The most common mistake companies make is not launching their MVP (Minimum Viable Product) quickly enough; you should aim to launch within two months.
@Startup Istanbul
MS
Michael Seibel
To achieve virality, your product must inherently encourage sharing from day one, rather than treating sharing as an afterthought.
@Startup Istanbul
MS
Michael Seibel
It's better to brainstorm startup ideas with your teammates early on, as one member usually has the kernel of an idea that can develop into the company, and discussing it helps everyone feel ownership.
@Startup Istanbul
MS
Michael Seibel
Incorporating in the US is a straightforward process for $250, which allows you to raise money from American investors.
@Startup Istanbul
MS
Michael Seibel
For Silicon Valley investors, growth is the primary metric for determining whether to invest, more so than team or past experience.
@Startup Istanbul
MS
Michael Seibel
If you're in B2B, focus on reference customers who can provide excellent service and spread the word about your company.
@Startup Istanbul
MS
Michael Seibel
Conduct thorough market research to determine if there are billions of dollars being made in your market, and analyze your competitors' products to inform your strategy.
@Startup Istanbul
MS
Michael Seibel
To start a technical startup, you need at least two to four co-founders, with at least 50% of them being engineers, and everyone should have a year's worth of living expenses saved up, which means living frugally, not in luxury.
@Startup Istanbul
MS
Michael Seibel
Focus on solving daily and weekly problems rather than monthly or yearly ones, as they tend to be more successful in the market.
@Startup Istanbul
MS
Michael Seibel
Most early-stage PR can be handled by the founders themselves; spending on PR firms is often unnecessary and can waste significant resources.