'You must be slightly delusional': 5 tips for building a startup from the Founder Institute - Technical.ly Philly

Business

May 12, 2017 11:15 am

‘You must be slightly delusional’: 5 tips for building a startup from the Founder Institute

The Founder Institute, which is bringing a 13-week course to Philadelphia next fall, hosted a pitch bootcamp during Philly Tech Week 2017 presented by Comcast.

A call for volunteers to pitch during Pitch Bootcamp.

(Video by Donte Kirby)

Philly startups, you are not a Silicon Valley unicorn but you can be a shiny pony.

Founder Institute (FI) is a startup launch program that in September is bringing their 13-week course to Philadelphia. The org has brought programming to Philadelphia before.

Apply here

Their goal is to create an ecosystem that breeds startups led by entrepreneurs that have the skills and veteran support to execute on a million-dollar idea.

Philly native Brenden O’ Hara, managing director of FI, accompanied by fellow FI director Kat Klasnic, gave a six-hour crash course on pitching a startup during Philly Tech Week 2017 presented by Comcast.

Brenden O'Hara gives pitch advice at Philly Tech Week 2017. (Video by Donte Kirby)

Brenden O’Hara gives pitch advice at Philly Tech Week 2017. (Video by Donte Kirby)

A few major keys to nailing not only a pitch but building a startup:

  • Stop worrying about people stealing your precious idea like Gollum.

“If your idea is any good you’ll have to shove it down people’s throats,” said O’ Hara. Being secretive prevents feedback. Feedback turns good ideas into great ideas. “What you value is execution over ideas.”

  • An elevator pitch should never include “I’m looking to raise money.”

Asking for money makes people shutdown and that’s counterproductive to making a connection. “You are not trying to sell,” said O’ Hara.

  • Be wary of false positive feedback about a startup idea.

“The opportunity cost [is] working on a business for a long time thinking people will pay for something when they really won’t,” said O’Hara. Failing fast and moving on beats failing slow.

Advertisement

  • Remember the Madlibs approach to structuring a pitch.

We solve [X problem] by providing [Y advantages] to help [Z target audience] accomplish [Z’s goal].

  • “To be in the entrepreneurial mindset, you must be slightly delusional in your head,” said O’ Hara.

Balancing irrational optimism with realistic objectivity is the tightrope every entrepreneur walks “because you have to believe you can do something most people don’t believe they can do.”   

-30-
VIEW COMMENTS

Advertisement

This new startup is turning Philly restaurants into daytime coworking spaces

NewSpring Capital, PCOM invest in vybe, a network of urgent care clinics [Update]

Dell Boomi, Perpay, Relay win 2018 PACT Enterprise Awards

SPONSORED

Philly

Vistar Media’s tech stack is not for the faint-of-heart

Philadelphia

Perpay

Product Designer

Apply Now
Philadelphia

Practice

Director of Sales

Apply Now
Center City, Philadelphia

IntegriChain

Senior Business Analyst

Apply Now

These 4 startups caught our eye at Philly Startup Leaders’ Entrepreneur Expo

CloudMine lays off one-third of its workforce

Stepwise progress, and why startups should embrace it

SPONSORED

Philly

Grow your small business with Salesforce at this Jan. 10 event

Philadelphia

Practice (Instructure)

Senior Software Engineer

Apply Now
Philadelphia

Practice (Instructure)

Senior Software Engineer in Test

Apply Now
Philadelphia

Practice (Instructure)

Software Engineer in Test

Apply Now

Sign-up for regular updates from Technical.ly

Do NOT follow this link or you will be banned from the site!