Miglė Andrulionytė asked:
“Justinai, it’s been some time I wanted to ask you about Qoorio. So you had the idea (I believe you must have them all the time), something made you take this one further. Without resources, where or how would you begin?”
I believe everyone has all kinds of different ideas, and only some are taken further and converted to companies. Some with me, I have too many ideas, however, bet only on a few. So how to decide? I believe everyone has their own way of deciding, including me.
Reflecting on my Qoorio experience, I see that it all starts with a story of how to explain the idea to people around you. Usually to my friends and people I know. To me it is always hard at the beginning to express the concept, storytelling is not my strongest skill, the story rarely ‘flows’, often people don’t understand what I am trying to say. Sometimes they think I am delusional, which I am completely fine with.
Every time people think that my story does not make sense, it is a great piece of information to be qoorious about and to understand why they feel so, realize your own blind spots, and slightly adjust the story, in a way you think it would make more sense to more people.
Then I repeat this exercise many times. Like for a year.
And then, on a very rare occasion somebody will react to your story like ‘wow, this is a brilliant idea’. Those people are the first believers of your idea. Those people might become your founding team. Once you have a group of people who are so sold on the idea that they are ready to quit their jobs and start working on it, then it is “THE MOMENT” you were asking in your question.
Exciting?! Not necessary, because you need to get financial resources to start with. I got them from my own savings, my friends, and my network. The same way, as with your first believers, you need to find people with money and make them your believers, so they can invest in your team with their own cash. Oh, and don’t forget to pay yourself and your founding team as little as possible (or nothing), so you can have a longer runway of your new business with the cash you have.
Having trouble achieving that? Iterate on your story, meet different people, tell your improved story, and look for your co-founders, core employees, and future investors. And repeat.
The better relationships you have created with more people in your past, the better chances of fundraising you have. So, don’t be a smart-ass and be kind and respectful when interacting with every single one.
N.B. This is an experimental insight. What is the experiment? Instead of broadcasting insights based on what you think is interesting, broadcast them based on what people want to learn from you. Do you think it is a good idea? Let me know in the comments. Also, if you like to ask me more questions, do that from my profile. If you like the experiment and would like to be asked, let us know!
Photo below: the first three believers:)