How To Find A Startup Mentor

Why are mentors so important?

Let’s be honest: you probably aren’t an expert in everything. Having range, also known as being a generalist, is a common quality of entrepreneurs. But it also means that your knowledge of each topic is a little bit limited. Cue the mentors! Leave behind your pride and find a mentor who is a true expert in marketing, business models, or pricing. Hit up that IP attorney or leverage a VC veteran to provide deep industry insight.

Someone who has “been there, done that” will provide immense value to your own process of building a company. By utilizing the help of a mentor with a specific skill set, you’ll be able to take a deep dive into the specific problem you need to solve. Entrepreneurs like to talk about innovation, but some forget that the key to innovation is utilizing diverse perspectives. Sitting down with an expert who can provide a unique perspective from their own years-long journey is priceless. They will fill in the gaps between what you already know and what you need to know.

How do I find a startup mentor?

There are many places to look, so here’s a quick guide:

Try your local network. Start here first and reach out to someone you know, whether they are friends, family, or acquaintances. Maybe your friend works in a marketing firm, and you know they have a legal department. Ask to get connected with their corporate attorney! Getting a warm introduction to someone is a lot easier than a cold one, and you may get hands-on experiences with a mentor you’re already familiar with.
IncubateNV through StartUpNV. Our online incubator is hosted on a comprehensive platform with a free curriculum that leads you through the basics of starting and scaling your business. To support that process, we have a community of mentors available to you, which can be narrowed by industry. Available for free, IncubateNV’s online platform is targeted towards Nevada-based entrepreneurs, but open to anyone. Join here today: https://startupnv.org/startups/incubatenv/
IncubateVegas. This 5-week bootcamp runs twice a year for Las Vegas locals. You will be part of a small group, led by a mentor who will meet with you weekly to support your group through the program. Being hands-on means putting in work – and that’s what this bootcamp is meant to do, with a tight curriculum and strong support system. Learn more here: https://startupnv.org/incubate-vegas/
Online networking. While warm introductions yield higher results, there is still so much power in finding someone who fits the exact qualifications you’re looking for. Often used for job hunting or employee-finding, you can repurpose LinkedIn to scout for a mentor! It does help that mutual connections are visible, so perhaps use that to your advantage. Sort people by location, expertise, past jobs (someone who worked at the same company as you will be a good connection point), etc.

How to set yourself up for success:

Identify your specific needs. Are you looking for general accountability, help around a specific subject matter, or some industry insight? Knowing the answer to this first will help you find the right mentor, and may even help you develop the right questions to ask once you get connected.
Cross reference your needs with a mentors’ expertise. If you’re able to, check out a mentors’ experience prior to reaching out to them. You can do this on the IncubateNV platform, where each mentor’s profile will display their expertise and bio. Maybe even search through their LinkedIn where you can review their previous jobs, industries, and interests. The main goal is to make an informed choice of which mentors you connect with. (Pro tip: Choosing a mentor with entrepreneurial experience can be especially helpful, as they’ll understand the unique circumstances of a startup founder.)
Think about your preferred mentoring style. Light communication may work for some while regularly scheduled meetings are better for others. It’s okay to have a one-time meeting, where you get the information you need and move on. Additionally, how hands-on do you want them in your mentoring sessions? Some mentors are willing to roll up their sleeves more than others, but what would be most beneficial to you?
Be diligent in your meetings. It’s up to you to lead the relationship. Make the first move, suggest a time and date, and be on time! “Come prepared with questions, asks, and successes,” says Christina Del Villar, a long-time startup mentor and marketing expert. Setting the expectation upfront is very important to developing a trusting relationship, and proves that you are serious about your startup.

How many meetings should I have?

An effective mentoring relationship can be long term, or consist of just two meetings! Quality over quantity definitely applies here, and if you’re connecting on a specific topic, it’s not always necessary to have a prolonged meeting schedule.

If you’re going for a multiple meeting relationship, make sure to set yourself up well. We often suggest having an initial meeting as an intro, where you might clarify your needs, expectations, and background of yourself and the company. You may even bring up your preferred mentorship style. Coming to the meeting prepared with your tasks will show your mentor that you are serious.

How to have a good relationship with your mentor:

Make sure you’re compatible! The mentor and mentee need to “click.” Irina Tsetsura, one of our product operation mentors, says that “both [people] should be excited about each other’s work, experience, and what you are working on.” Developing a positive relationship from the beginning will be rewarding and allow you to have more productive rapport with your mentor.
Follow-up and be reliable. Irina also stresses the importance of “respond[ing] and diligently follow[ing] through on the goals and commitments established during mentorship sessions” as a mentee. By doing the homework your mentor gave you, it proves that you value their time and will continue to uphold your end of things. The relationship works both ways: your mentor supports you, and you do the work.
Be a beginner. One of StartUpNV’s marketing mentors, Stephanie Jiroch, adds this about mentor relationships:

“When it comes to building a good relationship with a new mentor, don’t be afraid to be a beginner. The reason you joined forces with a mentor is to gain access to resources and knowledge to support your growth and evolution – both in business and as an entrepreneur. Too often, I see entrepreneurs who are afraid of looking ‘dumb’ and do not ask the questions that will help them grow, launch, or scale. To get the most out of your mentor/mentee relationship, lean into the learning process, ask the questions, and be open to what could be done differently so that you can succeed.”

Don’t turn a conversation into a debate. Peter Ciulla, another StartUpNV mentor who specializes in hardware tech and cleantech, leaves founders with this nugget of information regarding successful conversations:

“It’s important not to make a mentor session too much of a debate. Remember that they’re volunteers and they’ve developed expertise in a specific area. As an entrepreneur, it’s best to take note of their advice and input, process it offline, and then decide what is right for your specific business.”

Keep your mentor in the loop, even if you’re no longer meeting. It’s so rewarding to hear the positive outcomes of the work you put in together. Even a quick email letting your mentor know that you implemented their advice and it led to results, will make their day!

Should I pay for a mentor?

While searching for mentors, you may find some who charge for their time. While some people may view that as a valuable investment, it’s not always feasible for founders on a lean budget. In my opinion, don’t pay for a mentor. There are plenty of qualified professionals who are willing to support founders for free out of their own desire to give back to the community, or who want to get/stay involved in the startup world.

