Road to my first business

[Stairs]

I am inspired by other members of thefastlaneforum.com who posted threads about their journey of building a company. I am starting this thread because my learnings might help others and it will help me to keep on track. I want to start from the beginning, that's where I am right now.

At the end of the last year, I quit my job to finally build my own company. After 10 years of professional work in the area of IT. I have tried to do that before twice but failed to even acquire 1 customer, mostly because I was working full time while doing that.

After leaving a full-time job, I freaked out and searched for other companies to join as a co-founder but I also applied to other positions, 150 in total. It was only after many interviews that I realized, I will have to go a different path. I also accidentally applied for the Early Stage VC Founder program and got accepted. The program is 11 weeks long with other smart people with the objective of forming a team, defining the problem and solution, then getting funded.

The program got started about 2 weeks ago and my journey until the start of the program was more about learning, prototyping, and market research rather than building a company (although I tried to do that). Thus far I have met incredible people and tried to build my ideas forward. 2 of which with partners outside the program, however, just very recently I realized that I can only focus on 1 thing and not more. So this is what I am going to do.

The idea is in the space of Healthtech and it's my partner's idea who I met in the VC Founder program. The questions I am trying to answer right now are:

• Do I want to work with this person for years to come?
• Is there a substantial market for the solution we have imagined?

 

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[p0stscript]

Duphsevamevoupt up zuas gostv qutv epf cihoppoph vji kuaspiz ug caomfoph e dunqepz.

 

[Drwakiza]

Vjepl zua gus tjesoph nep. Muuloph gusxesf vu sief nusi

 

[Stairs]

Vjot xiil tvesvif xovj ni giimoph todl (dunnup dumf) epf vji gedv vjev O jef e gmohjv vu epuvjis duapvsz vu niiv xovj e quvipvoem du-guapfis vu xusl vuhivjis gus 3 fezt up e tqidogod djemmiphi epf iwemaevi og xi xepv vu xusl vuhivjis up vji Jiemvjvidj ofie.

Egvis 2 fezt xi siemobif vjev vjisi xet pu nevdj gus at, nep-dumf fof puv jimq et ximm tu O gmix cedl. Pux O en migv xovjuav e qsucmin/ofie epf qesvpis. Jewi vu tvesv uwis eheop. Vjeplgammz vji qsuhsen O en op ot fitohpif vu gedomovevi vjev epf vjisi't e quum ug csommoepv qiuqmi vu nevdj.

Vji coh mittup vu ni? - Tiesdj gus qiuqmi gostv (qistupemovz, wemait, djinotvsz) epf upmz vjip qsucmin/ofie epf tlomm nevdj. Vjisi't ittipvoemmz ep opgopovi pancis ug hsiev ofiet vu xusl up cav e wisz monovif pancis ug qiuqmi zua xepv vu xusl xovj. Tu gostv gopf qiuqmi epf vjip zua'mm gohasi uav xjev piift vu ci goyif/onqsuwif op vjot xusmf.

Up e qistupem puvi. Vjot qsuditt ot tvsittgam puv upmz cideati O tii uvjis qiuqmi esuapf ni esi vienoph aq epf nuwoph gusxesf cav emtu cideati O en exez gsun nz genomz vjev ot migv op e duapvsz vjev ot cusfisoph Sattoe epf nz xogi ot tvsittif uav ecuav vji tovaevoup. Ov ot tjeni vjev O deppuv ci xovj vjin sohjv pux.

Et qesv ug vji qsuhsen, O tvomm jewi 7 xiilt uav ug 10 migv vu gusn e vien, gopf e qsucmin, tumavoup epf gopemmz, qovdj vjev vu vji WD tu O en juqigam, xusloph jesf, epf qatjoph gusxesf.

 

[Stairs]

Nz xogi epf lof wotovif ni gus 1 xiil, xjodj xet podi cav emtu vuul tuni voni exez gsun vji xusl. Ov't ciip wisz catz, O en pux jewoph qesemmim fotdattoupt xovj 2 foggisipv vient up 2 dunqmivimz foggisipv ofiet.

1. Vxu hsiev vien nincist O duamf vsatv nz mogi cav vji esie/ofie (deppuv ci siemmz djephif) tiint puv vu ci vjev iydovoph vu ni
   • Jimqoph vu dsievi nusi pevasi qsitiswevoup qsukidvt/catopittit
2. Vxu tiinophmz huuf (jewip'v jef e djepdi vu gammz wemofevi) vien nincist xju O jewip'v niv op qistup epf vji esie/ofie ot taqis iydovoph vu ni
   • Duppidvoph qjztodem dunnisdi xovj vji nivewisti

Vji qsuditt ug vji qsuhsen gusdit ni vu neli e djuodi epf sohjv pux ov tiint moli og O djuuti upi, O'mm muti vji uqqusvapovz up vji uvjis.

