10 tips for averting startup failure

What’s the secret to high-tech startup success? One-time tech company founder Mark Goldenson offers some words of wisdom for cleantech entrepreneurs in an enlightening commentary titled, “10 lessons from a failed startup.”

Goldenson and parter Dev Nag co-founded a firm awhile back called PlayCafe. The Internet television network for games was a hit with users who found the site, but didn’t draw in users in large enough numbers to generate success.

Goldenson’s hard-earned lessons from the experience?

1. Line up funding as quickly as possible, rather than hope for top-name investors who might not come on board fast enough;
2. If you’re starting a content-based business, realise it’s an “order of magnitude harder than technology”;
3. Aim for speed and “good enough,” rather than take too much time trying to achieve perfection;
4. Understand that your time is worth money;
5. Unless you yourself are an expert at marketing, hire a pro;
6. Know — and manage — the cost of attaining each customer;
7. Take advantage of partnerships, even informal ones;
8. Raise more money than you think you’ll need;
9. Always leave yourself options in negotiations; and
10. Realise there’s a difference between knowing and doing.