Richard Cristina

All, ideation, validation

Do your customers want what you have?

Founders have great ideas. Founders have amazing ideas and are looking to solve meaningful issues that contribute to a better society. Their ideas are often born out of a pain they have faced themselves; I call this the light bulb moment or, one where they are dealing with the problem already at their workplace and have found a more efficient way to market. Being flexible and open-minded in the early ideation stage is important, however, do not sell your solution at this early stage. Conducting a thorough validation process is key and can potentially make the difference between success and failure. I’m often asked, what should you validate? I like to refer to this process as the ‘validation triangle’. Founders need to explore and challenge their current assumptions of these three points of the validation triangle to achieve product market fit  - Validation Triangle - Pain 2. Market 3. Product Be curious and thoroughly explore everything there is to know about these three areas with your customer.  That includes the relationship your customer has with the problem and how they deal with it today. Find out what solutions they use now and why, what is working, and what can be improved. If you’re doing this much, you’re on your way to being a great listener and finding the gaps in the market, the spaces you can crawl through, to find your unique positioning. We call this your secret sauce. Do not sell your solution at this early stage The challenge is trying to go against your natural tendency to hear what you want to hear. We often do it both in our personal and professional lives. And it’s no different when launching a start-up. It often is a common mistake made when developing a product.   Founders miss the warning signs and avoid digging more into potential negative responses, discounting them if they don’t fit within their preconceived objectives. It's good to hear bad news at this early stage. It will save you a lot of time and money in the long run. It’s good to hear bad news now. It will save you a lot of time and money in the long run. Instead, founders focus on the answers that validate the product they already have started to build or want to build and ignore the true feedback and criticism. Challenge your assumptions. It’s time to challenge your assumptions and test them on your customers. Make a short list of your top assumptions that you’re making for the business and then formulate a series of questions that will flush out these responses with your customer. If you’re truly honest with this process, it will go far deeper and beyond these initial responses. Understand your customer’s attitude and relationship with the pain point as we’ve said and get the full picture. Are your findings starting to align with your value proposition? Interviewing your customer. I constantly see founders selling their solutions in early interviews and most cases, their customers will just agree with them and give them false hopes to go build something they wouldn’t pay for. Without casting too many aspersions on your customers, they may not be telling you the whole truth when answering your questions. That’s why it’s crucial to dig deeper into your customer’s thoughts, avoid closed questions, and use techniques like the 5 why process, where you don’t take the first response and keep questioning until you unveil the real truths behind their answers. Cast your net out wide at first, using surveys and an audience building tool like Prolific, which will get you an initial market response from hundreds of customers for a reasonable cost. Narrow in on those responses that appear to be aligning with your assumptions and then send them a second series of questions and so forth. Continue this process until you’re satisfied that you have challenged your assumptions thoroughly. You’ll soon start to see common themes. Avoid closed questions, and use techniques like the 5 why process The next crucial part is to interpret the data correctly, making sure you’re not avoiding any negative answers and you seek to dig into them further, through secondary and tertiary surveys. Leave no stone unturned. Seek to then start having face to face interviews with some of those surveyed customers and find some new ones to speak to as well. Product market fit. Sometimes it may seem like there is a degree of luck involved when coming up with a product that will intrigue and excite an already busy marketplace. If you conduct a thorough validation process by asking the right questions, listening, and interpreting those answers carefully, then you may well just be on the way to achieving product market fit. Allow yourself to be challenged. Product market fit is the holy grail for any founder. It represents that perfect alignment where your product or service seamlessly meets the needs and desires of your target audience. Achieving this fit is a testament to your business's viability and potential for success. Product market fit is the holy grail for any founder. It means you've not only identified a genuine problem in the market but have also crafted a solution that resonates with your customers, creating a sustainable path to growth and profitability. For a founder, it's the ultimate validation that their vision is on the right track.