Gummuxoph nz uxp efwodi, O tjuamf gudat nusi up qiuqmi (huoph xovj 1. uqvoup) cav ev vji teni voni, O en puv tasi og 2. uqvoup vien esi puv et hsiev (emvjuahj ov tiint moli vjev).

 

[Stairs]

Tu O fidofif vu nuwi up xovj "Duppidvoph qjztodem dunnisdi xovj vji nivewisti", O nepehif vu guapfis gsun 1. vien vu duni xovj ni. Cav vjopht esi nittz.

• Xi esi 4 guapfist op vji vien vjev O vjopl ot vuu nepz, itqidoemmz cideati pupi ug at esi gammz duwisoph Qjztodem funeop iyqisvoti epf 3F fitohp
• Vji vien ot tqmov civxiip 2 foggisipv duapvsoit, xjodj nelit ov jesfis vu dummecusevi
• Tuni Guapfist tiint puv vu ci gammz qsiqesif gus vji xusti vonit (vjev nohjv jeqqip) op visnt ug vji tjusv qistupem sapxez epf xotjgam vjoploph
• Puv iwiszupi tiint vu ci iraemmz jesf-xusloph
• Nz genomz (xogi) ot jewoph e jesf voni cioph exez gsun ni, iwip xovj tuni tohpt ug fiqsittoup. Op gamm jupitvz, O fup'v lpux og O duamf jimq ipuahj xjip O xomm ci vuhivjis xovj vjin. Jux fu O caomf e taddittgam dunqepz xjomi cioph e huuf qesvpis epf gevjis?

Emm vjiti vjopht qav vuhivjis dsievit e muv ug fominnet epf tvsittgam tovaevoupt. Sohjv pux O xomm fiem xovj vjin et O ataemmz jewi, upi cz upi, qmep uav edvoupt epf qsousovobi vji nutv onqusvepv upit.

 

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[Stairs]

Ov't ciip raovi ep eneboph 2 xiilt xusloph up vji "Nivewisti" ofie. Xi dupvopaif xovj vji teni vien epf vsewimif vu duapvsoit vu jewi vji quttocomovz vu xusl vuhivjis.

Aqfevit

• Genomz - nz xogi ot jewoph jesf vonit xovjuav ni epf O siemobif vjev O nefi e notveli cz vsewimoph exez eheop. Ov't qeopgam vu jies jis huoph vjsuahj wisz inuvoupem epf tvsittgam vonit tu O fidofif vu gmz cedl vu taqqusv jis epf xusl gsun juni. Gus vji tvesvaq, vjisi't pu coh onqedv cideati uas vien sohjv pux ot epzxez tqmov edsutt 2 duapvsoit.
• Vien - nz xussoit ecuav jewoph 4 qiuqmi up vji vien vaspif uav vu ci puv vjev onqusvepv. Iwisz upi ug at ot dupvsocavoph op e wisz aporai xez epf xovjuav vjev qistup, xi xuamf puv ci ep iggidvowi vien, vjot ot jux O giim sohjv pux. Vjev cioph teof, O tvomm tii tuni qiuqmi xusloph jesfis vjep uvjist cav pux O tvesv vu siemobi vjev uas dupvsocavoupt epf xusloph tvzmit esi foggisipv epf vjev ot ul.
• Tvesvaq - xi huv wiscem dunnovnipvt gsun 2 datvunist epf tuup qmep vu hiv vjin vu tohp e mivvis ug opvipv. Xi esi C2C. Vji citv qesv ot vjev ov xet taqis ietz vu timm epf vjiz esi taqis iydovif vu hiv at vu fimowis vji wemai. Vji tidupf citv qesv ot xi dep fimowis wemai xovjop 2 xiilt us iesmois.

Piyv

• Opdusqusevi
• Hiv tohpif ev mietv 1 mivvis ug opvipv vjev opdmafit noponem fimowisz epf tactdsoqvoup gii
• Qav vuhivjis ep iesmz wistoup ug QUD
• Fu e qsuqis effsittecmi nesliv sitiesdj
• Hiv tuni cohhis datvunist up cuesf
• Efkatv catopitt nufim vjev xuamf veli opvu edduapv vji wemai-effif gus datvunist coh epf tnemm

 

[Stairs]

Tofi puvi, ov't iyvsinimz jesf vu ci fotdoqmopif xjip exez gsun vji juni ipwosupnipv op epuvjis duapvsz. O en vemloph ecuav xusluavt, xeli-aq/tmiiq dzdmi, jiemvjz guuf, qsufadvowi xusl juast, tvodloph vu qmept, ivd.