Regardless of whether you pay for a mentor or not, the value is in the support and time savings they can provide you. Make sure to keep tabs on whether you work well together, if you’re making progress on your goals, and that you’re being true to yourself in the process. These will be telling signs that you’re on the right track.

StartUpNV always has free programs and free mentors, so start with us if you need a boost! Whether you choose a self paced program like IncubateNV, a year-long program such as FounderNV, or an IncubateVegas bootcamp, we will ensure that you have access to mentors that fit your needs to get you on your path to success. Visit our programs page to get started: https://startupnv.org/startups/services/

Are you interested in being a mentor for StartUpNV? We are primarily in need of mentors for ideation and early stage startups. This may look like:

Leading small groups of founders through a bootcamp
Throwing a hands-on workshop in your area of expertise
Being available for founders to reach out on our incubator platform

If any of that sounds interesting, please submit a mentorship interest form today! https://startupnv.org/become-a-mentor/

About the author, Audrey Randazzo:

Mentor Audrey Randazzo startup las vegas 2

Audrey Randazzo earned her Bachelor’s degree in Anthropology with a minor in Art from the University of Nevada, Reno in May 2021. While in school, she had internships at the American Chemical Society for Community Management, the Nevada Small Business Development Center for Marketing, and held a long term position at the UNR Career Center where she utilized her unique blend of analytical thinking and creative problem-solving skills.

Over the past three years, Audrey has made significant contributions to StartupNV, where she started as an intern and quickly progressed to the role of Program Manager. In her current position as Mentor Manager, Audrey plays a pivotal role in the growth and success of the accelerator programs by sourcing experienced Mentors with skills across the board. She works closely with a diverse network of professionals, guiding and facilitating their engagement with aspiring entrepreneurs.

In addition to her work with the Accelerator Mentor Program, Audrey actively contributes to the development and enhancement of other vital programs within StartupNV. She has played a key role in shaping the vision and execution of Founder University Nevada, IncubateNV, and IncubateVegas. With strategic insights and collaborative approach, Audrey ensures these programs provide valuable resources, mentorship, and support to startup founders at various stages of their journey.

Outside of her professional pursuits, Audrey enjoys rock climbing, traveling, and visiting every coffee shop in Reno. She dislikes spending over $8 for an oat milk latte, but still supports the local ecosystem.

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A Deep Dive Into Startup Funding Rounds

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A Deep Dive Into Startup Funding Rounds

The world of startups is dynamic and ever-changing, and securing startup funding is often a crucial step towards success regardless of the industry. Critical phases of startup financing— Pre-Seed, Seed, Series A, Series B, and Series C, etc.—each represent a significant milestone in a company’s growth, but these stages are more than just capital acquisition. They’re about strategic growth, market validation, and the ability to scale operations.

Understanding the intricacies of these funding rounds offers invaluable insights for entrepreneurs that aim to navigate the challenging-yet-rewarding path of building a successful startup.

Read on to gain insights into the objectives, challenges, and strategies that define each startup funding stage.

Understanding Startup Funding Rounds

Startups evolve through various stages of growth backed by effective business financial planning. Each stage is marked by a distinct funding round. These funding rounds are not just about securing capital, they’re about strategic partnerships, market validation, and business evolution.

From angel investors, accelerators, and friends and family in the early stages, to venture capitalists and private equity in the later stages, the nature of funding reflects the startup’s growth trajectory and market readiness.

Factors such as the amount of capital raised in a particular fundraising round, the nomenclature of which “series” or round you are raising, the types of investors involved, and the business milestones you’ve achieved in order to raise such a round can vary depending on a number of factors. This is especially true between the stages of Pre-Seed and Seed.

In general, pre-seed and seed funding are the earliest money that a company will raise. The amount of money raised can range from $50 thousand to $5 million. This money can be used to build the business and scale the core team, further develop the product, validate the market, increase traction and revenue, and prepare to show Series A investors that they’ve demonstrated product market fit and that their business is equipped to scale (with investment, of course).

The three most common funding rounds you’ll encounter when fundraising to scale the startup are Series A, Series B, and Series C funding. Here’s how each differs in terms of challenges and how you can strategize during each to come out the other end successful and further funded.

Series A Funding: Laying the Foundation for Scaling

Series A funding follows seed funding and marks a turning point where startups shift from developing your product to scaling your operations. This critical stage is about proving the business model and laying the groundwork for sustained growth.

Objectives of Series A startup funding: The focus here is on market fit and scalability. Startups need to show they can not only attract customers but also retain them and grow your base.

Typical investors and investment size: Investments range from $3 million to $25 million, and these investments primarily come from venture capitalists looking for companies with a strong team and a scalable business model.

Challenges of Series A startup funding include:

Validating the business model
Scaling the team structure
Managing rapid growth and spending
Building brand and customer loyalty
Aligning with investor expectations
Shifting focus to sales and marketing

Effective funding tactics include:

Establishing financial controls
Developing a diverse leadership team
Focusing on market differentiators
Crafting scalable marketing strategies
Engaging with investors for guidance
Utilizing data for product decisions

Success in Series A funding sets the stage for exponential growth and also serves as a validation of the startup’s market potential.

Series B Funding: Accelerating Growth

Series B startup funding is where the startup’s vision moves beyond the validation stage of Series A funding and into the growth stage

Objectives of Series B startup funding: This stage is characterized by efforts to dominate the market. Expansion of product lines and geographical reach become a priority.

Key investors and expected investment amounts: Series B can see funding from $20 million to $50 million and attract larger venture capital firms and even strategic investors.

Challenges of Series B startup funding include:

Balancing quality with scaling
Diversifying products or services
Attracting and retaining talent
Managing brand value in new markets
Optimizing supply chains
Maintaining innovation and profitability

Effective funding tactics include:

Optimizing operations and processes
Researching for market expansion
Implementing talent programs
Investing in marketing and brand building
Strengthening governance frameworks
Promoting a culture of innovation

Achieving success in Series B funding is a testament to the startup’s resilience and its ability to not just grow but thrive in a competitive landscape.

Series C Funding: Preparing for the Future

At the Series C funding stage, startups are typically looking toward scaling to new heights and possibly eyeing public market entry or making significant acquisitions.

