Bill Gross is the founder and CEO of Idealab, a technology incubator headquartered in Pasadena, California. Bill has created over 75 companies since 1996. He shares willingly his experience about creating and running successful organizations. I've collected some of his ideas mainly from 2 speeches at Le web (video in the post) and at Stanford.
Focus always win — (as long as you choose the right focus). Do one thing extremely well to connect better with the customer.
- Take risk — risk taking should be encouraged. Idealab favor this as the startup founding teams can go back to the incubator, which acts as a safety net in case of failure.
- Market Power Rules — Try to find a rapidly growing market, it’s like running a race with a strong wind at your back. He illustrates that approach through a brilliant presentation of one of his projects: esolar (listen to the Stanford Podcast). If you have something new or ahead of competition it's too early by definition. In that case, survive until the market is ready. Don't spend money too fast only to get market shares.
- Follow your passions — you have to be in love with what you are doing — Every business will face huge challenges that you will only overcome if you have deep passion for the idea.
- Give equity to unlock human potential — Even the receptionist should have a share.
- Management teams — Get complementary/opposite skills in your start-up. This is the most important thing to have with a decent idea. Bill Gross learned this lesson through his personal experience. Successful companies among the 300 rounds of financing had balanced team skills. Those which were not successful didn't.
- Hereafter is one personality taxonomy among many others: producer, entrepreneur, administrator, integrator. Everybody is dominant in one category and has weaknesses in the others.
- Producer makes things happens, sales to the consumer, all the execution stages to put a product in the hands of the customer.
- Integrator, the person who is more the "people person". He gives balance to the company. He avoids that people will be at war with each other. He has more interest in what people are thinking than in execution.
- Administrator. He is a bureaucrat. He puts systems in place. Pays the employees... Sometime the P hates the A because he wants to get things done and the A want to put a system in place.
- Entrepreneur , gives the vision. Think in the future. Sees things ahead of time.
- Master the Demo — Learning how to sell, to pitch, to explain, to demonstrate is one of the most valuable entrepreneurial skills.
- Test — Find a way to test your core proposition as soon as possible. Even without a product.
- Perseverance — this is a tough one. You have to persevere but at the same time know when you must let go.