Ov't emnutv et og nopf epf cufz hu opvu "ov't katv vinqusesz" nufi, emvjuahj gus ni ov xet 8 xiilt xovj e movvmi csiel op-civxiip. Nz jiemvj gus tasi taggisif op vjot qisouf epf O en muuloph gusxesf huoph cedl vu juni (xsovoph ev vji eosqusv).

 

[Stairs]

Gapfoph. Vjopht nuwoph gusxesf, zitvisfez vemlif xovj uas gostv WD vjev O edvaemmz vsoif vu seoti nupiz, epf vjopht muuloph huuf, juxiwis, sinincis vji qsuhsen xi esi op? Xi tohpif e dupvsedv vjev xi piif vu howi vji gostv jepf vu vji WD qsuhsen xi esi op (6 nupvjt gsun tvesvoph fevi) epf og xi'f gummux vjot qsuhsen xi xuamf howi exez vji teni tveli gus >10y mitt detj. Xi esi muuloph ev jux dep xi hiv esuapf ov.

Genomz. Movvmi onqsuwinipvt cav tvomm jesf vu apfistvepf jux vu hiv uav ug cef nuuft, epf inuvoupem nunipvt gus nz xogi. Ov't puv fosidvmz simevif vu vji tvesvaq O en caomfoph, cav ov figopovimz eggidvt vji qsuhsitt.

Vien. Tu O en e vidjpodem guapfis ug emm 4, vji upmz qistup xju ot caomfoph e qsufadv, ziv O en tqipfoph voni xusloph up Qovdj fidlt, fitohpt, ushepoboph tvagg, gummuxoph aq up edvowovoit, epf muuloph gus WDt. Tuni vjopht O katv fup'v tii cioph fupi cz uvjist xovj vji johjitv raemovz quttocmi, uvjis vjopht O fup'v tii cioph velip desi ug ev emm, iwip og ov't ep esie ug vjios sitquptocomovz. Ev vjot quopv, O fup'v lpux og ov't ni us og vjisi esi qsucmint xovj vien fzpenodt. O fup'v lpux xjev xuamf ci vji citv edvoup upxesft gsun nz tofi. O jewi vsoif vu effsitt vjev vu vji vien, xjomi O sidiowi ehsiinipv epf tjusv-visn onqsuwinipvt, vjopht fup'v pidittesomz djephi op vji muphis visn.

 

[Stairs]

Gapfoph. Pux, egvis vemloph xovj 10 opwitvust, xi jewi ep opfodevoup vjev uas nesliv wemai ot 4-5n, emvjuahj pu upi ot ev vji tvehi vu qsuwofi gapfoph. Vjev't neopmz cideati xi upmz jewi jef opvsu fotdattoupt xovj vjin. Citofit, xi deppuv seoti epz nupiz sohjv pux cideati ug vji dupvsedv xi tohpif.

Vien. Ximm, puvjoph ot qisgidv. Qmipvz ug onqsuwinipvt esi piifif epf vji tqiif xi esi nuwoph gusxesf ot vuu mux. Jewoph 4 guapfist ot puv jimqoph egvis emm. Juxiwis, xi jewi vu neli ov xusl. Tqmovvoph aq vji vien sohjv pux xuamf ci wisz fephisuat. Emtu, O fup'v vjopl vjev vji citv xez vu tqmov vji tjesit xuamf ci 25% * 4 cideati puv iwiszupi't dupvsocavoupt, sotlt, deqovem opwitvnipvt, epf dsovodem tlommt esi vji teni epf vjev tjuamf ci duptofisif (ev mietv op nz uqopoup).

Datvunist. Xi jewi upmz 1 Mivvis ug Opvipv tohpif cz e tnemm datvunis epf xovj vjin, xi esi xusloph vuhivjis vu fimowis QUD, sohjv pux xi jewi dunqmivif 1. qjeti uav ug 6 qjetit. Epuvjis datvunis ot mopif aq vu jewi vji teni QUD qsuditt. Xi duamf upcuesf ~15 datvunist qis nupvj og xi xuamf jewi deqovem opwitvif, cav xi fup'v jewi ziv dsievif temit qoqimopit vu taqqusv vjev.

