Road map to millions $


Since last year a remarkable percentage of 10% of the Business Information Management graduates was entrepreneur, 12 months after graduation I thought it might be interesting to write a blog post about the emergence of tech startups. Considering this fact, I assume that a large group is interested in launching a tech/internet related startup, and that even some of you might have chosen for BIM in a pursuit of their dreams to become the next tech millionaire.

As many successes stories appear on the tech sources we use to feed our curiosity in the field of BIM, some of you might have observed what makes tech/internet startups so attractive. For the ones who did not notice, the point is that tech/internet related ideas for startup can become very big in a short time with relatively less fund. Funding is in most cases only needed for hiring the right people with the right knowledge for the development of your idea. Since the value of such a company is mostly based on its potential, its really hard for an investor to claim a large part of the shares as an investor already admits that the company has potential by investing in it. This way the one behind the startup idea can raise fund at the start of the development of his/her idea in exchange for a unnecessarily large part of the shares. This boosts the over all value of the company making it even more attractive for more investors to do the same trick the next round of raising fund. In addition, innovative startup ideas are interesting content that easily can be spread over the web or even could go viral.

For example, the Dutch internet related startup Blendle, or e-market in terms of BIM, was found in 2014 and was valuated at an amount of €13.000.000,- after New York Times and Springer saw the potential of the company (Angel.co, 2014). This company claimed to be the ‘’iTunes of press’’. This company was found by two journalists which even more emphasizes that the only thing needed to become as successful as these guys is having a good idea and executing it smartly. The point I am making here is that we have chosen to act in the best and most dynamic field of business. It is our advantage that we as Business Information Management students are home in the area of internet and new technologies. It even might be assumed that all of use know how to develop and execute good software ideas at the end of the year.

Other successful startups from RSM alumni that has gained global awareness with publication in Business Insider are Housinganywhere and Symbid. Housing anywhere is a platform where the demand and supply of short term accommodation can come together. It is a simple yet effective tool which increases the amount of short term accommodation available to incoming exchange students (Housinganywhere.com, 2015). Symbid is a funding network where companies get fund and grow (Symbid.nl, 2015).

The ideas entrepreneurial BIM student are looking for need to be disruptive in order to gain global scaled success. Therefore, here are 4 points listed that can be adapted to businesses to become more disruptive (Inc.com, 2015):

  1. Innovation: Disruptive companies are one of a kind.
  2. Marketing: People want what disruptive companies have to offer.
  3. Business model: Disruptive companies make things affordable.
  4. Attitude: Disruptive companies are led by delusional and disagreeable people.

I would like to close this blog post with telling you about Cheeky. It is a platform where new startup ideas and gaps in society are discussed. The website provides one idea per day and helps you to extend your creativity. Finally, some feed for commenters; referring to the significant percentage of BIM alumni that become entrepreneur, what could Erasmus University Rotterdam organize in order to stimulate our creativity and stimulate collaboration as well as the rise of new startups that can serve as business cards for our university?

References

Angel.co, (2014). Blendle. [online] Available at: https://angel.co/blendle [Accessed 9 Oct. 2015].

Housinganywhere.com, (2015). About us | Housing Anywhere. [online] Available at: https://housinganywhere.com/about [Accessed 10 Oct. 2015].

Symbid.nl, (2015). Over ons|symbid. [online] Available at: https://www.symbid.nl/pages/about?locale=nl [Accessed 10 Oct. 2015].

Inc.com, (2015). 4 Disruption Concepts to Help Your Pivot Your Startup. [online] Available at: http://www.inc.com/neil-patel/4-disruption-concepts-to-help-your-pivot-your-startup.html [Accessed 10 Oct. 2015].

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2 responses to “Road map to millions $”

  1. 328279fy says :

    Thank you for your interesting post. I’ve got the feeling that you wanted to inspire everyone to follow their dreams in becoming entrepreneurs. I would like to share some of my thoughts after reading your post. I agree with you that tech start ups can blow up in a short period of time with relatively little fund. In the beginning as a starting entrepreneur, you only have your idea, your belief in this idea and a whole bunch of enthusiasm.

    One of the key aspects of your start up will be infecting people with this belief and enthusiasm. This is a wise advice from the co-founder of Symbid, Robin Slakhorst, during a presentation at the Erasmus University last year. It is also not a secret that you need a bit of lucky in trying to get people, especially investors, to believe in you. Because when your company grows and needs more resources, it becomes almost inevitable that your company needs an investment of some kind, in order to grow even more.

    Investors will not only assess your idea for a business but will also look at the person(s) behind this idea. One question that they will ask themselves is: Does/do this/these person(s) have enough belief in his/their idea to pull him/themself through the hardships that he will encounter on this bumpy road? Unlike angel investors, most investors do want to exchange their money for a piece of your company, and this is especially because they see potential in it. The question is: will you be able to live with this exchange?

    It is not my intention to discourage people in pursuing their dream in becoming an entrepreneur. However, I do think that all of us must stay realistic; will the amount of time and effort you put in your company by sufficient for it to become successful? Or better put, are you willing to treat your company as your baby and do what it takes to get where you want to be? A statement that stayed with me after watching the news last year was that 75% of all start ups in Netherlands fail. So ask yourself, do you have what it takes to be become one of the 25% that succeed?

    My last comment or maybe advice is that you need to surround yourself with people working in the tech industry and who are also willing to listen critically to your story. Because let’s be honest. People nodding and confirming your ideas will get you far, but people criticizing your ideas and give you their honest opinion will get you even further. As Amsterdam is already a large hub of tech start ups, it’s very useful to mingle and chat with people who have knowledge of the industry and who are in a further stage than you. If possible, go to San Francisco. Two weeks ago, I visited this amazing city for week and got to speak to different tech people. And I can truly say that it is a place you need to visit, if you are looking for great people with interesting ideas.

    Be inspired, exchange knowledge, get connections and believe in your company.

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