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Last week at the Leslie eLab we hosted a workshop led by AJ Smith (CAS '14), Junior Partner at Outlander VC and past Startup Accelerator Program participant. Here’s what we learned from the multi-time founder turned successful investor:
1. Get Comfortable with Change
The discussion kicked off with an introduction to AJ’s personal journey of self-discovery, which saw him transition from academics to the competitive world of music and entrepreneurship. This shift was driven by his passion for creativity and a desire to explore new avenues. AJ highlighted the importance of being comfortable with change and embracing the unknown as a founder, a sentiment echoed by many workshop attendees.
2. Startup Life Comes with Unique Challenges
The conversation then touched on the challenges faced by startups, particularly in terms of monetization and pivoting strategies. AJ candidly shared his experience of failing to capture revenue with his first business, which supported job seekers in tricky employment landscapes, and the lessons he learned from those setbacks. The discussion highlighted the importance of resilience and adaptability in the face of failure. It's crucial for startups to iterate quickly and learn from their mistakes to stay afloat in a competitive market.
3. Building a Network and Finding the Right Partners is Crucial for Startup Success
Networking is a critical factor in the success of any startup. AJ emphasized the value of building strong relationships with mentors, investors, and fellow entrepreneurs. One creative approach mentioned was starting a podcast to connect with industry leaders and potential investors. The consensus was clear: having a robust network can open doors and provide the support needed to navigate the challenges of entrepreneurship.
4. The Role of Technology and Innovation
AJ also stressed the role that technology and innovation play in driving startup success. From leveraging AI to exploring new markets to keeping a pulse on emerging tech, the potential for technology to transform industries was a recurring theme. Participants were encouraged to stay informed about emerging trends and to be open to integrating new technologies into their business models.
5. Final Thoughts
As the event drew to a close, the room buzzed with excitement and newfound inspiration. The stories shared and lessons learned serve as a reminder that the path of entrepreneurship is filled with ups and downs, but with the right mindset, support, and adaptability, success is within reach. Whether you're a seasoned entrepreneur or just starting out, these insights provide valuable guidance for navigating the ever-evolving landscape of startups and venture capital.
AJ closed his workshop with a challenge for student founders to pitch their stories in 90 seconds or less. Can you tell your idea or startup story in under two minutes? Need support refining your startup idea or telling a compelling startup story? We're here to help! Book time with one of our startup experts here.
Missed this workshop? No problem. Sign up for an upcoming Blackstone LaunchPad Startup School workshop here.