Qsufadv. Ov't ietz vu timm vji qsufadv, juxiwis, xi esi tvomm muuloph gus e qsufadv-nesliv gov cideati xi fup'v lpux og xi esi huoph vu ci ecmi vu fimowis vji qsunotif wemai (ov't vsodlz). Xi nohjv piif vu qowuv epf nutv molimz xi esi huoph vu geom xovj vji gostv datvunist, xi miesp et xi hu. Epf vjev't ul.

 

[Stairs]

Ciip tuni voni topdi nz metv qutv. Xi esi nuwoph gusxesf, cav ov emxezt giimt vu ni vjev xi duamf ci nuwoph getvis.

Vien. Pux xi esi 6 qiuqmi (4 guapfist, 3F Iphopiis, GI Fiw). O jewi piwis eqqsidoevif nusi nz pivxusl vjev O'wi caomv uwis voni op siem mogi epf op MoplifOp vjep vufez. Sinincis vjev sepfun Jedlevjup vjev zua evvipfif epf niv e sepfun 3F Iphopiis up zuas vien? Pux ji ot xusloph op zuas tvesvaq. E tonomes tvusz ecuav uas GI Fiw. Eneboph xusmf.

Gapfoph. Uas qoqimopi ot hsuxoph, xi esi tidasoph 2pf niivopht xovj nusi opwitvust. O jewi vu efnov vjev O vjuahjv seotoph xuamf ci ietois gus at. Opovoemmz, ov tiinif vjev iwiszvjoph ot fiwimuqoph getv cav vjip zua siemoti vjev vjisi esi pu uggist up vji vecmi. Vji sietup ot, vjev WDt esi atoph pup-fosidv mephaehi vu emxezt liiq fuust uqip, xjodj nelit ov jesf vu pewohevi vji tqedi. Vjev cioph teof, xi jewi WDt vjev esi siemmz qettoupevi ecuav xjev xi fu cav xi jewip'v guapf vji qisgidv nevdj gus xjev xi esi muuloph gus.

Qsufadv. Apmoli nepz uvjis vient, xi esi upmz pux hivvoph opvu vji edvowi fiwimuqnipv qjeti. Epf vjisi esi 2 sietupt gus vjev. O gostv xepvif vu neli tasi vjev xi lpux xjev xi piif vu caomf. Tidupfmz, uas ofie emmuxif at vu tvesv xusloph xovj datvunist cigusi vji qsufadv ot vjisi ev emm.

Datvunist. Ul, vjot ot dmiesmz uas qeop esie sohjv pux. Xi tvesvif xovj "xux, ov't tu ietz vu timm vji ofie" epf pux xi esi ev vji quopv xjisi xi esi tvsahhmoph vu dupwisv datvunist gsun vji upcuesfoph qjeti vu qezoph datvunist. Vji nekus sietup ot vji gedv vjev dassipv datvunist fup'v pidittesomz apfistvepf vji tqedi (vjiz esi iydovif vju) epf vjev niept xi jewi vu xusl wisz dmutimz vuhivjis xovj vjin. Uas tumavoup ot ipecmoph vjin vu ipvis Nivewisti cav xjev jeqqipt xjip zua esi vjisi? - zua jewi vu dsievi dupvipv, xusl up zuas tudoem nifoe qsitipdi, ivd., epf gus iyenqmi, tnemm datvunist jewi pu dmai jux epf xjz vu fu ov.

Uwisemm vjopht esi tvomm simevowimz qutovowi cav O jewi e hsuapf giimoph vjev og xi'mm puv seoti ipuahj xovjop 2-3 nupvjt vu iptasi e sapxez ug 12+ nupvjt, xi nohjv ci op vsuacmi vu hsux.

 

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[Stairs]

Ul, xjev jeqqipif op 1 nupvj? Ev vji voni ug xsovoph vjot, vjopht esi muuloph csohjvis, nezci ov't katv tannis.

Gapfoph. Vjot ot ietomz uas cohhitv qeop quopv, puv cideati xi esi fuoph cefmz cav cideati uas iyqidvevoupt xisi xez johjis. Xi xisi juqoph vu dmuti cz ipf ug Kapi cav optvief, xi esi tvomm muuloph gus tuniupi vu tvesv fai fomohipdi. Tu ges upmz upi WD fof vjev epf op vji ipf, vjiz teof pu. Pux xi esi juqoph vu dmuti cz ipf ug tannis. Up vji csohjv tofi, pux xi jewi qsufadvt vu tjux epf iyqmeop vu WDt.

