What is a Startup?

The term “startup” is sometimes used too loosely and liberally.  Let’s consider the definitions of two respected authorities in the startup world.

startup-owners-manualAccording to Steve Blank, serial-entrepreneur, Stanford University professor, and father of the Customer Development methodology, “a startup is a temporary organization used to search for a repeatable and scalable model.

According to Eric Ries, entrepreneur, blogger, and author of The Lean Startup, “a startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty.

lean-startupWith respect to the journey any organization takes from founding to going concern, the term startup refers to the beginning of a process or journey.  Steve Blank’s use of the word “temporary” supports the concept of startup as the first step along a journey.  Once an organization concludes the search for a repeatable and scalable model, it can enter subsequent stages of maturity.

In this stage of the company life cycle, an organization is nothing more than an indefinite series of experiments to find and deliver an effective, repeatable, and scalable solution.  Founders are no different than scientists who:

  • start with hypotheses about problem and solution,
  • design experiments to test the various hypotheses,
  • measure results,
  • gather insights and learn from the results,
  • amend the hypotheses to reflect the insights learned,
  • and repeat this process

The more experiments a startup can conclude in a given period of time; the sooner it will arrive at effective solutions that can be scaled to ever growing audiences.  Given that scientists need multiple attempts at getting an experiment right, all of the experiments leading up to the ones that prove to be successful are considered failures.  Thus, we get the phrase, “fail fast, fail often” because if startups do this, they will arrive at success sooner rather than later.  In a world with limited financial runways, it is imperative startups experience a great deal of failure as soon as possible.

According to this definition, is your organization in the startup phase?

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Startup Weekend Delivered a Magical Weekend in the Magic City

Florida International University was the site of some incredible magic as Startup Weekend EDU saw one of its most diverse group of people come together to learn and practice critical entrepreneurship skills in order to take ideas from concept to creation in less than 54 hours!  It could not be more fitting that Miami, Florida also known as the Magic City was home to a magical experience for a diverse group of aspiring entrepreneurs that included: students from elementary, middle, and high school; university students; university professors; K-12 teachers; parents; ex-convicts; developers; entrepreneurs; and local professionals.  The youngest participants at this event were 8 years old and they both presented with their respective teams!  

SWmiami2Startup Weekend EDU is a 2.5 day event whereby educators, developers, designers, and entrepreneurs come together to pitch ideas to solve problems in education and form teams around the selected ideas.  Teams then spend the weekend taking these ideas from concept to creation, culminating into a final presentation to a panel of all-star judges from the community.  Judges assess pitches based on clearly defined problem statement, prototype design, validation of problem and prototype, and finally, the business model. This theme was critical for a region that is home to some of the largest school districts going through difficult challenges.  

Having facilitated over 16 events around the country, I thought I had seen it all.  However, nothing could have prepared me for this incredibly diverse group of people and all of the challenges and possibilities that would manifest over the weekend.  To be honest, I was concerned about whether the event could be a success and if everyone would figure out how to work well together quickly enough to deliver a final presentation by Sunday evening to a panel of all-star judges from the Miami community. Continue reading

What if IBM’s Watson Was Your Co-Founder?

What if artificial intelligence partnered with entrepreneurs, to validate ideas, hypotheses, and assumptions by conducting a study of all of the information in the world on those topics? That is, crawl the Internet and all relevant databases for every related attempt, study, write-up, article, interview, company, etc. and draw insights and conclusions to a high level of statistical significance.

Artificial IntelligenceConsider that IBM’s Watson Discovery Advisor “builds on Watson’s turbocharged text-mining and identification technology…In its current version, Discovery Advisor is tuned for science, specifically the life sciences and medicine. Beyond mining text, the discovery tool not only finds connections among words but also links related concepts together to generate hypotheses. What might be the right place to look? What path of scientific inquiry is most likely to yield new knowledge?”

What if the Watson Discovery Advisor, or a similar solution, could help entrepreneurs significantly narrow down, to a high level of confidence, the hypotheses, ideas, and assumptions that should be validated further. Essentially, AI would conduct the type of research a human could not by finding every known piece of information on it and indicating which ones deserve further human-led pursuit. This is one example of how humans and AI can work together, as partners, to produce value that could not have existed before. According to a New York Times blog article, John Gordon, VP for strategy and commercialization of Watson, “is confident that Watson can scale up in “co-creation projects with clients that can transform an industry.”

The human must play a critical role in this endeavor by providing the initial hypotheses, that is, knowing what he or she wants, and stating it in a clear manner so that AI can perform the research on already existing content. AI would then return, ranked by measures of confidence, the ideas worth pursuing further thus saving the entrepreneur significant time and money. Furthermore, perhaps AI can even propose follow-up hypotheses and assumptions for additional testing based on what it learned in its initial research.

According to the “Our Cognitive Future” report by IBM, Baylor University leveraged IBM’s Watson to build a system that is “trained to ‘think’ like a human research expert by unlocking insights, visualizing possibilities, and validating theories at much greater speeds…The solution analyzed 70,000 scientific articles on p53 [cancer-related protein] to predict proteins that turn on or off p53’s activity – a feat that would have taken researches years to accomplish without cognitive capabilities.”

What if we designed a similar cognitive “co-founder” for entrepreneurs?