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MentorLabs Story

Co-founders Richard Cristina & Liam Morris have years of experience in the start-up ecosystem helping founders realise their dream of launching tech companies. As the Principal Director of the Founder Institute's London chapter, the world’s largest pre-seed accelerator program, Richard has helped graduate 100's of companies. Many have since gone on to raise funds. Liam is a UX/UI design specialist who has helped numerous tech companies bring their product to life at the best practice level. This platform is a testimonial to that. Recognising a market gap that some start-up founders were not ready for a long-term commitment to programs like an accelerator or similar programs, which often required founders to commit to 8 to 12 weeks of their time and give up equity. Having previously collaborated, working for mutual clients, Richard & Liam knew there was a synergy in their working together to achieve their objectives. When they discussed the gap they saw in the market, they knew they could take this project on and started working on it 18 months ago from now. Recognising a market gap that some start-up founders were not ready for a long-term commitment to programs like an accelerator or similar programs, which often required founders to commit to 8 to 12 weeks of their time and give up equity. Convinced of a market opportunity, they started outlining their plan to interview founders and mentors alike and challenge their assumptions. Do these founders really exist? Will they pay for on demand help? There was much to research and dig down to. Across this time, we end up interviewing over 300 users, mostly founders and also many mentors. We felt it was important to speak to mentors also, as they play a pivotal role in this marketplace and we needed to understand their motivations for joining our community. Rich & Liam meticulously planned and designed various prototypes, which they used in their research to get feedback and as a result made several iterations. They were not 'founder friendly' and used to building products for corporations or funded start-ups. We were boostrapping therefore price was key. We're probably making this sound easy, but it wasn't. As we finalised which version we will start building, we set out to find a suitable tech partner. We looked around for some time, meeting with several companies. They were not 'founder friendly' and used to building products for corporations or funded start-ups. We were boostrapping therefore price was key. We found Woods & Walker, based in Newcastle, UK and the rest is history. They built what we see today and have been an awesome tech partner. Yet even with all this expertise in the room, unforseen things cropped up to challenge us. A major payment supplier advised us we couldn't do what we planned with their product, two thirds of the way through our build, setting us back weeks. Lesson here for us was to question our vendors more, ensuring the product was going to deliver exactly what we asked for and get proof of it. There were times we doubted ourselves and what we were doing and even felt like giving up. With some perserverence, MentorLabs is the result of a lot of hard work from a team focussed on bringing an on demand service to market for start-up founders. The journey continues as we eagerly build our founder and mentor community.

All, startups, Mentoring

The Transformative Power of Mentorship.