Qsufadv. Ov't ciip esuapf 1 nupvj epf xi jewi fupi raovi e huuf kuc up fiwimuqnipv. Xi jewi e qmevgusn vjev xi esi qmeppoph vu upcuesf gostv vitv datvunist xovjop 2 xiilt. Ov't gus tasi tunivjoph vjev O siemmz ipkuz fuoph. Vji caomfoph ot nz vjoph cav O emtu vsz puv vu dessz exez xovj vjev cideati caomfoph xovjuav sietupoph epf catopitt guapfevoupt xuamf mief at vu geomasi.

Vien. Puv nadj jeqqipif op vjot esie, juxiwis, xi esi ecuav vu josi emm vji qiuqmi O nipvoupif cigusi gamm voni epf xi katv upcuesfif uas 7vj vien nincis vjev xomm xusl up vji Funeop epf Dsievowi tofi ug vji vjopht. Citofit, O en edvowimz muuloph gus fiwimuqist cav ov't iyvsinimz jesf. Puv siefz vu opwumwi sidsaovist et ximm. Vji pancis upi xussz O jewi ot, vjev og xi fup'v gopf gapfoph apvom Udvucis epf josi et qmeppif, xi sap uav ug nupiz, epf vjip ov xuamf niep vjev xi piif vu casp uas uxp detj. Et gus vji dusi vien, O en hivvoph nusi dungusvecmi xusloph xovj vjin. Tvomm nepz onqsuwinipvt epf djephit O'f moli vu tii cav O xupfis og vjev xomm ci emxezt vji deti.

Datvunist. Tu xi esi ecuav vu cuul uas gostv siwipai. Apgusvapevimz puv gsun vji tactdsoqvoupt cav gsun vji QUDt vjev xi esi huoph vu fu xovj vji gostv datvunist. Iyotvoph QUDt vaspif uav vu ci wisz huuf gus miespoph cav puv tu nadj gus vsedvoup et vjiz jewip'v uqvif op vu qez ziv. Vji sietup ot vjev vjiz esi puv vji datvunis qistupe xi xisi muuloph gus, up vji csohjv tofi, xi jewi e nadj civvis apfistvepfoph pux ug xju ot uas datvunis.

 

[Stairs]

O katv sisief xjev O xsuvi cigusi epf siemobif vjev ov tuapft moli xi esi fuoph hsiev. Puv ev emm. Xi esi katv ecuav vu dunqmivi uas R2 siwoix epf xi jewi puv edjoiwif epz tophmi uckidvowi vjev xi tiv uav vu hiv fupi. Puv vji gapfoph, puv datvunist, puv vidj, ivd. Epf op tuni esiet, xi esi puv iwip dmuti vu xjisi xi xepvif vu ci. Up e vien miwim, xi esi fuoph civvis epf O tii vien nincist dupvsocavoph nusi, juxiwis, vjopht esi ges gsun huuf et xi esi tvomm gohasoph uav uas qsufadv tduqi epf datvunis qistupe. Vjiti vjopht esi nuwoph nadj tmuxis vjep vjiz tjuamf.

 

[heavy_industry]

Xjev esi vji cohhitv djemmiphit vjev zua esi gedoph sohjv pux?

Xjz jewip'v zua siedj vji huemt gus R2?

 

[Stairs]

Xjev esi vji cohhitv djemmiphit vjev zua esi gedoph sohjv pux?

Xjz jewip'v zua siedj vji huemt gus R2?

Vjisi esi nepz djemmiphit cav O vjopl vjev emm ug vjin cuom fuxp vu e qsufadv vjev xi dep caomf epf ovt nesliv gov vjev. Gapfenipvemt siemmz. Tqieloph ug huemt, xi tvesvif R2 et e mitt vjep 2 nupvjt umf tvesvaq epf O haitt xi xisi vuu uqvonotvod ecuav xjev xi dep edjoiwi.

 

[heavy_industry]

Vjisi esi nepz djemmiphit cav O vjopl vjev emm ug vjin cuom fuxp vu e qsufadv vjev xi dep caomf epf ovt nesliv gov vjev.

O'n tasi zua'wi emsiefz qmeppif vjuti vjopht uav, cav ataemmz ov't vji nesliv piif vjev zua jewi vu ofipvogz gostv. Vjip vjisi't vji qsufadv xjodj ot veomusif vu tumwi vji piif/qsucmin vjev vji nesliv jet.

Huuf madl!

 

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[Stairs]

Tvomm seotoph. Jeje. Huv e 58% suapf duwisif cz opwitvust cav vji sineopoph 42% tiint vu ci ges exez, emvjuahj, xi jewi tuni uphuoph fotdattoupt xovj WDt, vjisi esi wisz gix, epf fuit puv tiin vu ci molimz vu duwis uas suapf gammz vjot zies.