By Dana Stevens
Groovy ideas are not enough. Getting money for your startup requires a service or product that is interesting to your funders, a compelling business case, and trustworthy leaders. Then, aside from the weird exceptions, the expectation is that your startup will become profitable. At some point.
At the next Disruptive Technologists Meetup on Wednesday, April 1st, in New York City there will be a panel discussion on Balancing a Cool Idea with Profitability. Sign up at this link: http://www.meetup.com/Disruptive-Technologists-in-NYC/events/219435847/
Dotcomers don’t HAVE to be glamorous to be profitable. In the late 90s the dot-com boom was in full swing. It seemed that everyone was jumping on the Internet bandwagon to ride the electronic highway to untold fortune and fame. Everyday new businesses were being formed and funded with only a name, a concept, and the promise of future revenues. There were literally thousands of new dot-com businesses being introduced to the market on a wing and a prayer. The operating model during the dot-com boom was the antithesis of some unsexy companies structured approach to making money. The eventual dot-com collapse validated the benefits of operating disciplines and financial controls on the production of genuine profits. It crystallized the belief that the purpose of every business is profit.
Each of these new businesses was in hot pursuit of customers, striving to take the high ground and become the industry standard without enough capital to stay afloat. Of course, there were exceptions. Nowadays, investors are more selective about the product, the team, and the real opportunity to capture users and become a dominant player in its market.
Bruce Bachenheimer, Director of the Entrepreneur Center and Professor at Pace University will moderate the session with three, exciting panelists with hands-on experience and strong opinions on entrepreneurship, investing, advising, and what it takes to create a successful business: Ed “Skip” McLaughlin, Entrepreneur & Investor; Patrick Freuler, Founder of Disruptive Hearing Aids and Harry Edelson, Entrepreneur & Venture Capitalist.
Please pay PayPal when you RSVP. Students are free at door with valid school ID.