Objectives of Series C startup funding: The focus is on scaling the business to an international level, diversifying product offerings, and exploring new markets.

Investor profile and investment scale: Investment amounts can range from $30 million to $90 million or more. Series C funding attracts a diverse range of investors including private equity, hedge funds, and even corporate investors.

Challenges of Series C funding include:

Adapting to global markets
Managing diverse investor expectations
Innovating amidst competition
Balancing new revenue streams
Preparing for exit (IPOs/acquisitions)
Handling public and media scrutiny

Effective funding tactics include:

Developing international strategies
Maintaining stakeholder communication
Investing in R&D and industry trends
Exploring strategic partnerships
Preparing for IPO with expert advice
Establishing a strong PR plan

Series C funding is an indicator of the startup’s maturity and its readiness to play on a global stage.

Final Thoughts on Startup Funding Success

Navigating through startup funding rounds requires a blend of strategic vision, operational excellence, and market insight. Each stage—from Pre-Seed to Series A and beyond—brings its own set of challenges and opportunities, and each stage shapes the startup’s journey toward success.

It’s the founder’s job to understand these nuances, because funding is essential for any entrepreneur looking to steer his or her venture through the turbulent-yet-satisfying waters of startup growth.

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Understand Investor Expectations: A Pre-Seed Due Diligence Checklist for Founders

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Understand Investor Expectations: A Pre-Seed Due Diligence Checklist for Founders

The pre-seed funding stage occurs when startups seek initial outside capital to develop their business ideas, build prototypes, or scale their business. It’s a pivotal moment in a startup’s development and one that sets the stage for seed-stage funding. Companies that seek pre-seed funding need to give investors the means to provide an evaluation that doesn’t waste time and makes the company’s core value shine through.

In truth, the due diligence process goes both ways in pre seed funding. While investors will research the startups best suited to their interests, startups can tailor their pitch decks to better align with these investors’ expectations through research, and can determine more about alignment of the investors and their investment thesis. By doing so, startups gain a better chance of securing needed finances across every stage of the funding lifecycle.

The Pre-Seed Funding Due Diligence Checklist

1. Know the Investment Criteria

Startups must speak to the overarching theme and the specific investment criteria (thesis) established by the angel group. Investors often have non-negotiable criteria, and startups that don’t meet these requirements will be cut, often without any feedback as to why.

Founders must understand and align their venture with the expectations of the investor group before they proceed. Lack of alignment jeopardizes the chances of consideration, and it diminishes the opportunity for reconsideration.

Thoroughly research and understand the specific investment criteria.
Align the startup with the expectations of the angel group or investor.
Prioritize compatibility before proceeding with the application.

2. Highlight Venture Investability

While all investor groups have different pre-seed funding criteria, they tend to seek ventures that exhibit the potential for substantial returns, typically between 20-50 times the initial investment within 8-10 years.

As such, it’s good to emphasize the potential for “big wins” in the pitch. As a general rule, startups should avoid niches that may not have sufficient market size or face saturation with trendy, short-lived ventures. They should promote the venture as a hot item with big potential for long-term gains.

Emphasize scalability and the potential for significant returns.
Be mindful of market dynamics and trends in specific niches.
Align the stated business model with the investor’s appetite for exponential growth.

3. Get Busy Networking

Proactive engagement with the investment group can impact a startup’s chances. Founders should reach out to publicly listed members of the selection committee to establish early contact and gain insights into what attributes should be pushed in pitch deck messaging. In-person contact is ideal to connect faces with names, but online communication and general company research can yield great results.

Actively engage with the chosen investment group.
Establish early contact with publicly listed members of the selection committee.
Gain insights into the preferences and focus areas of the investor group through strategic networking.

4. Include Business Mechanics

Investors value startups with a defensible position in the market—often referred to as a “moat” that shields the company from easy duplication. Founders should focus on strategies that position their company to dominate the market quickly or possess high switching costs and network effects that solidify their role as a market leader.

Develop strategies to establish a defensible position in the market.
Emphasize the importance of existing moats to protect against easy duplication.
Demonstrate a clear path to market dominance or the creation of high switching costs and network effects.

5. Get the Valuation Right

Getting the valuation right will have a significant impact on the chance to secure funding. Founders should work closely with advisors, utilize valuation methodologies, and avoid common pitfalls of over or undervaluation. A well-calibrated valuation instills confidence of investors and positions the startup for success in subsequent funding rounds.

Collaborate with advisors to determine an accurate valuation.
Utilize valuation methodologies and don’t shoot in the dark.
Strive for a well-calibrated and realistic valuation that inspires investor confidence.
Check out StartUpNV’s Valuation Calculator.

Preparation Improves the Odds of Securing Pre Seed Funding

While this checklist provides a fairly comprehensive guide for startup founders who navigate pre-seed funding, note that each funding journey is unique. Founders may benefit from additional guidance tailored to their specific circumstances.

They should seek mentorship, engage with industry experts, and leverage networking opportunities to supplement the checklist and enhance the overall approach. After all, what is pre seed funding due diligence if not the perfect opportunity to hammer out problems before the company kicks off?

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Time Management Tips For Entrepreneurs In 2024

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Time Management Tips for Entrepreneurs in 2024

Stepping into 2024, founders may feel the whirlwind of post-holiday demands. The new year is supposed to be a time of rejuvenation and fresh starts, but for entrepreneurs, every day is a new challenge. Below, we offer time management tips for entrepreneurs, insights on how to prioritize precious work hours, and how to juggle multiple tasks without sacrificing work-life balance.

Set Priorities: Best Practices for Time Optimization

Embrace the Eisenhower Matrix

The Eisenhower Matrix, also known as Eisenhower’s Urgency and Importance Matrix, provides a structured, four-quadrant framework that prioritizes tasks. Founders can make use of this framework at any stage of their startup. In the ‘Do First Quadrant’ individuals address critical and urgent tasks and use techniques like timers to stay focused and drive progress. Meanwhile, the ‘Schedule Quadrant’ focuses on significant yet non-urgent tasks to encourage proactive planning.

The ‘Delegate Quadrant’ helps leaders effectively manage task distribution. Leaders assign tasks based on expertise and alignment with organizational goals to foster collaboration and accountability through clear communication channels. Finally, the ‘Don’t Do Quadrant’ is a place to eliminate unproductive habits. This makes it easier to stay focused and juggle multiple tasks.

