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  • Soumya Santhanakrishnan 3:53 pm on April 23, 2012 Permalink
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    Interview with 6dot Innovations Founder – Karina Pikhart 

     

    Karina Pikhart is the founder of 6dot Innovations, which designs innovative assistive technology products for people with disabilities, most notably a Braille label printer for the blind. She is a StartX Fellow, having gone through the StartX program in October 2010, and is one of our most dedicated and involved founders.

     

    How did you get people involved in your idea? How did you sell it to them?

    We started out as a school project for a senior design class at MIT. That semester, we had a team of 15 people. Since then, we’ve been a team of 3-6 people. But I’m the only one of the original 15 still working on 6dot.

    I’ve done a lot of recruiting, but I’ve always felt like there is something lost in the process. I was sold on the idea behind 6dot by talking to customers: to schools for the blind and to printing presses for Braille materials. The new teammates I recruited were also sold on the idea, but only by talking to me. There’s a big difference. In February, we opened for sales, and my team started talking to customers directly who called in to order their Braille labeler. Finally, they got to see for themselves the real potential impact of 6dot.

    How did you finance your company?

    Our company has gone through a very interesting journey in financing. We were fortunate to raise a lot of non-dilutive funding, by winning the BASES product showcase and a couple of other awards. We also raised over $50,000 through Kickstarter.

    How do you think you have grown as an entrepreneur?

    When you are someone else’s employee, you’re just focused on what you personally, your team, and your department are working on. In a startup, you and your team are controlling the whole company, and the experience forces you to really understand the whole process, the whole fabric of a company that is made up of marketing, product design, business model development, finance and more, all woven together. There are really interesting dynamics between these areas that are crucial to understand. On the other hand I don’t get to specialize in anything as much.

    One very important thing I learned was sales. In a startup, from the moment you find your cofounder, you’re selling. In fact, finding your cofounder is your first sale.

    I was terrible at it to start with, because in engineering, you’re taught to speak very scientifically. So now the point is to be conscious about that, learn from it, and use it as an opportunity to grow.

    How do you balance 6dot with school?

    For 2 out of the 3 years I’ve been working on 6dot, I’ve been a full time student. There really is no such thing as balance when you’re dealing with two big commitments. School definitely suffered, and so has 6dot. It’s almost like being married to two people. It’s definitely not true for everyone, but for me, school and work were very different, and were competing for my time and loyalty.

    What has been helpful is having a team that understands. The positive side of being a student was that I wasn’t a financial burden on the company, since I was funded as a graduate student.

    What do you look for when you are recruiting?

    I’m still learning about how to find the right team. The most important thing to look for is hunger – someone who’s got that spark in their eye when they talk about 6dot and is hungry to do whatever it takes. We need someone who is going to jump out of bed and hurry to work every single day. The company is going to be your family in the early days, and the process is definitely easier when everyone is hungry for the same things. My feelings for my company are so strong that there is a real devotion to the company. When you bring someone new in, three years into the process, it’s like they’re suddenly a stepmom to a kid who is 3 years old. We need to give them the opportunity to cultivate the same desire to succeed that we have.

    How do you keep tabs on everything you’re working on?

    My digital life sometimes gets disorganized. I try a lot of different organizational systems, but sometimes things slip through the cracks. The trick is to work on one thing at a time, and to never sacrifice doing the things that will help keep you organized because you are “too busy.” Funny, I do this well around my house (no piles of clothes anywhere! Bed made! Dishes washed!), but terribly on my desktop (where the heck did I put that file? What was it even called?). As a team, it is important to make expectations clear on who is responsible for what.  Don’t fragment but assign responsibility.

    Something else that is important to do, is putting systems in place to keep track of each other’s progress. We keep a to do list of open issues with our manufacturing partner, and keep the document up-to-date with daily action items that we’re working on, while also paying attention to our longer-term goals. We also keep track of when we say things will get done, and when they actually get done. We then look at the delta between those two numbers and try to understand why that happened, and then improve on that.

    The crux of getting things done well is understanding how long things take, putting in buffers for unexpected delays, and then rapidly learning and improving on future deadlines that you set up for yourself. We learned a lot about this from our contract-manufacturing partner. The hour that we spend doing this exercise twice a week is so worth it. In the end, it’s all about forming good habits, because habits will always overpower willpower.

