B2B

Can too much determination be fatal for an entrepreneur?

Posted on by Carlota @BeConnections

Personal sacrifice comes with the label entrepreneurship. As one, I tend to put many aspects of my life behind BeConnections. I call it determination, but could an overdose of this be cancerous?

I had a meeting on Sunday in Manhattan and decided to come into the city a day early to see my friends from college. We dined at a Mexican restaurant in the West Village and reminisced on our years at American University in Washington D.C. It had been 7 years since our graduation day and our first expression lines around the corners of our eyes revealed signs of hard work and luckily for all of us, of professional progress since then, too.

“It’s easy to forget how far we’ve come” — Beth Orten

Financial district, NYC

Financial district, NYC

My closest friend that evening is pursuing a Master’s Degree in Public Health at Colombia University. The next two years will tell a story of determination and sacrifice. Her sacrifice during this time is nearly mathematical.

After two years of hard work and perseverance, she will receive a Master’s degree from a leading University in the US. That diploma will lead to a wealth of opportunities, which in turn will be attached to a monetary compensation. And rightly so. She will have earned it, for that diploma represents an investment made into her education.

Education is a safe bet… but is entrepreneurship?

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As my friends and I were catching up, I was also receiving a thread of messages from a fellow entrepreneur in Boston who was going through a very difficult moment in his life.

This friend of mine is in his mid 50s and he had, also, made a bet.

He had bet his house. He had bet his family. He had bet his life… on an investment that, unlike education, is far from safe. This bet was on his startup and he was all in.

Which brings me to the point of this post. Can too much determination be fatal?

“Where the story ends depends on how far we go” — Beth Orten

Passion and determination are fundamental elements for every startup, and a founder without those two elements will, ultimately, fail. However, too much of anything is called an overdose and that can be fatal if not reversed.

“I wonder where these dreams go when the world gets in your way” — The Goo Goo Dalls

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Pitching BeConnections to a crowd of 200 people on Dat Venture’s Demo Day. Boston, 2015

For that reason, I’ve added an additional element to my equation, which is pragmatism. The ability to take a step back and make rational choices will mark the difference between a founder who runs her startup and a startup that runs a founder’s life.

Which scenario do you prefer?

BeConnections is a virtual networking bridge between companies in emerging and developed markets, which is currently being used by companies in 40 countries and 25 major industries to discover and connect to new leads and partnerships around the world.

Founder Carlota Pico is currently in Boston launching the network in the US via Massachusetts. She is working closely with private and public agencies to provide local companies with a hub online to meet and connect on in real-time. Her long term vision is for BeConnections to be a source of greater deal flow and partnership opportunities across borders and industries. To be part of this mission, join  www.beconnections.com — it’s free!

5 lessons every entrepreneur should know before launching a startup

Posted on by Carlota @BeConnections

1. Finding support is not easy.

It doesn’t matter how many people think your idea is cool, finding early adopters will be hard. For this reason, the idea and the product must be equally as great, and both will fall short if the team isn’t synchronized. I would highly recommend a fluid channel of communication between your team members. As for your product, always remember that there will be haters – don’t let that stop you from moving forward but keep their criticism in the back of your mind. Haters are good; their feedback can help founders make great products. Learn from it.

BeConnections Co-founders

BeConnections Co-founders

2. Join an accelerator.

Accelerators are a founder’s best friend, but it’s important to find one that’s a good match for the team. In the case of BeConnections, we wanted to work alongside an accelerator that could help us carry out our mission to connect companies to each other via an online matchmaking platform for businesses. Our goal was to attract more American companies to BeConnections and therefore, it was important that our accelerator had a strong presence in the United States. As an international startup, we knew that a solid set of mentors in the States would be key and that we needed an accelerator that was involved in our daily activities. Finally, I didn’t like the idea of giving up equity unless that equity had a monetary compensation attached to it from a leading accelerator like Techstars, 500 Startups or Y Combinator. As such, we did our research and found an accelerator called Dat Venture that matched our criteria. Since then, I’ve temporarily relocated to Boston to participate in its program and have not regretted my decision to this day. As one of Dat Venture’s startups, I can vouch for its excellent team and high quality mentorship.

Top 15 startup accelerators in the United States (2012)

Top 15 startup accelerators in the United States (2012)

3. Commitment is key.

Mark Zuckerberg makes entrepreneurship look easy and it’s not. Forget about all those stories from Silicon Valley, and concentrate on developing your own reality. Being a founder takes a lot of commitment and passion. Many of us live off of eggs, roman noodles and Redbulls. Even more of us have not seen a paycheck in months, and yes, we still have bills to pay every single day. Therefore, the entrepreneur who is chasing the money as opposed to providing a solution to a problem in the world will likely fail every time. Money does not grow on trees and successful entrepreneurs aren’t magically born from night to day, it takes a lot of work and even more commitment to develop your idea into a revenue producing small business. If you can’t commit, find a 9am to 5pm job.

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4. Your life will change drastically.

