Hi all,
In this week’s episode, Alice Bentinck, CEO and Co-Founder of Entrepreneur First, shared her take on how to create world class productive partnerships and the secret to finding your market edge.
These are the ideas we discussed that resonated with me the most:
#1 - Right to Succeed x Desire to Do So:
We discussed how crucial it is to use your unique skills and backgrounds - your 'edge' - to your advantage. This is your right to succeed, your super power, and without this most founders will struggle - particularly when it comes to spotting opportunities that are invisible to others.
It’s not all about passion though - in fact Alice considers herself a “passion sceptic”. Don’t forget the importance of wanting your startup not just to exist but to succeed financially. The key is finding the perfect balance between being driven and identifying a real business opportunity.
Your next step: Think about your own unique abilities and experiences. How do they set you apart in a competitive market? At the same time - make sure your startup isn't just a passion project but also has a clear roadmap to making money.
#2 - The Hunt for the Perfect Co-founder:
Finding a co-founder is just about the most important decision you can make in your startup journey, and should be a thoughtful process, not just picking whoever is available. The right partner can be the difference between success and failure.
We talked about the potential magic of co-founders who don’t seem to match on paper but end up creating innovative solutions together.
Alice told the success story of Sasha, a physicist, and James, part of the Facebook harmful content team. Despite their vastly different backgrounds, they co-founded Unitary, a company that developed a novel method for online harmful content detection, that has recently gone through a $10m seed round.
Your next step: Look outside your immediate circle for co-founders. Go to networking events, join relevant platforms, and keep an open mind. A good partnership should have skills that complement each other and a shared vision for the future.
#3 - From Day Zero to Day 90
Alice’s rule of thumb is that your Minimal Viable Products (MVPs) can’t be too minimal - so even those that might seem basic are a great starting point. The strategy here is all about learning quickly from real feedback.
Beyond this true success comes from uncovering something unique - a 'secret' - that gives you an edge in the market. We spoke about Airbnb as an example of this, with its bet on people's willingness to stay in the homes of strangers. A gamble that paid off.
Next is laying solid groundwork in the first three months that is vital for setting your startup’s direction. Alice stresses the importance of focusing on customer discovery and product development to meet real user needs.
Your next step: Launch your idea, however unfinished, and prepare for the feedback. Customer reactions are invaluable for refining your business idea. Early embarrassment is a stepping stone to ultimate success.
Alice’s experiences with Entrepreneur First illustrate a fundamental truth of the startup ecosystem: success hinges not just on the idea itself but on the people driving it, their resilience, their capacity to adapt, and their readiness to accept imperfection on the path to achieving something truly remarkable.
Until next week,
Dan
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Could China breach your company’s security?
You might think this is tin hat territory but UK startups are increasingly at risk of state actors stealing their stuff.
We know this because the UK security services are the ones ultimately behind the “Secure Innovation” campaign we’re helping promote to UK startups.
If you want to know if your security is good enough, check out NPSA.gov.uk/innovation and download their free Quick Start Guide.
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