This article is written by Jeremiah Uke, a Contributor Author at Startup Istanbul.
Vitaly M. Golomb is a tech investment banker and angel investor who started as a serial entrepreneur in the Silicon Valley trenches as a teenager. He is the Co-founder and Managing Partner of GS Capital, mid-market M&A boutique and advisory firm. He is the author of “Accelerated Startup: Everything You Need to Know to Make Your Startup Dreams Come True from Idea to Product to Company”, speaking at Startup Istanbul 2014, Vitaly talks about why it is important to startup here and startup now.
Mr. Golomb is one of the most dynamic and in-demand speakers and trainers in the world of startups, venture capital, and corporate innovation. He is a contributing writer to TechCrunch and a top-ranked mentor by accelerators and business schools in the US, Europe, and Asia. His experience in various countries allows him the experience to talk about how startups can start from anywhere and thrive.
In defining your startup, picking a growing industry is key because it automatically aids the growth of startup, you want to go for current trends, it’s important to try and look for where the industry is going and you want to be at the start of that trend.
Very early on in your startup, the main ingredient is your team, it is important for everyone in your startup team to have his own specialty, and the team has to consist of 3 things, most importantly your team has to have a good level of expertise in the problem you are solving.
Engineering Is very important too, if you are a software company, you need to be able to execute software yourself without having to outsource. Design, you have very little time to get the attention of your customer, they don’t care about what technology you use, they care about the user experience, so you have to design the user experience first, before engineering. You ultimately need to have an unfair advantage.
As entrepreneurs, you have to win your home market first, use your home market as a laboratory, because at home you know the culture, and you have a personal support network, when and if things don’t work out, you will need the support of your family and friends. After winning your home market, you can go to the next market, do not rush off to the “startup Olympics” in Silicon Valley.
Going through your startup, you will have a number of battles and experiences, this gives you a chance to give back by becoming a mentor to help and build your community, without that, there will be no ecosystem because there is no open source knowledge. You also need to help build that ecosystem, building an ecosystem is a combination of talent, regulations, density, capital, and culture. In conclusion, it is important to do it now, do not wait for anything, if you work in a big company you need to leave your comfort zone and go start that business, because if you don’t believe in yourself, investors certainly won’t.