I wrote this as a Facebook Post just a couple of weeks ago and got shared so many times, I decided to publish it here to an even larger audience. It was a letter to the Caribbean Tech Community that I’ve been apart of for almost 10 years. So here goes.
I’ve heard one too many stories recently of Caribbean Tech Entrepreneurs getting their ideas and early-staged businesses stolen by clearly more shrewd and moneyed shark type businesses people. I’ve seen entrepreneurs who give up after just a single setback. So here is what I was moved to say. And as you will find out as you read this, I’m pretty passionate about this as I’ve seen a lot in the 9 years I’ve been in Caribbean Startup Ecosystem.
These are my 8 rules to live by in the process of dealing with potential mentors and advisors.
1. BUSINESS DATE EVERYONE you just met – before you show an idea, a business plan, a prototype etc. Get to know them and how they do business. Get their back story on who has done business with them, see if there are any screwed over pissed off people they have left in their wake. Ask them the tough questions. Test them. See who is in their network, ask about them. Google them, check out their social channels, see which associations they are apart of. Be confident, they need what YOU have, as much as you need them. And you do this every single time and this is whether you want them to invest or be a mentor.
You are in fact seeking to build a relationship with someone who wants a mutual beneficial relationship and someone who will have your back. This rule even goes for anyone who is recommended by someone you trust. Take the time to do this, please.
Everyone is playing a game, including you, so you have to determine, what game that is and if it matches the kind of game you want to play and can win. Do the work to find who best matches what you want to achieve and who shares your values in how they do business.
If this is too much work for you, then you are not ready for business or success- straight up!
2. BEFORE SIGNING CONTRACTS with potential mentors and investors – know what you want and what you are prepared to walk away from. Then ask your lawyer bredrin/sistren to look it over for you.
If you have none of those people in your network, then Crowdsource your questions in the many online community groups online here.
Go ask trusted tech community leaders for help- to connect you, or just to run a few questions by- they maybe busy, but they are always willing.
Do not sign deals that have you selling your company for a dollar if you don’t make your investor’s targets and shit like that. While you are accountable to your investors, you own the majority of the company, it is YOUR company – you are not their bitch! So act like it.
Be smart, seek advice outside of the circle of your mentor/investor – I call it the CYA- Cover Your Ass policy. One of the attributes of a successful entrepreneur- is resourcefulness. So seek out the people and information that you need, there are LOTS of good and generous people out there who are happy to help you.
3. NDA’s ( NON-DISCLOSURE AGREEMENTS) are there for a reason, use them. Now while I am a big believer that ideas ain’t worth shit, it’s the execution that matters most – there is no shame in protecting yourself. Let no-one or your ego make you do differently.
That said, if someone steals your app/prototype/business, they are going to execute it very differently than you would and that’s if they have what it takes. So fret not thyself. That said, a willingness to sign a well written NDA can also a good way to see if someone has your interest at heart.
4. NO-ONE GIVES AWAY 30,40,50% of their company for a measly US$30,000-$50,000 dollars even in this Caribbean Market where valuations are clearly lower than Silicon Valley or New York. That said we ain’t no discount store either. So seriously, who the f*ck does that? Sure, you may not have seen that kinda money before because you’re young or whatever, but that’s a very shitty deal for you, a great deal for the sharkish investor though – but still, a very shitty deal for you.
Have a look at Y Combinator and 500 Startups investment strategies for early stage companies on their websites – none of them take over 10% equity in the beginning and give way more cash and connections to help you become successful. And those entities have global networks, funds, investors that has an ethos to help entrepreneurs succeed. So do your homework. Any other kind of deal is what we call in Jamaica – “hold dung and tek way business” .
5. WHAT DO YOU DO IF YOU’VE LOST YOUR IDEA, app, business-because you were naive, acted desperate, was ego-driven or ill-prepared to deal with smarter and wealthier shark types of business people ?
Share that story with others in the community and save others the heartache and financial loss that you endured. So in short, name them and shame their ass. Yeah I said that. There are times to be zen and leave it all to time and karma and there are times you have fight back. You get to decide.
If you are fearful of doing it publicly like on Facebook or in a Blog post, then send an email, call a meeting with influencers and tell your story. There is no need for you to feel embarassed, it has happened to the best of us.
Also, in sharing it, it’s a great show of goodwill and gives you good karma that will find its way back to you. Plus that’s also one of the ways you contribute to the growth of the tech entrepreneurial community that you are a member of.
Most importantly, take a looong hard look at yourself and your role in the situation you’ve found yourself…..learn the lessons, cry if you feel like, curse two badword, go have two shots of vodka, curse some more – THEN – recommit to becoming a successful entrepreneur, even more than that thieving rass who got one over you this time.
What you are made of and what you have to offer the world is bigger than one mistake. I am sure you have even better business ideas in that amazing mind of yours-the world is waiting on them.
6. TRUST YOUR INSTINCTS + STOP ACTING LIKE A FRIGHTEN FRIDAY! If something seems off, feels wrong about a potential investor/mentor – then it is – you nuh need no more proof than that. Say thank you and walk away. You do this, even if it means you’re gonna have to eat patty again for the next month. There are always many more opportunities.
Further, don’t get all groupie-like when you are meeting with certain “big man” “big woman” ” big people” or worse people from overseas. They are just like you, so once again liberally apply Rule #1, 2 and 3 just the same.
7. GET TO KNOW YOURSELF SOME MORE. Ask yourself what kind of entrepreneur you want to be. See who’s already out there that embodies your values, way of doing business and successes that you admire – study them. Use of their methods to see if they work for you, if nothing else, they’ll surely inspire you.
You have to be very clear on your values and you way of doing business. Because if you screwed over someone in the past, fret not, karma will pay you back for that, real nicely.
Hence why you don’t need to even seek revenge on the people who wronged you – time is a great equalizer- trust me on that one. See, I got all zen there again.
8. GIVE ME A CALL, send me an email ( ingrid@connectimass.com), whatsapp me, Msg be on FB, Twitter, LinkedIn – I may be busy building my own empire, but always willing to listen, answer a few questions and connect you with people who are smarter, wealthier than me and who will genuinely have your back. And yes apply Rules 1,2 and 3 with me also.
THE GOAL
You goal really is go find the right partner who wants to make money with you. So go out there and kick some ass! The Entrepreneurial Journey is awesome! Not for everyone, but fantastic if you are committed to making things happen, making a difference, making money and have some fun!
eCommerce12 months ago