     

     
  • Soumya Santhanakrishnan 8:28 pm on March 19, 2012 Permalink
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    Interview with Lark founder – Julia Hu 

    Julia Hu is the CEO and founder of Lark Technologies Inc., which manufactures sleep devices that help you develop better sleeping patterns and tap into your true potential. Julia is a StartX Fellow and an outstanding entrepreneur, and she talked to us about her entrepreneurial journey and what she learnt along the way. 

     

    What inspired the idea of Lark?

    I think it was inspired by having a big problem myself, which I couldn’t fix with any existing device. I actually started the company because I moved in with my fiancé when we started the MIT Sloan program and my sleep went downhill, since he’d wake me up every single morning at 5:30 am. I ended up losing a lot of sleep over it, and that on top of his disbelief that I needed so much sleep! I wasn’t as sharp, confident, creative or happy! One Saturday, I woke up at 5 am to the alarm and thought, “Oh my God, this is going to happen for the rest of my life, so I better do something about it”.

    What were the first steps you took towards realizing your dream?

    I’m an engineer, but definitely not with an electrical or mechanical background. The first thing I did was I found a team. I talked to every single person I knew, to try to see if people would be interested in working on this project.

    But even before finding a team, it is important to find out if “the inspiration” deserves to be a company. I needed to answer the question, “Is this something that could help more than just me; a market of 1?” I realized it was when I did an elevator pitch in front of a bunch of MIT students. The market validation I obtained made me feel convinced that I should build a product.

    I also focused on a lot on need finding. Need finding is actually much more important than the design of the product. In the beginning, the best thing you can do is talk to as many potential users and potential naysayers as possible. You need to observe a bunch of people in what they actually do, rather than what they say they would do, and from that, draw out the essential needs of what you’re building for, rather than just focusing on how your product looks.

    How did you deal with the simple problem of needing money to build your business?

    We created the product from money we won in Business Plan competitions, which is a great way to find smaller amounts of money in the beginning.  It wasn’t until June 2010 that we decided to try Lark out as full timers and won a fellowship from Lightspeed Ventures to be a part of their incubator program. We raised a seed round at the end of 2010.

    Who did you talk to when you were thinking about fundraising?

    Not having an advisor prepping me on how to fundraise was a big mistake. I went into it with a little bit of experience, just from what I learnt through the Business Plan competitions and from my experience in running a Clean-tech incubator.

    While that experience helped me in terms of learning how to work with venture capitalists, I underestimated the need for knowledge in understanding how the VC community really works. Understanding what they’re looking for before you start fundraising is incredibly important.

    I was not prepared to expect a lot of things. When I realized this, I talked to a great few mentors, one of them being the previous Entrepreneurship Director of MIT Sloan. He would prep me and help me get into the fundraising mindset, where you show real conviction in your team and your vision, and display a real understanding of the market, as well as why it’s the right time to believe in your product.

    What were some of the other mistakes you made early on that you learnt from?

    Everyone always tells you that the team is important, and you don’t realize how true that is in the beginning, or how it is the most important factor for an early startup. I totally faltered there in the beginning, even though the people I chose were smart…no wait, brilliant. I actually struggled to find my real team that we launched Lark internationally with, until late 2010. The hardest part of a startup is convincing the best people to join, when you have the least amount of resources. The first thing I learnt was that firing is necessary. It’s always a hard choice, and firing before trying to find the right people is important.

    The philosophical way to find the right team is that you have to find people who share your values. You really have to articulate and be very judgmental about your own values, make sure you prioritize some values over others, and be able to make hard decisions. We look for people who are confrontational and want to resolve things, we don’t look for people who are pushovers or who are overpowering.

    I probably also struggled a lot with focus. In the beginning, we were talking to a lot of great mentors. I think that for a startup, what a founder really needs to do is understand and process all the external inputs they’re getting and really make strong clear decisions, because there is going to be a lot of advice that you get from great people, that is sometimes contradictory or telling you to focus somewhere else. One of the key things is prioritizing how you synthesize peoples’ helpful comments and feedback into something that is meaningful. It has a lot to do with processing and rising above all of the noise.

    How would you process tough feedback?

