WSGR
Wilson Sonsini Goodrich & Rosati is the premier legal advisor to technology, life sciences, and other growth enterprises worldwide. We represent companies at every stage of development, from entrepreneurial start-ups to multibillion-dollar global corporations, as well as the venture firms, private equity firms, and investment banks that finance and advise them. The firm's broad range of services and practice areas are focused on addressing the principal challenges faced by the management, boards of directors, shareholders, and in-house counsel of our clients.

CodigoDelSur
CodigoDelSur is a designer and developer of digital products. Having worked with Founder Institute startups in the past, they come as a highly recommended Founder Institute referral. They are composed of highly skilled software, web, and mobile app developers, who are excited to incorporate the latest technologies into the applications they develop.

100Vets

 

Through the 100Vets Fellowship, any U.S. veteran or service member who wants to start a technology company can apply to a U.S. Founder Institute chapter for free, and the best overall applicant from each chapter will be invited to participate in the Founder Institute's step-by-step startup launch program for free as well.


Veterans and active service members possess the work ethic, high character, and strong leadership skills needed to launch meaningful and enduring technology companies. To inspire and enable the military community to build technology companies, the Founder Institute has partnered with Vet-Tech, the nation's leading startup accelerator for military veterans, to offer the 100Vets Fellowship.

Through this Fellowship, any U.S. veteran or service member who wants to start a technology company can apply to a U.S. Founder Institute chapter for free, and the best overall applicant from will be invited to participate in the Founder Institute's step-by-step startup launch program for free as well.

Learn more about the program at http://FI.co/vets.


Eligibility: In order to be eligible for the 100Vets Fellowship for the upcoming semester, you must complete your application and admissions test by Sunday, December 11th, 2016, using this link.


Grant: The recipient of the 100Vets Fellowship will be awarded within 5 days after the deadline.


Click here to apply for the 100Vets Fellowship.


Xero
Xero is everything you need to run your business financials. Work with a beautiful small business accounting software complete with accounting, invoicing, payroll, inventory and more. Xero seamlessly integrates with over 500+ business apps, including CRM, point-of-sale, time tracking, ecommerce, just to name a few. Join the 700,000+ businesses using Xero in more than 180 countries.

Startup Weekend

 

Through the Startup Weekend Fellowship, members of the Startup Weekend Community who want to start a technology company can apply to the Silicon Valley Founder Institute chapter for free, and the best overall applicant will be invited to participate in the Founder Institute's step-by-step startup launch program for free as well.



Eligibility: In order to be eligible for the Startup Weekend Fellowship for the upcoming semester, you must complete your application and admissions test by Sunday, December 11th, 2016, using this link.


Grant: The recipient of the Startup Weekend Fellowship will be awarded within 5 days after the deadline.


Click here to apply for the Startup Weekend Fellowship.


Startup Misconceptions: All You Need is a Good Idea

Posted by Joe Garza on 2016-07-04

Entrepreneurship is hard. REALLY hard. But with countless tales of how entrepreneurs made it big with almost nothing, it’s easy for a budding founder to jump into the startup world full of unbridled enthusiasm. 

Luckily, Startup Misconceptions is here to clear up the myths, delusions, and fancies surrounding entrepreneurship, with useful advice from experts. So, sorry if we rain on your parade, but we believe a successful entrepreneur is a prepared entrepreneur. You’ll thank us later.

In this installment, we focus on the common belief among "wantrepreneurs" that a great idea is all you need to launch a billion-dollar company. While conceiving a solid idea is crucial, it is certainly not the end all and be all of entrepreneurship.

Myth #1: An Idea by Itself is All You Need

Reality: Nope. As American humorist Arnold H. Glasow once wrote, "An idea not coupled with action will never get any bigger than the brain cell it occupied." In a Forbes article, "Why Great Ideas Are Worthless", Joshua Steimle emphasizes this sentiment, stating that ideas are inherently useless until they are actually implemented:

An idea combined with successful execution can change the world. An idea by itself is worthless. [...] If you’ve got a great idea then get busy and launch it. Start executing. You’ll be infinitely better placed to land an investor.”

Myth #2: The Best Ideas Are Original

Reality: Not always. Countless neophyte founders believe that the best startup ideas are completely original. Hate to break it to you, but the vast majority of successful startup ideas are not unique. Even if your idea is one-in-a-million and hasn’t been done before, it really is the exception to the rule.

In an article by Janet Choi titled "8 Myths Startup Founders Hate", Phoebe Espiritu shatters the myth that a startup needs to have a unique idea to be viable:

Many of the best startups are based on a meaningful tweak to how business as usual is conducted rather than on a unique idea.”

Similarly, in a Forbes article titled “10 Myths About Successful Entrepreneurs -- Debunked,” Steven Berglas negates the notion of novelty:

Most business builders look at the world, see things that can be improved upon, break the mold, and add value.”

In other words, stop wasting so much time searching for that diamond in the rough, because someone has probably already found it.

Myth #3: Successful Ideas Don't Need to Make Money

Reality: Yes, they do. Even if you’re passionate about implementing your idea, unique or not, it mostly worthless if it’s not monetizable. According to Berglas, even the most promising ideas can fail if they’re not serving a need in a specific market:

There are countless ‘good ideas’ that die on the vine for one reason: lack of necessity. Without a market hungering for your product, however innovative you may think it is, or it may actually be, it won’t sell.”

Sure, you can point to many examples of companies that didn't have any revenue stream and still were successful (Google, Twitter, etc)... but relying on that strategy of growth is like buying a lottery ticket. 

In a recent article featured in AlleyWatch, titled "Hard Startup Wisdom from VC Ben Horowitz" by Justin Danford, Ben Horowitz offers perhaps one of the most important pieces of advice for budding entrepreneurs. Simply put,

If you can’t raise money... reevaluate your idea.”

 


(Woman Handing Money Saving Idea Concept photo by Shutterstock)

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Startup Misconceptions: All You Need is a Good Idea

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