Implement Time Blocking

Time blocking is a helpful way to effectively manage multiple tasks with a busy schedule. Founders and staff managers can allocate specific time blocks for tasks, meetings, breaks, and focused work sessions.

For example, each Monday morning from 9:00-11:00 AM can be just for strategic planning. This time block allows staff members to review business objectives, assess market trends, and consider new goals. Tuesday and Thursday afternoons, from 1:00-4:00 PM can be set aside for product development, product market fit questions, and other tasks.

This structure helps staff know what to expect across the work week and mentally prepares them for the creative work to come.

Focus on the Right Tasks

Founders should test and apply a variety of prioritization strategies to find the ones that best fit their team’s business goals. Buy-in from teams is important, but it’s also important that founders don’t run with the first framework they find. Every hour spent on a task is an hour that can’t be spent elsewhere, so it pays to identify high value tasks and apply efforts there.

For example, the oft-cited Pareto Principle states that 20% of activities produce 80% of outcomes. The founder should identify and prioritize these high value tasks, then allocate resources accordingly.

Define Clear Objectives for Each Time Block

Establish clear objectives for each time block to ensure that each section becomes a productive time slot. Without a clear focus, time blocks can turn into unproductive jam sessions where ideas are shared but no actual progress is made.

Apply Productivity Techniques

Everyone has their own preferences for how work gets done, but founders can integrate effective time management techniques into their company culture to make best practices an institutional value. Consider the Pomodoro Technique, a time management method developed by Francesco Cirillo, or the Eat the Frog Principle, popularized by Brian Tracy. These methods help workers stay focused throughout the day and ensure that the most high value tasks are made priorities in the workday.

Incorporate Buffer Time and Flexibility

Time management tips for entrepreneurs follow a common theme: flexibility. Founders should incorporate buffer time within the schedule to accommodate unexpected challenges or interruptions. They should allocate additional time for unforeseen tasks and try to stay one step ahead of the schedule. This minimizes the risk of unexpected roadblocks that creates a schedule time crunch. In this way, the buffer time remains a top strategy to balance a busy schedule with a personal life.

Delegate Tasks: Empower the Team for Success

An oft-cited mantra for executives is ‘never be the smartest person in the room’. A founder should surround themselves with trusted partners who bring their own unique perspectives and skill sets to the table. When a founder can delegate with confidence, it becomes far easier to manage the startup’s to-do list.

The Last Word on Productivity

A final word on time management tips for entrepreneurs: Don’t neglect self-care! Personal management is part of being an entrepreneur, and founder burnout can spread like wildfire among lower level staff. Founders should do themselves, and their startups, a favor and set aside some time each week for rest and rejuvenation, and incorporate regular breaks to maintain a healthy work-life balance.

Visit StartupNV for more tips for success in 2024!

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Startups Can Adapt to Market Changes

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Startups Can Adapt to Market Changes: How to Evaluate Product-Market Fit and Pivot as Needed

Most entrepreneurs believe they have the next great idea, but they haven’t done the prep work of evaluating the market for viability. Whether it’s a pet rock, Pinterest, or a cookie cup, the saying “There’s a market for everything” does have a lot of truth to it. But to know for sure that there’s a market for your idea, one must have sales and learn the meaning of “product-market fit.”

Without product market fit, a startup may spend years in a struggle to gain traction. Product-market fit is shown by quick revenue growth, and is very enticing to investors.

Market Fit Questions To Ask First

“Product-market fit” sounds lofty, right? It refers to whether a business creates a good or service that meets consumer needs, is relevant, is priced well for the target audience, and has intrinsic value that can’t be duplicated by competitors. For brevity, we’ll use the term widget to refer to both products and services.

First, understand that product-market fit doesn’t mean that only one business can successfully sell a widget within a specific category. But it does mean that this widget outshines the competition in that niche. The first in a series of important product market fit stages is to ask your customers questions to see if your widget is worth pursuing with a startup.

Does the widget:

Address a meaningful customer need?
Solve the need in a new way?
Have a reasonable price that customers will pay?
Does the price being paid allow the company to make a profit?
What other features would the customer like to see?
Create a positive user experience (UX)
Have a clearly-defined feature set

Before you try to sell or market to consumers, make sure that the product-market fit is properly vetted. You may spend several months researching the consumer landscape and the competition before the widget is ready to launch. Ask at least 100 unknown people to answer your discovery questions.

Identify the Target Market

Identify The Target Market

Don’t even think about launching a startup if the target market is not present. Let’s use the example of a residential cleaning service in Nevada. Think about who is most likely to hire house cleaners. This could be owners of high-end homes but may also be busy middle-class professionals who are short on time.

They can be renters, homeowners, any gender, any race, and any age. The key indicator is that they have enough discretionary income to afford professional house cleaning. This is the start of learning about the market, so go to a busy place and ask people if they will help you by answering some questions. Try to craft the questions without leading the respondent to a yes or no answer. The idea is to really engage with potential customers to learn how they deal with cleaning the house at the present time and what issues they have. One of the questions should be “Would you pay for someone to clean your house if they were efficient and you knew they were not thieves?” If someone answers “Yes”, the next question is “What would you pay for this service?” followed by “Do you pay for a service now?” and “How much do you pay?” and finally “In a perfect world, what would you change about your present service that would make it worth paying more for?” The answers to these questions enable the crafting of a good value proposition. If the answers do not prove the need for the service and the willingness of customers to pay, the entrepreneur should consider pursuing their next great idea.

Value Proposition vs. Pricing

Determining where your offering sits in regard to value and the rest of the market is one of the more important tasks to be done in anticipating product market fit. The Value proposition explains to your target market members how your widget is the best option available and why a consumer should pick yours over the competition’s widget. This can be an intrinsic value that is intangible. The intrinsic value of the cleaning service is that it frees up a customer’s valuable time to pursue other tasks, while not taking too much time to complete.

