What do I mean by good people? One of the best tricks I learned during our startup was a rule for deciding who to hire. Could you describe the person as an animal? It might be hard to translate that into another language, but I think everyone in the US knows what it means. It means someone who takes their work a little too seriously; someone who does what they do so well that they pass right through professional and cross over into obsessive.
For a variety of reasons, more on the side of the money guys and not because of us, the transaction didn’t go through … We had several groups looking to acquire us, and for a variety of reasons those didn’t pan out … We were building an enterprise software platform. It was a very expensive proposition, with high potential rewards … There was a high demand and high interest in what we were doing. That is what was so disappointing. I think you will see several companies license our technology … This has nothing to do with the competition. It has to do with the funding issue. I think there is huge demand for new approaches with game engine technology.
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We achieved what we set out to do, even if the final result didn’t end up with us becoming the next Buzzfeed. We never wanted to be the next Buzzfeed. We always wanted to be who we were, Pixable. And it was working. Unfortunately, circumstances [despite reaching 9.4M active users and 58M monthly video views] … made it difficult to raise money and continue on.
If your business or investment activity passes this 3- (or 2-) years-of-profit test, the IRS will presume it is carried on for profit. This means the limits discussed here will not apply. You can take all your business deductions from the activity, even for the years that you have a loss. You can rely on this presumption unless the IRS later shows it to be invalid.
Buildzar started off as a pure-play B2C ecommerce business. In June, it pivoted to a subscription model. Earlier, we used to generate leads and convert them into transactions ourselves. But, after the pivot, we were just doing lead generation and selling those leads in the market … When transactions failed to pick up, we decided to wind up operations, which in my opinion was the right decision.
A "reimbursement or allowance arrangement" provides for payment of advances, reimbursements, and allowances for travel, meals, and entertainment expenses incurred by your employees during the ordinary course of business. If the expenses are substantiated, you can deduct the allowable amount on your tax return. Because of differences between accounting methods and tax law, the amount you can deduct for tax purposes may not be the same as the amount you deduct on your business books and records. For example, you can deduct 100% of the cost of meals on your business books and records. However, only 50% of these costs are allowed by law as a tax deduction.
Startups fail when they are not solving a market problem. We were not solving a large enough problem that we could universally serve with a scalable solution. We had great technology, great data on shopping behavior, great reputation as a though leader, great expertise, great advisors, etc, but what we didn’t have was technology or business model that solved a pain point in a scalable way.
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For one, we stuck with the wrong strategy for too long. I think this was partly because it was hard to admit the idea wasn’t as good as I originally thought or that we couldn’t make it work. If we had been honest with ourselves earlier on we may have been able to pivot sooner and have enough capital left to properly execute the new strategy. I believe the biggest mistake I made as CEO of Imercive was failing to pivot sooner.
Free speech in Canada died today. Trudeau just announced a $600M initiative to give money to “journalists” who are “trusted sources”. Criteria to be set by people appointed by Trudeau.The media bashing Conservatives and the shameless promotion of Trudeau’s warped vision for Canada has just been subsidized by “his” taxpayers.It's amazing how much ingenuity and dedication Trudeau is capable of when he sets out to mercilessly mock “his” taxpayers.
For the specialist approach, I suggest finding a tangible, clear, and marketable "thing" you can package and sell-- 409A valuations, MVP mockups, setting up analytics and user metrics, A/B testing services, etc. In the early days, my “thing” was building financial models; I knew how to build a killer model from my days in investment banking, and I tailored the service for startups (and still build a ton of them today). The experience gained from helping startups in this way enabled me to expand into a variety of other areas, such as capital raise strategy, exit consulting and startup BD.
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To everyone out there sitting on the sidelines, debating over whether or not to jump in the pool — just go ahead and do it. You'll be forced to fight harder than you've ever fought before and you'll learn you can handle a lot more stress than you thought you could. Maybe it won't work out, and maybe you'll cry, too, but at least you will have tried.
Failures are stepping-stones to success and behind every failure, there are lessons learnt, experiences had, that provide one with wisdom that stays with them for a lifetime. A successful journey is often marked by failures along the way and one only reaches the destination when he/she continues to carry on with the journey. This is the necessary ingredient to get over a failure be it a startup or anything major in life, never give up. For Rahul Agarwal, Director of Wealth Discover, startups in most cases are ideas that are very sound on the paper but the actual implementation is tricky. Often founders jump onto an idea without proper planning and budgeting.
Consumers in the new industry have come to understand the value of the new offering, and demand grows rapidly. A handful of important players usually become apparent, and they compete to establish a share of the new market. Profits usually are not a priority, as companies spend on research and development or marketing. Business processes are improved, and geographical expansion is common. Once the new product has demonstrated viability, larger companies in adjacent industries tend to enter the market through acquisitions or internal development.
For the angel to have someone to make the check out to, you're going to have to have some kind of company. Merely incorporating yourselves isn't hard. The problem is, for the company to exist, you have to decide who the founders are, and how much stock they each have. If there are two founders with the same qualifications who are both equally committed to the business, that's easy. But if you have a number of people who are expected to contribute in varying degrees, arranging the proportions of stock can be hard. And once you've done it, it tends to be set in stone.
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A loan's stated redemption price at maturity is the sum of all amounts (principal and interest) payable on it other than qualified stated interest. Qualified stated interest is stated interest that is unconditionally payable in cash or property (other than another loan of the issuer) at least annually over the term of the loan at a single fixed rate.
As I mentioned before, it’s absolutely fine to crash your startup… just do it with integrity. Closing up a business is going to be emotional and stressful for everyone involved. So tread lightly and approach it with trust and transparency. Share openly with staff and investors the exact position of the company and your clear reasoning behind shutting it down. Thank everyone who supported you and ensure they are taken care of.
New uses of a product can also revitalize an old brand. A prime example is Arm & Hammer baking soda. In 1969, sales were dropping due to the introduction of packaged foods with baking soda as an added ingredient and an overall decline in home baking. New uses for the product as a deodorizer for refrigerators and later as a laundry additive, toothpaste additive, and carpet freshener extended the life cycle of the baking soda industry. Promoting new uses for old brands can increase sales by increasing usage frequency. In some cases, this strategy is cheaper than trying to convert new users in a mature market.
It could be said that entrepreneurs here are faced with two choices: push for further expansion, or exit the business. If you decide to expand further, you will need to ask yourself the same questions you did at the expansion stage: Can the business sustain further growth? Are there enough opportunities out there for expansion? Is your business financially stable enough to cover an unsuccessful attempt at expansion?