The latest episode of TechStars shows the entrepreneurs at week six of the program. It seems that most of the teams are settling in. This episode was filled with many great sound bite gems. It was the Fred Wilson and David Tisch show in this regard. My favorite is this one...
"They're about 8 weeks away from having to get a job."
I love this quote by David Tisch because it highlights a real problem for most entrepreneurs: having a short runway money-wise. Many, many teams face this dilemma.
Here are a few others...
"Don't make it too complicated." Fred Wilson (about the product)
"He is mind numbingly frustrating." David Tisch (about OnSwipe CEO)
"Do they have the entrepreneurial DNA to create an interesting and innovative company?" Fred Wilson
"I've been disconnected with his ability to relate with me as a person." David Tisch (again, about the OnSwipe CEO)
The Themes of this Episode
1. Name issues continue
This week three of the teams officially change their names. Homefield became Shelby.tv. Urban Apt transformed to Nestio and Socrated metamorphosed into Veri. Generally better names. The name change of the latter actually made Fred Wilson proclaim that this made them go "from the outhouse to the penthouse." Wiji's name, although not loved, sticks. For now.
2. CEO leadership
This theme showed up all over the show. Particularly questions about whether the CEO's had the right skills to be a great leader. The questions range from whether a CEO can sell, if another one has the ability to connect with people and yet whether another one can really build a business. We'll see the answers to this soon and I suspect at least one or more of these CEO's will pull through.
According to Bloomberg, 1/3 of TechStars companies pivot during the program. With Homefield and To Vie For looking at pivots it seems this class is on target with this. Some of the mentor's concerns with the Homefield pivot to a web-wide video recommendation site was that it's a crowded category and whether they had false passion for the category. To Vie For was also looking to pivot but to what? That still remains up in the air. As the CEO said, they're having an identity crisis. Looking forward to seeing what happens.
Pivots are common but tough to navigate. And sometimes they're something more akin to what I like to call Startup Schizophrenia under the guise of a pivot. Preparing a post about this. In the meanwhile, pivots are looking very possible for a number of our TechStars companies.
We'll see how this all plays out.