The customer’s newly found free time is a direct understandable benefit, while the cleaning being done quickly ensures that the customer’s life is interrupted only briefly. Determining pricing can be done with the aforementioned customer validation questions. If the choice is to target only high-end households, a higher fee may make sense because the time that goes with their higher salary is worth more. Conversely, someone with a smaller living space or with a lower income might balk at a premium price tag. The higher-end households represent higher earnings, but you might have fewer customers. Conversely, there are more middle class customers, so they represent a larger market potential—even though the per-booking fee is lower. Determining which is the ideal customer will dictate which value proposition is pursued first.

A Clearly-Defined Feature Set

This piggybacks off of the value proposition. Your feature set should reinforce what people will receive in exchange for hiring your cleaning service. This would be a clear outline of what consumers will be paying for. What tasks are included in your bookings? Are there multiple tiers for bookings, and if so what are the minimum tasks that you provide in the lowest tier?

Feature sets can also refer to perks. Maybe you decide to throw in a free deep cleaning for every fifth booking. Or, you offer a half-price cleaning service on select days or an alternative rewards program.

A Positive User Experience

This feature is critical once you’ve launched your widget. Don’t expect consumers to spend their hard-earned money on a subpar experience. You might fool a customer once, but if your staff steals valuables, destroys items around the home, or does a half-hearted cleaning job, don’t expect repeat bookings. In the early days, find an unscalable extra task that will delight your customer, such as leaving a fresh flower after the cleaning.

Seek Feedback

As a business, you can preemptively research only for so long before you have to go ahead and launch. At some point, you need to discover the fruits of your labor. Another way to determine product-market fit is to gather feedback from your consumers or focus groups. Repeat complaints on specific aspects are signs that you need to make adjustments to improve your product-market fit.

Be Prepared to Pivot

“Pivot” isn’t a dirty word in the startup world. Sometimes it’s necessary to help the business thrive when it would otherwise fail. When shortcomings are discovered that stall or negatively affect sales, the best thing to do is talk to customers (again) and implement changes that prevail among the customer’s feedback.

Don’t allow ego to prevent making adjustments that could help create a winning business model. As a startup, it is hard to determine when the startup has achieved product-market fit. Hallmarks of product market fit are having so many referrals that it is hard to keep up with production or orders. When sales are coming in from word of mouth, sales are growing exponentially, and all the employees are scrambling, that’s a good indication of product market fit. But don’t stop there, keep talking to customers to keep them delighted. Remember, understanding product market fit and positioning the company appropriately is only the beginning.

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Angel Investing vs. Venture Capital: What’s Best for Your Nevada Startup

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Angel Investing vs. Venture Capital: What’s Best for a Nevada Startup

For most startups, there’s a point where self-funding the business isn’t an option anymore, and founders are often left with the choice between angel investing vs. venture capital. Either they need to scale but lack the liquidity to do so, or they need to cover operational costs. Whatever the reason, funding is needed to keep the dream alive.

New startups usually have to rely on personal networks like friends and family to get startup capital. They may apply for a bank loan. But there’s no guarantee that close friends, family, or a loan can supply enough money to stay afloat. Sometimes new entrepreneurs must approach private investors.

Investment funding may come from two main sources: angel investors and venture capitalists. A startup needs to ask the right investor- startup fit questions to determine which is the right choice and learn about the potential risks and benefits of each option.

Angel Investing vs. Venture Capital

Angel investing and venture capital (VC) are private fundraising options for businesses that want to sidestep traditional banking institutions. While there are some similarities between them, they operate differently. Everything from the maximum investment offered, to expectations on returns, to the terms and amount of due diligence performed vary.

What is Venture Capital?

Raising venture capital funding operates outside of traditional banking. It’s a private equity solution through which startup businesses receive anywhere from several hundred thousand to millions of dollars in exchange for an ownership stake in the company. To offer these amounts, venture capitalist firms pool funds from several high-net-worth investors (including corporations and individuals) and create an investment portfolio.

What Is Angel Investing?

Angel investors are individuals who fund startups in exchange for an equity stake in the business that’s realized at an exit. In the US, an investor must have a net worth of at least $1 million excluding the equity in the primary residence or have earned at least $200,000 for the past two consecutive years for single investors or $300,000 for a couple. This is known as the SEC’s definition of an “accredited investor.” Usually, angels are the first outside backers after an entrepreneur exhausts friends and family, bank loans, and personal reserves. Angel investments still qualify as “pre-seed or seed investments” because the funding is usually lesser amounts with the average being $25,000 to $50,000.

There are also angel groups and syndicates. Angel groups can operate in a number of ways that include funds into which all angels invest, investments that are made with the approval of a minimum number of angels or each individual angel making his/her own investment decision. Angel syndicates may pool a minimum investment from each participating member, which allows the group to invest larger lump sums in a single deal or “spread the wealth” across several deals. Syndicates can also be a simple network or angels or angel groups who share deal flow and have no rules attached. The difference is important because pooled investment funds, whether within an angel group or as a syndicate, allow these groups to operate like small-scale VC firms. Still, the total investment per deal is smaller than a VC would offer.

Similarities and Differences Between VCs and Angels

With both VCs and angels, you approach outside investors for funding. Both groups will have preset criteria to determine whether your deal is viable and coincide with their portfolio and investment goals.

The Similarities

Both VCs and angels require information to assess a potential deal. The information is most often offered in the form of a pitch deck. The pitch deck should cover the basics of the business, including what problem the startup is solving, the market potential, competitors, how they sell to customers and what they charge, any traction, the team, and what they’re asking in terms of investment or support. It should demonstrate how the investors will likely earn a return. Both groups are early investors and usually agree to invest before or after achieving major financial milestones. Funding is invested in exchange for a stake in the company with the expectation of a financial return once a liquidity event occurs.

A liquidity event can be acquisition by another company or a future funding deal like series A or B funding rounds, or an initial public offering (IPO). Series A and B funding rounds (a common angel exit) refers to bigger investments that are still pre-IPO but occur after seed funding is exhausted. IPOs occur when businesses become publicly traded on the stock market (a common VC exit). The most common exit for startups is acquisition by another company, or failure.

The Differences

When pitting angel investing vs. venture capital, there are a few main areas in how the two deals differ:

The funding amount
The equity stake and return expectations
Startup position within the business life cycle
Risk exposure and startup readiness

Because Angels typically offer smaller investments than VCs do, they are more open to funding earlier-stage startups, including at the proof-of-concept stage. Because of this, the risk is greater, and deals may be held for longer periods. Likewise, they may choose to be more hands-on with the startup to safeguard their investment.

