I recently met with some very cool new entrepreneur friends. After working with them a few days, we decided to help them accelerate their startup. While discussing with them the startup valuation process and different investment scenarios, I explained we don’t operate like a traditional accelerator business model in Silicon Valley, or the hundreds of accelerators sprouting up all over the world.
“I love your startup … it’s a billion dollar play,” I told the two entrepreneurs.
“Thank you. We believe it’s a billion dollar play too,” one of them answered back.
“Our business model is different than others. We don’t focus on any outside startups unless we feel they are billion dollars plays. Do you know why?”
“No,” one of them said.
“Because we have plenty of our own billion dollar ideas that we are working on getting out into the marketplace. And we are disciplined to not work on more than a few at a time as a venture accelerator,” I said.
And it really comes down to that kind of focus. When entrepreneurs come to me to fund them in the seed stage or help them raise the next round of capital, they have to meet our internal accelerator litmus test. If the quality of their idea doesn’t meet our billion dollars potential market analysis, we don’t move forward with the opportunity because we have plenty of our own ideas.
We went through a rigorous exercise analyzing the funding and market launch sequence. It was like being in a command central of a major war. It was an incredible learning experience to be surrounded by four Commandopreneurs who understand what it truly means to be living daily in the entrepreneur trenches.
Right before we headed for the bar after a long day, I closed the conversation by saying, “Let’s make a billion.” There was no argument about that statement — but a bunch of high-fives.
In hindsight, there is nothing wrong with having that kind of entrepreneur attitude when you’re sitting on a billion dollar idea. Now comes the execution, and having a Commandopreneur mind can only be more than helpful to that billion-dollar journey. Share your thoughts by commenting below.
© 2013 entrepreneurdex
An entrepreneur and investor, with more than 25 years experience, he's worked with ventures in the technology, internet, media and publishing, entertainment, energy, and manufacturing sectors raising more than $300 million in capital for various companies and investing more than $50 million into startup and emerging ventures. He's sat on the boards of 11 companies, served as editor-in-chief of Futuredex, a private equity magazine. Follow Damir on Google+