It was mid semester and we witnessed a packed room last week as one of the coolest Startups in Boston came down to have a chat with us. The extremely passionate CEO of Wanderu, Polina Raygorodskaya gave us valuable insights on the most important factors to consider when we decide to start our own companies and get out there to pitch! Take a quick look on some of her best advises for us:
- Have a balanced team: It is so important for the founding team to get along with each other and one of the best ways to make sure of that is to have members of the founding with varied skill set. Polina emphasized to us that having members with their own fortay helps delegate tasks and responsibilities giving everyone their own ownership and most importantly avoids conflict.
- Have an exit strategy: You may not want to think about you idea not working out but it is important to consider the consequences. An exit strategy is the best way to manage crisis situations. Plus, if you have to move out then you should rather move out in style!
- Not Every Startup Needs Funding: Nothing in the world is free and investor money is certainly not “free.” Don’t just go out of the way to fund your idea, there are always ideas that don’t need investor funds evaluate your goals before you get out and pitch.
- If you want investor funding, start AT LEAST 6 months in advance: Investors want to see effort and if you work on getting them validation and a decent amount of seed funding you have a greater chance of getting VC funding.