In the fast-paced world of start-ups, the journey from ideation to success is riddled with challenges. For founders daring to embark on this adventure, mentorship emerges as a secret weapon, significantly amplifying the chances of success. Let’s delve into the profound impact of mentorship on start-up founders and how it serves as a compass, guiding them through the complex terrain of entrepreneurship. History of Mentorship. The concept of a mentor goes back to ancient Greek times, approximately 3000 years ago, found in Homer’s classic poem, The Odyssey.  Thought to be written around 800 BCE, it tells the story, set around the Trojan War (you may remember the wooden horse), of the appointment of ‘Mentor’, a guardian and advisor to Odysseus’s family, King of Ithaca. The King’s son, respected by his people, saves the day and does so by receiving good advice from his Mentor. Mentoring is not a new concept. Wisdom has been passed down for the benefit of others for thousands of years. The same is true today. Mentoring comes in various forms, but at the end of the day, the mentee gains insights, knowledge, and wisdom on how to navigate certain issues and situations. This accelerates the learning curve, helping them avoid common pitfalls and navigate unforeseen obstacles. Benefits of Mentorship. When thinking about how start-up founders benefit from mentorship, we created the following list. 1. Wisdom Transfer and Learning Acceleration. For today’s start-up founders, mentorship comes from seasoned entrepreneurs and professionals. Mentorship serves as a conduit for transferring invaluable wisdom and experience to a mentee. This accelerates the learning curve, helping them avoid common pitfalls and navigate unforeseen obstacles. Founders find themselves able to reach important milestones with the help of a mentor’s own experience. 2. Strategic Decision-Making. Mentors help with critical decision-making that can shape their company’s trajectory. With a mentor by their side, founders gain access to strategic insights honed through years of expertise in a particular area where a founder needs help. Moreover, they provide a sounding board for ideas, challenging assumptions, and encouraging critical thinking to refine strategies. Through constructive dialogue and mentorship, founders gain clarity, confidence, and a sharper strategic acumen, empowering them to lead their start-ups toward sustainable success. 3. Network Expansion. Beyond knowledge, mentors open doors to extensive networks, connecting start-up founders with industry influencers, potential clients, and investors they wouldn’t always get easy access to. These connections can catalyse growth opportunities, foster collaborations, and pave the way for strategic partnerships. 4. Tailored Guidance for Unique Challenges. Whilst there is a lot of information founders can find online or receive through events, getting a mentor to provide personalised guidance that is tailored to the specific needs of the founder will make all the difference. This targeted advice can be a game-changer, offering solutions that resonate with the start-up's vision and mission. 5. Confidence Booster & Emotional Support. Entrepreneurship is a rollercoaster ride, and many founders find themselves enduring tough times mentally. They often grapple with their inner demons, self-doubting themselves. A mentor acts as a confidant, offering encouragement, constructive feedback, and a fresh perspective. This emotional support can be the catalyst that keeps founders resilient in the face of adversity and to keep pushing through the obstacles faced. Without a mentor, a founder can often find themselves giving up when all they may need is a fresh ideas and solutions to a seemingly impossible issue. Mentorship examples. Steve Jobs and Mark Zuckerberg Both Steve Jobs, the co-founder of Apple, and Mark Zuckerberg, the co-founder of Facebook, had influential mentors who played significant roles in their success. Jobs was mentored by Mike Markkula, an early investor in Apple, who provided guidance on business strategy and marketing. Zuckerberg was mentored by Sean Parker, the co-founder of Napster, who offered valuable advice on scaling Facebook and navigating the tech industry. Brian Chesky, Joe Gebbia, and Nathan Blecharczyk from Airbnb The founders of Airbnb received mentorship from several experienced entrepreneurs, including Reid Hoffman, the co-founder of LinkedIn. Hoffman provided strategic advice and introduced the founders to potential investors, helping Airbnb secure crucial funding in its early stages. His mentorship played a key role in shaping Airbnb's growth trajectory. Travis Kalanick and Garrett Camp from Uber Travis Kalanick and Garrett Camp, the co-founders of Uber, received mentorship from prominent entrepreneurs such as Ryan Graves, the company's first CEO. Graves provided guidance on building a scalable business model and navigating regulatory challenges in the transportation industry. His mentorship was instrumental in helping Uber grow into a global powerhouse. These examples illustrate how mentorship can have a profound impact on the success of startup founders, providing them with guidance, support, and access to valuable networks that accelerate their growth and increase their chances of long-term success. Team Slack Slack, a popular team communication platform, was founded by Stewart Butterfield, Eric Costello, Cal Henderson, and Serguei Mourachov. The founders received mentorship from venture capitalist and entrepreneur, Michael Dearing. Dearing provided strategic advice on product development, market positioning, and fundraising. His mentorship played a crucial role in Slack's rapid growth and eventual acquisition by Salesforce. These platforms offer easy access to a community of mentors that can be engaged through subscription models or pay-as-you-go arrangements, providing on-demand assistance. A Founder's Mentorship Options. Founders now have a plethora of mentorship avenues to explore. Accelerator and incubator programs are on the rise, offering structured environments for founders to acquire specialised knowledge within a team setting. These programs often facilitate interaction with fellow founders and numerous industry experts at the same time. Participation in formal programs typically entails adhering to a prescribed curriculum and completing set tasks. Founders are usually required to pay an entry fee and may even relinquish equity. Individual mentorship is also prevalent, with mentors offering their services for a fee or sometimes in exchange for equity. A blend of both payment and equity is not uncommon. Recently, marketplace platforms have emerged, providing access to a community of mentors who offer personalised services. These platforms offer easy access to a community of mentors that can be engaged through subscription models or pay-as-you-go arrangements, providing on-demand assistance. The choice of mentorship service a founder engages in will often hinge on the founder's specific needs. Formal mentorship programs offer exposure to multiple mentors but demand a time commitment, adherence to a specific curriculum, and potentially sacrificing equity alongside an entry fee. Conversely, individual, or on-demand mentorship, provides flexibility for founders to seek immediate advice without the obligation to give up equity, catering to their immediate needs. MentorLabs has recently introduced our on-demand mentoring service platform. Founders can select from a curated list of startup experts to get the assistance they need without giving up equity or making long-term commitments. We are excited to announce the launch of our mobile-friendly Beta platform this week also, designed specifically for busy founders and mentors who are constantly on the move. To celebrate, we're offering all readers a 30% discount on their first session booking. Simply use the code 'BLOG30' at checkout. Conclusion. Mentorship emerges as a cornerstone for success for a start-up founder. It is not just a luxury but a necessity for founders navigating uncharted waters. By tapping into the wealth of knowledge, networks, and support that mentors provide, start-up founders can significantly increase their chances of not only surviving but thriving in the competitive landscape. In mentorship, we find not just advice but a compass guiding us toward the summit of success. By Rich Cristina. Co-founder MentorLabs.