Think of a startup as a child. Why have one if you’re not ready to make any “sacrifices”? I’ve put the word sacrifice in quotation marks because is it really a sacrifice when there’s love involved? Fine, I can’t remember the last time I got 8 hours of sleep, as I’m sure any newbie mom can’t either… I don’t splurge on myself because I have to invest that money in my product, as a parent does with their child. And weekends, what’s that? I have one day a week for me. My personal life is on hold until my product is mature enough to stand on its own and right now BeConnections is not… hence the term startup.

BeConnections is my infant and I nurture it as one. For that reason, I’d recommend any founder to think about how a newborn would affect their life before jumping heads into a startup. Summary: be rational and accept the consequences of your choices.

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5. Bootstrapping is not cool.

Before BeConnections, I didn’t realize the consequences of bootstrapping a startup. I had read about entrepreneurs who had quit their jobs and just went for it. These people chased their dreams. They were bootstrappers and I thought I could be one of them too. Carpe diem, right?.

Wrong. In my case, I launched BeConnections from my living room. It’s been a painful and amazing journey since then. I am definitely not any wealthier, but I do consider myself to be generally happier. I’ve had to rent my apartment and change my lifestyle to pursue this dream but I hope that one day I can be one of those successful entrepreneurs who can proudly look back and say I did it. In the meantime, my suggestion to any fellow entrepreneurs would be to not quit their day jobs. Forget about what accelerators want you to do and live a life within your means. It’s extremely difficult to support anyone or anything else before being able to financially support yourself.

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5 amazing truths about SXSW interactive 2015

Posted on by Carlota @BeConnections

  1. SXSWi has created a community of equals

    SXSW interactive has created an environment in which thought leaders, Fortune 500 representatives and startups coexist as equals. As a Spaniard who lives in a very hierarchal community, it’s humbling to see first hand how corporations like Google and Microsoft pursue startups just as much as startups pursue these large companies. Why? Because large corporations in the US have realized that startups are the future of innovation and that many of these present-day powerhouses like Apple were also once a startup.

We were fortunate to meet Guy Kawasaki and Dave McClure, both of who are legends in the tech scene. The amazing part of this encounter was that they asked me, a startup founder, to take a picture with them, industry leaders. I didn’t have to sneak in a selfie, which was a breath of fresh air and let me tell you why. I was one of hundreds of startup founders that day that approached them, and yet they still treated me as a human for which I will always be grateful.

BeConnections founder Carlota Pico with tech industry leaders Guy Kawasaki & Dave McClure

BeConnections founder Carlota Pico with tech industry leaders Guy Kawasaki & Dave McClure

  1. Finding an investor is like dating

    Imagine this, you’re in a room full of hundreds of investors who have the funds to fill not only your bridge round but also to lead your series A. What do you do?

Scenario A: Run around the room and get as many business cards as possible. The more the merrier.

 Scenario B: Take the time to build a few relationships with investors who have the same interests and care about your product. Less means more.

At BeConnections, we went for scenario B and can walk away from SXSW interactive proudly saying that we have a few leads that are impressed with our team and who have requested our deck.

The reason that we have used dating as an analogy is because similar to how I, Carlota Pico a single woman from Spain, wouldn’t walk into a bar and talk to all the guys, I, Carlota Pico Founder of BeConnections, am not going to walk into a room full of investors and pitch BeConnections to each one.

I’d argue that both cases – dating and investment leads, have a lot do with listening to the other party, learning about their background and interests and then determining if they’d be a good match as a partner or as an investor.

As for our bridge round… if you’re an investor reading this post, I’d like to ask you three questions:

  • What impact do you think companies in emerging markets will have on your business and how is your company tapping into this new pool of potential business opportunities?
  • What approach do you follow to find and network with new leads and business partners in your community or abroad?
  • Do you enjoy working with B2B startups and horizontal networks?

We’d love to chat if your answer to the last question is yes! Feel free to email us at info@beconnections.com.

  1. Keep an open mind

    I met hundreds of people at SXSW and I tried to sincerely care and listen to each person that I met along the way. I did this for a couple of reasons:

  • In the words of the Dalai Lama: when you talk, you are only repeating what you already know. But if you listen, you may learn something new. As such, I embraced his lesson and listened to anyone who wanted to be heard… whether that person was a fellow entrepreneur or an industry leader. The results? I learned a lot.
  • Have you heard about the 6 degrees of separation theory? According to Wikipedia, six degrees of separation is the theory that everyone and everything is six or fewer steps away, by way of introduction, from any other person in the world, so that a chain of “a friend of a friend” statements can be made to connect any two people in a maximum of six steps.

Therefore, everyone that I met at SXSW is likely to know someone who can positively affect my business. Moral of the story? Be kind always.