By contrast, VCs look for faster growth and will often consider only those deals with larger funding requests—the series A and B rounds. Although the risk is inherently higher with bigger sums, VCs will require established track records like year-over-year financial growth, secured business partnerships, or top talent at the founder level, like serial startup founders, previous influential angel investors, and industry insiders as advisors. As a result, early-stage venture capital firms usually fund startups after proof-of-concept stage.

Which Funding Source is Right for You?

Criteria such as business stage and market potential will automatically determine which funding option founders can pursue. VCs rarely consider early startups since they prefer more established businesses with a verified market share, revenue, and growth potential. Startups should focus on angels who are open to funding early stage businesses. Founders can take the guesswork out of sourcing investors by partnering with StartUp Nevada. With seven education programs for entrepreneurs, and an accelerator that invests in early stage companies, we help nurture business ideas. We also help educate founders about angel investing vs. venture capital opportunities and offer access to venture capital in Las Vegas through our in-depth investor network.

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Sustainable Startup Strategies and Best Practices

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Sustainable Startup Strategies and Best Practices

The research is in: Startups struggle to enact their sustainability goals.

This is a curious disconnect from what we might expect, as more startups than ever are committed to environmental sustainability as a core value. Sustainability used to be one of those “nice to have” values. Today, it’s a necessity since consumers increasingly favor brands that follow through on their sustainability promises.

Sustainability has emerged as a critical value driver, so how can entrepreneurs adjust their startup strategies to make this goal an institutional value?

Embrace Sustainable Growth Strategies from the Outset

We’ve seen a proliferation of companies adopt environmental, social, and governance (ESG) measures in recent years. This is buoyed by consumer demand and new technologies that give businesses a leg up to hit their sustainability targets. However, sustainability isn’t an overnight process. Startups need to enter the game prepared for the long-haul and focus early on key levers that set the business up for green, sustainable growth.

Focus on areas that balance sustainability initiatives alongside startup growth: strategy, resource management, and environmental education. The best tactics for any startup will depend on the business in question, but this list offers an effective starting point for sustainability planning.

Processes & Strategy

First, create an ESG roadmap that outlines key goals and milestones.
Prioritize partnerships with suppliers who follow sustainable practices and source materials responsibly.
Perform financial reviews and cost-benefit analyses on green solutions to understand the economic implications.

Green Product Design

Design products with a focus on environmental impact and use eco-friendly materials and manufacturing processes.
Consider the entire product life cycle as you build. This includes disposal and recycling.

Circular Economy Practices

Embrace a circular economy model: Focus on “reduce, reuse, and recycle” as resources are used.
Explore take-back programs for products or materials to ensure responsible disposal.

Resource Management

Energy Efficiency

Implement energy-efficient technologies and practices within office spaces and production processes.
As you grow, consider renewable energy sources such as solar or wind to power operations.

Waste Reduction

Establish comprehensive waste management strategies to minimize waste generation.
Promote recycling programs and encourage the use of recycled materials in product design.

Water Conservation

Implement water-saving measures in daily operations.
Consider sustainable water sources and usage in manufacturing.

Environmental Education

Educate employees and stakeholders about the importance of environmental sustainability.
Foster a culture of eco-consciousness within the startup from day one.
Obtain relevant environmental certifications to showcase commitment to sustainable practices.
Adhere to recognized environmental standards in the industry.

Note That Concessions Are Inevitable

Sustainable business practices tend to produce higher costs, and startups need to pick their battles when they choose which ones to embrace. Be sure to scrutinize every aspect of your product or service and look for opportunities to improve.

Things to consider are to prioritize eco-friendly vendors, lower energy consumption through better server management, or invest in more energy-efficient hardware. Create a short list and allocate resources to align with your ESG roadmap. From there, establish key performance indicators (KPIs) for environmental sustainability to track your progress.

Make Sustainability a Core Part of Startup Growth

Startups can take a step back, breathe, and devote appropriate time to research—particularly on sustainability goals. A comprehensive business analysis in this manner is crucial to identify areas where improvements can fit into different stages of startup growth.

A final word: Remember that sustainability is a moving target, and the definitions change. “Best practice” today may be supplanted by new technology next year. Sustainability-minded startup founders should keep an ear to the ground on how sustainability initiatives evolve. One never knows when a new technology, service provider, or strategy may revolutionize the way startups run their business.

Visit StartupNV to stay up to date with the latest from the Nevada startup community.

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Holiday Marketing Strategies for Startups: Stand Out in the Festive Season

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Holiday Marketing Strategies for Startups: Stand Out in the Festive Season

Nevada startups, especially in the tech sector, can take advantage of the upcoming holiday season. Showcase your innovation and deepen customer connections, but do be savvy if you want to stand out in a crowded market.

Understand the Holiday Market Dynamics

The holiday season brings a surge in consumer spending and a sharpened competitive business environment. Everyone wants to focus their advertising to increase sales, but not all businesses come out on top when the snow settles.

Retail sales during this period see a significant boost and create a ripe market for startups. Understanding these dynamics is crucial for startups, particularly in sectors like technology, where traditional holiday marketing might not seem like an obvious fit.

Here are a few holiday market dynamics worth considering:

Increased spending – According to PwC’s 2023 Holiday Outlook, consumers are expected to increase their spending by 7% this year, with an average of $1,530 going to gifts, travel, and entertainment. Travel-related spending is expected to increase year-over-year, and almost 40% of consumers plan to spend more than they did last year.
Spending on holiday gifts – The Conference Board Holiday Spending Survey reveals that in 2023, U.S. consumers intend to spend an average of $985 on holiday-related items. While this is about $20 less than reported in 2022, the amount spent specifically on holiday gifts in 2023 is anticipated to rise almost 7% since last year.
Surpassing pre-pandemic levels – Deloitte’s analysis indicates that holiday shopping is likely to surpass pre-pandemic levels for the first time. Consumers surveyed plan to spend an average of 14% more this year. Pair this with the fact that nearly all consumers surveyed (95%) plan to participate in the holiday season, and this suggests increased holiday spending.

