EP151. Vitaly Golomb: Accelerating Your Startup!


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Vitaly Golomb is a venture capitalist, serial entrepreneur keynote speaker and author of Accelerated Startup; a former founding partner at HP Tech Ventures, which is the corporate venture arm of Silicon Valley’s original startup; he’s currently Managing Director and Global Head of Principal Investments at IEG Investment Banking Group; he’s a contributing writer to TechCrunch; and he’s a top-ranked mentor at a number of startup accelerator programs.

 



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=Highlights=

  • A great list of accomplishments for Vitaly Golomb at golomb.net.
  • Here’s what made Vitaly get into mentoring startup program.
  • A techie at 13, he started running companies while in college. 
  • Before he went to the “dark side” he had an office in the Ukraine and then began mentoring others, and this is what he noticed.
  • Entrepreneurs around the world had these same issues.
  • These activities in Europe, Asia and China lead him to write his book.
  • You should listen to his TedTalk mentioned here because few have gone through such adversities and come out on top.
  • How do you accelerate a startup?
  • What is a startup? Is every new business a startup?
  • Are you doing something different that no one has done before?
  • Are you doing something that has no roadmap, because it’s completely new?
  • This is precisely where mentoring comes into play. 
  • Are you going out there, into the wilderness without a map?
  • You have to do this to make less mistakes and get closer to your goal.
  • Is the way to accelerate a startup, to throw money at it? You will be surprised to find this out.
  • Here are some of the actions that Vitaly can bring to the table that can truly help a startup become successful.
  • If your business is going the wrong way, this will happen by throwing money at it. Surprising.
  • Did you ever guess that having constrained resources will accomplish this fact?
  • There are plenty of stories of companies being over-funded and having this action happen to them.
  • Milestone or stage-based startups. Is that good?
  • Expanding a startup is like a video game. You have to beat the boss to move up to the next level. Check this out.
  • There are 3 general areas in the startup journey described here.
  • Are you trying to get a product-market-fit? 
  • Are you trying to find the customer for your product which solves a problem for them that they must have?
  • Do you have a product that almost sells itself?
  • The most fun part of the startup journey is the transition.
  • Now that you hit this level, you really graduate and become a company.
  • Do you see the same small company at conferences, year in, year out, and they are doing the same thing on a very slow basis? Vitaly tells why.
  • The goal here is to graduate to the next stage and become a company as fast as possible.
  • Here’s a breakdown on how financing works to grow a company.
  • At this point, now you can raise seed capital.
  • When you have proof of concept, your making money on every customer, you can raise series A.
  • When you really start showing that your scaling and these steps… then you can raise series B.
  • Think of your business like this: it’s a science experiment.
  • What makes a startup special?
  • What is attractive and makes it a win-win for a venture capitalist?
  • There is a limited time for a startup idea to graduate before it becomes enterprises. So there is going to be a race there.
  • When Vitaly listens to a founder and entrepreneur pitch their startup, he asks these two questions.
  • Vitaly talks deeply about taking companies to $100 million, $300 million, and even a $ billion revenue company. 
  • This interview with Vitaly Golomb is not about making a million a year, or in that range. It’s a much bigger game…
  • Now, we move into the entrepreneur world a little bit deeper here. 
  • What do entrepreneurs need to get going?
  • What are some of the big mistakes entrepreneurs make?
  • This one point is the most important by far.
  • You will see this in all the surveys of failed startups. 
  • Vitaly Golomb gives a list of actions here to take to grow your business.
  • Vitaly made this mistake with a company and shares his wisdom.
  • The more successful you are, the more of these things will show up to get in your way.
  • A little bit of info on Vitaly Golomb’s book, Accelerated Startup.
  • Touring at least 20 countries a year, Vitaly sees these same problems with startups. All of these are in his book.
  • Vitaly writes how to take your idea, turn it into a product, and turn that into a company.
  • Every step imaginable is in Vitaly’s book on how to truly build your business up to your first 10,000 customers.
  • Vitaly’s book is available in hardback, on Amazon, on Kindle, as an e-book, audio book…the works.
  • Vitaly Golomb shares his personal motivation and drive. Heartwarming.
  • Check out Vitaly at golomb.net.  

 

 



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Vitaly Golomb provides an exact and detailed roadmap for any startup to accelerate rapidly to the hundreds of $ millions in a few years. Listen up to someone who’s done it over and over, and over. He knows what he’s talking about and gives some great information. This is a must for anyone that wants to grow their business!

 



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