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BeConnections’ founder Carlota Pico, along with her mentor from Dat Venture’s acceleration program, Matt Hurley, enjoy a Texan style BBQ with their new friends from Miami

  1. Wear comfortable shoes

    One of the great parts about SXSWi is that people generally don’t care about what you look like, but rather about what you do. I was never complimented on those killer heels that I wore the last day at our pitching competition, but I was complimented by dozens of people for BeConnections – my product. Many of those compliments led to quick meetings and possibly to a few partnerships, also. Lucky for me, I had packed a pair of ballet flats and didn’t have to go home to change, which meant that I was able to maximize my time at SXSWi and network all day long. No one wants to talk to a grumpy girl who’s feet hurt, even if she is wearing killer heels.

BeConnections is a 2015 SXSW HatchPitch competition finalist.

BeConnections is nominated a 2015 SXSW HatchPitch finalist

  1. Do your homework

    Before SXSW, my friends had described the event as magical. Many told a tale of startups securing a $1 million on the spot from angel investors that they had randomly met on their way to a conference… others said that apps went viral out of nowhere…

This is my feedback to those friends:

Magic only happens to the people who hustle and have done their homework, in which case it’s not magic, it’s called due diligence and hard work.

How would I describe the time I spent at SXSWi? If I had to choose one word it would be inspiring.

Time.

Posted on by Carlota @BeConnections

Time. It’s funny how this four-letter word has so much power over our lives. As a college student, I used to think money was the most precious commodity that a person could ever have. I would always take the metro or leave early and walk. I always bought the cheapest flight to my destination, regardless of whatever layover that meant. I packed my own lunches and looked for dozens of deals online to get more bang for my buck.

I wasted time and I had it all wrong.

Time can never be recovered.

I don’t have

Money on my mind

Money on my mind

I do it for

I do it for the love

Sam Smith

And money can always be acquired.

At BeConnections, we’re counting down to SXSW. It’s the largest emerging technology event in the world, and we’ve been selected as a pitch finalist. To say that I’m strapped for time would be an understatement.

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So I’ve had to list my priorities and try to manage my potentially 24 hour workdays. Therefore, I’ve hired a twitter manager. My old self would be profusely against that – why waste money on something that I could do myself. But then again, the trick in life and in startups is to use one’s time wisely.

That makes me think about the value that BeConnections brings to its users, and it, also, comes down to time.

Think of BeConnections as a match.com for companies. On match.com people go online to filter through a database of men and women that are classified by categories. The user can narrow his/her search and interact with multiple partners at once, until he/she finds a match. The alternative would be spending time and money at bars, chit chatting with several potential partners and even then, possibly going home alone.

Why is it so easy for people to filter through people online and find a date, and so hard for companies to know what other businesses are in their community and connect with them online too?

Traditionally, companies have relied on 3 methods to connect with each other:

  1. Time consuming market research
  2. Networking events, in which its employees walk into a room and network with people that may or may not be of their interest
  3. Referrals and favours

Point 1 and 2 are a hit or miss approach and point 3 is limited in scope. As a result, BeConnections is a solution that will help companies and its employees to use their time wisely. Lets take a look at how it works:

  • Users can filter companies by multiple categories and select a match
  • Visits that company’s profile and engage with its employees through our internal messaging tool
  • Network in person if need be, reconnect later on or add as a connection so that their status updates appear in your company’s newsfeed. Newsfeeds bring the “stalking factor” into B2B relationships.

Want to know more? Registration is free, visit us www.beconnections.com and save time instantly.

BeConnections company motto

The overwhelming power of fear

Posted on by Carlota @BeConnections

I wish I could say that I’m never scared, but I’d be lying. I’m scared everyday for so many different reasons that a blog post couldn’t even begin to describe them:

The fear of the unknown

The fear of failure

The fear of loss

Would I consider this to be a weakness? Absolutely, not and let me tell you why.

Fear contributes to a startup’s success. If used wisely, it can help the entrepreneur to accept his/her limits and go beyond them.

“Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible.” ~Francis of Assisi

I had one of those impossibly amazing days recently. We received an email that BeConnections had been selected a pitch finalist at SXSW 2015. That alone is something to celebrate…

Surprised face

And then the amazing part happened.

Out of hundreds of startups from around the world that applied to compete in this competition, BeConnections is the only non-US startup invited to the pitch finale.

And it hit me.

At the end of last year and according to The Economist, the world boasted nearly 140,000 startups, of which more than half were based outside of America. BeConnections is just one number in that figure but yet, on March 16th, our team will represent all of them at once.

And that’s a lot of pressure.

So I’ve identified my fear. I’m scared to let anyone down and above all, to not meet my own expectations. What I have learned from it is that I have an amazing set of mentors and friends that are going out of their way to help BeConnections excel. As I move forward, I’m going to embrace their advice and attention, and proudly wear the international badge across my heart in representation of the majority of the world’s startups.

To those people that know who they are:

Thank you for making me feel confident

Thank you for making us feel blessed

And thank you for believing in BeConnections

And to my colleagues, the entrepreneurs:

Sometimes in our lives we all have pain

We all have sorrow

But if we are wise

We know that there’s always tomorrow

~Bill Withers

Carly with other Entrepreneurs