When you align your unique offerings with the festive mood, take advantage of holiday trends that indicate an uptick in spending. With this knowledge of the dynamics of the season, your startup can carve out a niche, even in a crowded marketplace.

Creative Holiday Marketing Ideas for Startups

Innovative marketing can set startups apart.

Fortunately, experts understand that startup marketing needs a little more finesse. To stand out, startups should adopt creative, impactful marketing strategies.

Here are some advanced startup marketing ideas:

Interactive advent calendars – Create a digital advent calendar on your website or as a unique social media marketing strategy. Reveal daily deals, product reveals, or valuable content to keep users engaged throughout the month.
Holiday-themed webinars and workshops – Host online events that offer value to your audience, like “Tech Gift Guides” or “Holiday Tech Tips” that cater to the interests of your audience while they subtly promote your products.
Virtual reality experiences – For tech startups, a VR experience themed around the holidays can showcase your product’s capabilities and provide an immersive and memorable interaction with your brand.
User-generated content campaigns – Encourage customers to share their holiday experiences with your product. Offer incentives for the best social media posts. This engages your existing customer base and acts as authentic promotion.
Augmented reality for shopping – Implement AR features into your app or website to allow customers to visualize your products in a holiday setting.
Exclusive holiday partnerships – Partner with non-competing businesses to offer exclusive holiday packages or bundles. For tech startups, this could mean you partner with lifestyle brands to create a “holiday survival kit” that includes tech gadgets.
Social responsibility initiatives – Align your brand with a social cause. You could donate a portion of holiday sales to a charity or organize a community event, which would show your company’s commitment to social responsibility.

Consumers can sniff out a brand that’s trying to be deceptive, especially with holiday marketing. No matter what you do during the holiday season, be authentic.

Authenticity and Ethical Marketing

Maintain authenticity in holiday marketing campaigns. This is crucial to build long-term customer trust and loyalty, and it’s especially important for startups because a solid, trustworthy brand identity is important to establish early on.

Harvard Business Review provides a few good questions that will help gauge and boost customer trust. It’s important to avoid over-promising or misleading tactics and focus instead on genuine, value-driven communication.

Share stories of real customers, the behind-the-scenes of your business, or how your products are made. These can create a more authentic connection during the holidays.

Make Your Startup Stand Out this Holiday Season

The holiday season is the perfect opportunity for startups around Nevada to showcase their products and services. We recommend you focus on authenticity and innovative marketing strategies. And be sure to leverage your digital platforms in inspired ways to stand out this year.

Need help bridging the gap between innovation and tradition? Contact the startup professionals at StartUpNV for expert advice and an edge over the competition.

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How Startups Can Adapt to Market Changes

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How Startups Can Adapt to Market Changes

A founder can’t always control how the market will act when the business is launched. However, learning how to adapt to the market so that your business strategy is flexible, viable, and attractive to future investors can determine if you can weather the storm or fall victim to the five-year timeline that often claims as many as 65% of new businesses.

Don’t Fear the Pivot

Adaptability is what allows some businesses to thrive even in down markets. Consider that even major corporations often have to change their strategies to survive as technology makes previous products obsolete or market demands require them to refocus their efforts in new directions. A great example of this is Ford Motor Company. Ford initially burst on the scene as an innovator with founder Henry Ford credited for creating automated assembly lines for the iconic Model T.

But a bloated product portfolio in the 2010s meant that the company was wasting resources building cars that weren’t selling enough inventory to justify the expense. Specifically, consumer demand in the United States had long since shifted to SUVs, but the company still had a large sedan segment. In 2018, the firm announced that it would sunset sedans in the U.S., and instead focus exclusively on SUVs and trucks — but retain sedans and crossovers for international markets where the demand is still strong. Eliminating sedans allowed Ford to boost domestic profits and focus efforts on new innovations like electric and hybrid SUVs and trucks.

Listen to Your Target Audience

The U.S. is a country that relies on a supply and demand economy. So, if you’re not listening to what the consumers are demanding, you can’t supply them with a relevant product. For startups trying to navigate shifting markets, this means they can’t risk creating new products or services in a silo or echo chamber.

You might think you have the best new idea, but until you actually test it in front of real customers, you’ll never know whether you have the next startup unicorn — or a dud. To avoid devoting budgets to an untested concept, embrace soft launches, and market testing as part of the design and improvement process. Really listen to what the customer is saying. Early adopters are often willing to be beta testers and act as if they are on your team to enhance the product. Use their input to tweak your strategy or product so that you’re creating a product that genuinely delights your target customer.

Adjust Your Value Proposition

The value proposition is the “why” of a startup’s product or service offering. It explains why a consumer should invest their hard earned money in your offerings as opposed to your competition. An effective value proposition should use the customer’s words to describe the problem and then state how you solve it. It can include intrinsic factors such as your pricing ways that the product is better than the competition and the product or service is delivered.

Tweak Your Go-To-Market Startup Pricing Strategy

This is a critical adjustment factor that many businesses — young and old — must tinker with if long term success is the goal. And this is especially true for startups selling physical or virtual products. Often getting onto shelves in brick-and-mortar businesses can be difficult, so opting for a direct-to-consumer (D2C) business model can help a startup temporarily bypass barriers to entering into traditional consumer markets. First pricing can be used to incentivize buyers but the right price after a following is developed, must be explored. A researched price for the scaling market should be tested against a higher price until the price level where the customer complains but pays it anyway. At that point, true value has been established and will enable the startup to grow towards profitability.

And Don’t Forget the Investors

By far, appealing to your target audience should be your biggest priority. But the same criteria that helps you appeal to consumers is also what investors will use to judge your startup’s viability. Your business needs to not just be interesting, but satisfy an unmet need in the market, build a value proposition that makes it unique against the competition, and with a marketing and sales strategy designed to help you turn a profit.

Knowing how to do this independently can be hard — especially if this is your first time launching a startup. Partnering with StartUpNV by enrolling in one of our seven accelerator and incubator growth programs can help position your startup for success, as well as give you access to mentors and venture capital in Nevada through our extensive investor network.

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How Nevada’s Startup Scene Supports Economic Diversification

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How Nevada’s Startup Scene Supports Economic Diversification

Nevada might be most famous for the lights of Las Vegas and our endless entertainment options, but the state has recently undergone a quiet—though major—economic makeover. For many investors, Nevada is now a hotbed of tech innovation. With low tax rates, affordable cost of living, and one of the nation’s fastest-growing population rates, Nevada is one of the most competitive technology business destinations in the world.

