My way

In my recent coaching session I realised (for the second or third time) that I didn’t want to build one of those Silicon Valley unicorns (even if I could).  And whilst I was disappointed not to have won funding with Y Combinator I actually didn’t want what came with the cash, i.e. the pressure to build something vast, fast and potentially out of kilter with my purpose.

My friend Tom said someone told him he needs to decide which kind of founder he is: the type building to exit or the ‘Steady Eddy’; the latter isn’t investible, only the former.  The latter’s startup is also pejoratively described as a “lifestyle business”.

I personally think it’s BS.

You can’t have it both ways: purpose-driven and wanting to exit in five years.  Now I’ve got really clear about my purpose, I don’t want to build a business that delivers on it just to sell it.  I’m here for the long haul.

As often the case, it was Miffa the coach who held the mirror aloft and made me see that the accelerator applications have sucked up a lot of time, diverted me on an unsustainable path and caused a bunch of heartache when I didn’t win.

Several months ago I told her I wanted to build a business turning over a few million quid to create wealth for 10-20 employees who all love what they’re doing, helping businesses connect more deeply with their customers.  I’d like a sign on the door, to do some good in my community and spend my time working with (ideally smaller) businesses. Rather than constantly pitching to investors and then rushing to spend what they invest.

I suspect this has a bit to do with age and my time of life.  I’m up for building but I’m not up for pretending I’m something I’m not.  My guess is I wouldn’t last more than a few weeks.  And that’s maybe what Y Combinator saw.  And that’s ok.

So what am I going to do?

Well in truth not much different.  I’m just going to formalise what I am already doing.

The Silicon Valley version of Familiarize was all product, Monthly Recurring Revenues, millions of users, algorithms, data science, AI.  Low touch customer service, definitely no coaching or consultancy.  Growth hacking our way to billion dollar revenues.

But a bigger part of me sees how animated I get when I talk to real people, when I see a lightbulb turn on as they realise they’ve been targeting the wrong customer or they’ve discovered an insight that turns out to be pivotal for their business.

And customers are people who need our help, not just give us data.

There has always been a part of me that’s wanted to teach (before lockdown) – and teaching businesses how to do customer discovery is something that gives me a kick, sharing what I know, training trainers.

And of course the best bit is talking to real customers.  Something I’ve always loved since my decade at John Lewis as a kid, fascinated why they customers do what they do. 

So Familiarize is coaching, training and consultancy – around a really cool (one day) product that both helps do customer discovery better, stores all your experiment and validation data, and acts as an early CRM to find and enrol customers. Like this:

I think it’s enough, more than enough in fact and it marries my purpose and skills with what a pretty large number of customers seem to need.

The lesson for me is that we always need to keep taking stock, reflecting what we’re learning and be open to challenge ourselves.  Here’s some tips to help think through what’s next as this year draws to a close:

1.     It’s good to feel uncomfortable (like the accelerator route made me) but check it’s uncomfortable because it’s stretching not because it’s misaligned.

2.     When you’re avoiding something – like I’ve been avoiding consultancy and training – check it’s for the right, strategic reasons.  My obsessive focus on product has let me off the hook from earning money this year because the product’s not yet ready – it’s also piling pressure on the product to be earth-shattering, which as an MVP it’s unlikely to be.

3.     Look at what lights you up – the things you enjoy and ignite your energy and passion – other people, your clients, talent and partners will see this and want it.  Don’t hide your light under a bushel (whatever a bushel is).

4.     Don’t get too narrow about what you do. Focus is important but when you start out you’re learning and validating what your customer wants.  Think about ancillary, complementary products – and also about the wrapper in which your offer sits.

5.     One thing I have not explored in 2021, but I want to prioritise in 2022, is partnerships.  I think I’ve got fixated on the notion that I have to offer everything, which is a nonsense.  Partners can help you scale, generate leads, innovate and offset some of the loneliness of operating alone.  Are there other businesses you could connect with to help your business grow?

I’m not saying never to some external investment – and an accelerator that brings more than just cash holds some attraction.  But not right now.

As we all know a month as a startup feels like a year in a corporate, so anything can happen – and that’s what I love most.  But for now I think this more expanded offer is the way to go.  Off to test…

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By the way I am back looking for retailers, coffee shops, event companies, makers who use SQUARE as their point of sale.  I would be incredibly grateful if you could connect me to any you know.