales Sequence: Automate your sales funnel with an email sequence that nurtures leads and guides them toward making a purchase.

            3. Ongoing Content: Engage Your Audience Consistently

            Finally, it’s time to focus on creating ongoing content that keeps your audience engaged. They may not be ready to buy right away, but they may be willing to pay attention. Then, when they are ready to buy, yours will be one of the first brands they think of.  But remember ongoing content, should only come after your foundation is laid and automation is in place. Here’s where your ongoing efforts go:

            • Social Media: Maintain a consistent presence on the social media platforms that matter most to your audience. Use content marketing to drive engagement. I wrote about the PAGER method I created that we use with our clients at Downstage Media in my book Simple Social Media.
            • Nurture Emails: Send regular emails that provide value, nurture your audience, and keep your brand top of mind.
            • Proposals & Sales Process: Develop proposals and a sales process that align with your brand message and make it easy for potential customers to say yes. None of this works if you don’t have revenue coming in.

            Picture This…

            build online presence for startups

            Imagine a year from now: Your startup has a solid online presence, your brand is recognized in your niche, and your marketing efforts are paying off. You’re not scrambling to keep up; you’re strategically growing your business with a strong online presence that works for you. 

            Remember:

            1. Foundation is Everything
            2. Automation is Key
            3. Keep the Conversation Going

            A strong online presence requires a strategic approach, starting with a solid foundation, followed by automation, and capped with consistent, engaging content. The transformation isn’t instant, but when done right, your online presence becomes the engine driving your startup’s growth.

            Want to  see which elements you need to work on first? Schedule a call today! And in the meantime, take the StoryBrand Marketing Assessment to see where you fit in with this 3 stage plan.

            FAQs

            • What if I’m just starting out?
              • No worries! Start with the basics and build a strong foundation.
            • How do I know which social media platforms are right for me?
              • We’ll help you identify where your audience is most active.
            • Can I automate everything?
              • While not everything can be automated, we’ll set up systems to handle the heavy lifting so you can focus on what you do best.

            Building a Strong Online Presence For Your Startup Read More »

            Team Building Activities For Innovation and Startups

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            Introduction

            Team building inspired by self-organizing systems in nature, like ant colonies, can foster innovative and harmonious collaboration in start-up teams. Just as natural systems autonomously organize for efficiency, empowering team members to self-organize and make collective decisions based on their strengths enhances creativity and adaptability. 

            Individual and team innovation complement each other, with introverted thought leaders like Susan Cain and J.K. Rowling showcasing the power of introspection in driving groundbreaking ideas. 

            Team building and innovation are essential for startups’ success in the rapidly evolving entrepreneurial landscape. Effective team building lays the foundation for a strong organizational culture, supporting innovation and aligning the workforce with the company’s mission. Balancing individual strengths with collaborative dynamics ensures a holistic approach to progress and creativity, enhancing the ever-evolving landscape of innovation and team building in today’s competitive business world.

            Out of the Box: My Creative Process as a Founder, Biohacker and Artist

            As a founder, innovator, creator, inventor, and artist I delve into my process of unleashing creativity beyond conventional limits. I have formulated this methodology into a simple but deep process that I summarize formulaically as A+I+A = manifestation. This is a formula for individual ideation appropriate for founders, thought leaders, visionaries, and creators. This process sets the stage for “out-of-the-box” ideation.

            1. Opening the Portal: Initiating a connection from the subconscious to the conscious by adopting the perspective of a beginner (the Beginner’s Mind) and suspending the conventions of consensus reality. Then, through meditation and focused attention, accessing creative states of consciousness. 
            2. AI Integration: Welcoming the era of AI collaboration to enhance creativity and ideation, enabling innovators to thrive in this dynamic age of creation. 
            3. Anthem, Image, Action (AIA): Engaging with the morphogenetic field to receive images and anthems that spark readiness for unique actions, transcending traditional notions of creativity.
            4. Union of Yin and Yang or the Above and Below: Embracing diversity and honoring polarities and seeking unity of the conceptual left and right, above and below, divine and secular. Fostering a surge of innovative ideas while ensuring balanced manifestation into reality.
            5. Moonshot Exploration: Propelling towards conquering audacious death-defying, world-changing ideas and the quest for innovation and exploration drives creativity, amplifying through intricate alignment with separate but symbiotic living systems extending from the mitochondria the source of the life force in the body to impressions received and transmitted through quantum fields and received at the genetic level.
            6. Live Long and Prosper: Encouraging a continuous state of receptivity and amplification of creativity, I envision a future where individual, team, and community alignment and innovation lead to transformative impact and shared knowledge.