The Economics of a Thriving Startup Scene

Startups are a known contributor to economic recovery and growth. When startups choose a new area as their home, they trigger a transformative wave that extends beyond their own operations. These effects improve the desirability of the region for additional investments and create immediate benefits alongside a longer-term rising tide.

The most immediate impact we see is job creation as startups inject new opportunities into local economies. 3.7 million new jobs were created by startups in 2022 alone. Better yet, startups new to an area often hail from diverse sectors. They foster economic variety and reduce a community’s vulnerability to industry-specific downturns. This one-two punch of economic growth and resilience is a win-win.

Startups catalyze knowledge transfer among business groups, and they foster a culture of innovation that extends throughout the entire community. As businesses set up shop, they bring additional resources that create a supportive environment for stakeholders. This culture is instrumental for areas deemed “tech hotspots.” While these monikers were historically reserved for vibrant startup hubs like San Francisco or Chicago, Las Vegas has established itself as a prominent hub for innovation in the West.

And naturally, startups contribute to the development of a more robust ecosystem of third-party entrepreneur support organizations (ESOs), which offer support services across all startup phases. They also offer mentorship programs that help enterprises flourish. The top startup accelerators are born in regions with a diverse ecosystem of businesses to support.

The cultural and social influence of startups adds an extra layer of importance to a region’s economics. The influx of startups acts as a catalyst for economic diversification, and it fosters resilience, innovation, and community vibrancy.

Exploring New Areas of Opportunity

We see some interesting things happening in the Silver State. Technology surrounding electric vehicles and AI are two big areas of focus for both emerging and established businesses. Nevada has adopted the friendliest autonomous vehicle laws and regulations in the nation, and our communities are eager to explore the positive impacts of assisted driving technologies on transit systems.

Nevada’s growing range of startups is carving its niche in unexpected places, too. Markets for batteries, recycling, and lithium represent some of the strongest areas of expansion. In the past year, Nevada saw some exciting developments in electric vehicle battery recycling and other green initiatives to support the electrification of vehicle fleets.

New areas of opportunity are supported by state policies that keep startup ecosystems alive. While Nevada is known to have incorporation-friendly tax structures (dubbed The Nevada Advantage), the state promotes new programming to support tech innovation and infrastructure—part of Nevada Governor Joe Lombaro’s five-year strategic plan to improve Nevada’s connected future and make the region “the most entrepreneurial-friendly state in the nation.”

As the next few years play out, we’ll keep an eye on what legislation hits the senate floor and how changes may affect opportunities in the entrepreneurial ecosystem.

Diversity Supports Opportunity in Startup Success

Ultimately, the symbiotic relationship between startup incubators and accelerators, founders, and investors forms a powerful ecosystem that propels innovation and economic growth. Questions on which investments to make or how to find venture capital become much easier when startups are supported by a diverse ecosystem of ESOs and partners who share their interests. As Nevada’s economy continues to diversify, we expect to see these trends continue.

As more startups enter the scene and reshape the economic landscape, we’ll be here to assist. StartUpNV has already helped hundreds of founders, supported the launch of dozens of companies, and built a robust network of angel investors in Nevada. Contact us to learn more about what we do.

3. Access to Funding

Funding is often a make-or-break factor for startups. ESOs may bridge the gap by connecting founders with potential investors, venture capital partnerships, and offering guidance on preparing for fundraising efforts. This access to funding opportunities is instrumental in propelling startups towards growth and sustainability. Given that the odds of receiving venture capital funding from top firms can be <1%, founders should play the numbers game and work to identify as many opportunities as possible.

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Startups

Why are mentors so important?

How do I find a startup mentor?

How to set yourself up for success:

How many meetings should I have?

How to have a good relationship with your mentor:

Should I pay for a mentor?

A Deep Dive Into Startup Funding Rounds

Understanding Startup Funding Rounds

Series A Funding: Laying the Foundation for Scaling

Series B Funding: Accelerating Growth

Series C Funding: Preparing for the Future

Final Thoughts on Startup Funding Success

Understand Investor Expectations: A Pre-Seed Due Diligence Checklist for Founders

The Pre-Seed Funding Due Diligence Checklist

1. Know the Investment Criteria

2. Highlight Venture Investability

3. Get Busy Networking

4. Include Business Mechanics

5. Get the Valuation Right

Preparation Improves the Odds of Securing Pre Seed Funding

Time Management Tips for Entrepreneurs in 2024

Set Priorities: Best Practices for Time Optimization

Embrace the Eisenhower Matrix

Implement Time Blocking

Focus on the Right Tasks

Define Clear Objectives for Each Time Block

Apply Productivity Techniques

Incorporate Buffer Time and Flexibility

Delegate Tasks: Empower the Team for Success

The Last Word on Productivity

Startups Can Adapt to Market Changes: How to Evaluate Product-Market Fit and Pivot as Needed

Market Fit Questions To Ask First

Identify the Target Market

Seek Feedback

Be Prepared to Pivot

Angel Investing vs. Venture Capital: What’s Best for a Nevada Startup

Angel Investing vs. Venture Capital

Similarities and Differences Between VCs and Angels

Which Funding Source is Right for You?

Sustainable Startup Strategies and Best Practices

Embrace Sustainable Growth Strategies from the Outset

Note That Concessions Are Inevitable

Make Sustainability a Core Part of Startup Growth

Holiday Marketing Strategies for Startups: Stand Out in the Festive Season

Understand the Holiday Market Dynamics

Creative Holiday Marketing Ideas for Startups

Authenticity and Ethical Marketing

Make Your Startup Stand Out this Holiday Season

How Startups Can Adapt to Market Changes

Don’t Fear the Pivot

Listen to Your Target Audience

Adjust Your Value Proposition

Tweak Your Go-To-Market Startup Pricing Strategy

And Don’t Forget the Investors

How Nevada’s Startup Scene Supports Economic Diversification

The Economics of a Thriving Startup Scene

Exploring New Areas of Opportunity

Diversity Supports Opportunity in Startup Success

3. Access to Funding

Get Started