            For the full presentation [https://youtu.be/XSpx2gi0-z4?si=-hpPgY0iCjoSA7Wo ]

            A Proven Process for Establishing Core Values

            My process was inspired by Zappos, a multi-billion-dollar online retailer known for its customer-centric culture. I learned and adapted their unique and engaging process to establish core values that set the stage for innovation and collaboration. I mirrored the following steps of their process which is the ultimate team-building exercise to unlock creativity in start-ups and modern companies of any size in any industry:

            1. Involvement of All Employees: Zappos engaged all employees, from top executives to frontline staff, in the core values creation process. This inclusive approach ensured that the values represented the collective beliefs and aspirations of the entire organization.
            2. Brainstorming Sessions: Employees participated in brainstorming sessions where they could freely suggest values that they believed were essential to Zappos’ culture and success. This open exchange of ideas fostered creativity and collaboration among team members.
            3. Voting and Consensus Building: After generating a list of potential core values, employees were given the opportunity to vote on the values they thought were most important and resonated with them. This democratic process helped prioritize values that were widely supported by the team.
            4. Refinement and Definition: The values that received the most votes were further refined and defined collaboratively. Employees discussed and clarified the meaning and relevance of each value to ensure a shared understanding across the organization.
            5. Integration into Company Culture: Once the core values were finalized, Zappos actively integrated them into various aspects of the company, including hiring, performance evaluations, and decision-making processes. The values became a central part of the organizational culture and guided behavior and decision-making at all levels.
            6. Continuous Evaluation and Evolution: Zappos recognized that core values should not remain static. Therefore, the company regularly evaluates the relevance and effectiveness of its values, soliciting feedback from employees and revisiting the values as needed to ensure alignment with the evolving needs of the organization.

            By involving all employees in the process, emphasizing collaboration and consensus-building, and integrating the core values into the fabric of the organization, Zappos successfully established a set of core values that reflect its unique culture, drive employee engagement, and guide innovation and decision-making to create a positive and thriving work environment.

            The Ingram Evaluation Matrix: A Risk/Opportunity Evaluation Model Summary

            Innovation without manifestation is unfulfilled, and therefore empty. Chapter 12 of my book, *Neobank – Navigating the Future of Banking*, covers the linear analytical part of the innovation process that guides decision-making and governance. This chapter focuses on evaluating and prioritizing creative outputs, new products, and business ideas. The process is designed for individual founders, investors, and bankers, and is scalable for both startups and large organizations, including for-profit and non-profit entities, angels, and institutional investors. It can be applied for in-depth due diligence or quick reviews. The chapter emphasizes the importance of risk mitigation over complete risk elimination when evaluating financial products, whether for individuals or large organizations. Scaling the principle of risk mitigation is crucial, with a model that focuses on financial impact and risk applicable across a wide range of stakeholders. 

            About the Book: https://usinsider.com/revolutionize-banking-and-health-with-kiron-ais-neobank/

            1. Strategy/Strategic Fit: Strategy encompasses plans, goals, means for accomplishment, and tactics, reflecting desired outcomes and the journey. Strategies evolve and adapt as decisions deviate, impacted by the dimensions of Financial Impact, Feasibility, and Risk.
            2. Financial Impact: Vital to survival, financial impact is a foundational resource influencing thought, innovation, and function. Decisions prioritize immediate needs over potential future gains, aligning with strategic fit and survival before passion.
            3. Feasibility: Concerned with practical enterprise aspects, feasibility evaluates resources and expertise alignment for ventures, advocating following one’s passion and accepting risks to step into the unknown with inspired vision given commensurate rewards.
            4. Risk: Fear of risk exists at various levels, requiring mitigation rather than elimination. Risks span regulatory, legal, compliance, reputational, and economic factors, necessitating constant reassessment and adaptation in response to evolving circumstances.

            The chapter also touches on character assessment methods, highlighting the Five Cs of Credit used by investment bankers.

            Use Case: Putting Jack Back Into the Box

            Truly scalable and enduring principles are observable in nature. This is what inspires my vision of innovation and creation within a community called a “start-up” or any other living entity, organism, or organization. I was intrigued and inspired by Tony Hsieh and his team when I moved to Vegas and Tony’s attempts to incorporate concepts of self-organizing complex systems into the fabric of his corporate Zappos culture. One perennial artifact of his organization was its core values. At first, I thought I would just take their brilliant core values and adopt them for my own startups but after talking with his key lieutenants I realized that the journey or the process was as important, if not more, important as the final output.

            Our core value team building method went like this…

            1. I sent a brief email to all staff (18 at the time) asking them to write in narrative or bullet form in as much or as little detail as they wanted to express their personal values, hopes, dreams, and aspirations not only in work but in life in general. I told them this was the first step in what would provide the foundation for our culture going forward and that everyone’s input was equally valuable. There was no agenda or right or wrong answer. The only requirement was participation.
            2. Next, I gathered all the responses into one long anonymized indexed document and set half a day aside to review as a team with the entire team.
            3. I handed out the document on paper for all participants an hour or two before the meeting, enough time for everyone to read and think through it.
            4. We held a meeting. I facilitated and we whittled the list down to about a dozen unique items. We were all a little surprised to see the extent of consensus and overlap in values. With brainstorming, debate, and discussion we found 100% consensus around a list of 10 core values that encompassed everything that everyone wanted. Everyone was heard and bought in. This buy-in established goodwill and an immeasurable surge in initiative, innovation, responsibility, and commitment to corporate goals and set the tone for the culture going forward. 

            The original core values agreed to were as follows:

            1. Dare to dream and be inspired – because opening our minds to possibilities is the first step towards realization.
            2. Think like a customer – what would “wow” you in any situation? Try to do that.
            3. Take responsibility for what is – we take initiative and find solutions; we think like owners.
            4. Embrace and drive growth and learning – we move forward to embrace positive change.
            5. Preserve and protect integrity – we provide safety and security for our people, systems, and customers.
            6. Edify and emulate excellence with passion and determination – we seek the best and when we find it, we feed it, celebrate it, and emulate it.
            7. Determine needs before solutions – we listen, evaluate, and prioritize before acting.
            8. Build a positive team and family spirit with communication.
            9. Take time to rest, play, and recharge – we make time to play.
            10. Be real – even if it is a little bit weird.

            Wrapping Up: Team Building and Innovation for Start-Ups

            The master key to unlocking innovation within the organization is collective, unanimous agreement on the journey and the destination. With this established, everyone finds their natural role within the organization vacancies and gaps reveal themselves and the solutions follow relatively naturally. The next step after ideation is creation and manifestation which requires rigorous and vigorous action. Core values will keep the team engaged through this part of the start-up journey, feeding the seeds of ideation so that they may take root and begin the cycle of robust sustainable growth. 

            In the realm of innovation, individual creativity, and team collaboration serve as distinct yet complementary forces driving progress. While team innovation thrives on diverse ideas and collective expertise, individual innovation offers a unique perspective shaped by personal insights and introspection. Introverted thought leaders like Susan Cain and J.K. Rowling exemplify the power of solitary reflection in sparking groundbreaking ideas. Their ability to honor individual strengths and delve into quiet contemplation showcases the depth and authenticity that individual innovation brings. Balancing both individual introspection and team dynamics ensures a holistic approach to creativity, appreciating the richness that each avenue contributes to advancing innovation and fostering transformative growth.

            Written by Ronald Ingram 

            I am a multidisciplinary innovator, artist and entrepreneur with over 25 years of experience innovating and creating. As the Executive Chairman of Maxwell State Bank, I lead teams of experts in delivering state-of-the-art financial services, private banking, and financial wellness education to businesses and consumers. I also founded multiple fintechs and neobanks that leverage artificial intelligence, cybersecurity, and web 3 technologies to create and disrupt markets.

            Team Building Activities For Innovation and Startups Read More »

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