    The best thing to do is to listen to what they’re trying to say. Repeat back what you think you heard and state out some assumptions that you believe they have. A lot of people have certain assumptions, and as long as you can hear what they’re saying and understand what led them to the assumption, you can understand what portions are valid and what is based on an assumption that they’re making. I also like to sit back and say, “Let me think about it some more”, and then think about it when I don’t face that instant pressure.

    Which resources would you recommend for budding entrepreneurs?

    I would encourage finding a community like StartX. A community is really important because you want to know you’re not alone. Otherwise, I would look for mentors, and the top people in your field who might be interested in mentoring you.

    A lot of people who are so high up don’t actually get asked to be mentors. It’s an assumption that they do. I’d actually say that if you truly understand why they would be really meaningful to you as a mentor for your personal growth or for the growth of your company, you should find a warm introduction to that person, or even cold call them. It’s also important to be well prepared, with the reasons ready for why they’d be wonderful mentors, and show your passion and excitement.

    The biggest thing I learnt is that when you want something and want it to happen you have to go straight to the top. If they can’t help you they will find someone who can, and it will trickle down to the relevant person. If you start at the bottom you will just meet a lot of gatekeepers who won’t push you to the top because it isn’t in their interest to do so.

     
  • Soumya Santhanakrishnan 10:23 pm on February 25, 2012 Permalink | Reply  

    Want to find out if you are an entrepreneur? 2-Part free Public Workshop at Stanford E-Week. 

    Come and see Jon Gillespie-Brown (a StartX mentor) and his book in action, and take part in two interactive workshops – all free to the public! The interactive workshops provide a fun, fast way to find out if you can or want to make it as an entrepreneur.

    The workshops are on Monday, Feb 27 and Monday, March 5 from 6 to 8 pm. More details can be found here!

    The co-leaders for the workshop are Author Jon Gillespie-Brown & “Pitch Doc” Mary Etta Eaton. There are only 130 seats available so make sure you sign up here!

     

     
  • Soumya Santhanakrishnan 10:13 am on February 21, 2012 Permalink | Reply  

    Resource Partnership with Mohler, Nixon & Williams(MNW) 

    StartX is excited to announce that it recently closed a new resource partnership agreement with Mohler, Nixon & Williams(MNW).

    MNW is among the premier accounting and tax firms in Silicon Valley. Their clients include fast-growing companies, such as those started by StartX Fellows, as well as investors and individuals. During the next StartX session, MNW has agreed to bring their wealth of knowledge and talent to assist StartX companies in accounting and strategic financial planning. 

    StartX would like to extend a special thank you to Larry Kammerer and Gadiel Morantes of MNW for helping bring this partnership to fruition.


    If you or your organization is interested in assisting the very best founders coming out of Stanford University, please contact Brian Hoffman at bhoffman@startx.stanford.edu
     
  • Soumya Santhanakrishnan 4:40 pm on February 14, 2012 Permalink | Reply  

    Managing within the Law, with Gary Gansle and Edward Bachand of Dorsey & Whitney 

    Gary Gansle and Edward Bachand conducted “Managing within the Law”, an employment workshop on February 2.

    The purpose of the workshop was to provide StartX community members with a better understanding of how they can hire smartly, so they can fire smoothly (if necessary!). The talk also included a bonus discussion on how to protect IP in contracts with employees and contractors.

    Gary is a partner in Dorsey’s Labor and Employment department and is based in the firms’ Silicon Valley office. Ed is a partner in the Technology group with over 15 years of experience representing emerging and large companies in intellectual property matters, particularly in the area of medical devices.

    Key Takeaway

    The legal employment landscape in California can be frightening, but there are many low cost means to mitigate the risk of litigation, so long as founders are informed.

     
  • Soumya Santhanakrishnan 4:26 pm on February 14, 2012 Permalink | Reply
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    Early Stage Financings with Craig Schmitz & Jon Runyan, Goodwin Procter 

    A legal workshop on early stage financing was conducted at StartX on January 18, and the purpose of the workshop was to provide StartX community members with a better understanding of the key terms and components of early stage financing, and actionable information on how to best approach such financings.

    Craig Schmitz and Jon Runyan hosted the workshop. Craig and Jon are both members of Goodwin Procter’s Technology Companies Group, where their practices focus on representing emerging growth companies, particularly in the technology and life science sectors, venture capital firms and underwriters.

    Key Takeaway

    Founders can greatly enhance the outcome of financings if they are properly informed on the meaning of legal language, especially in areas of control, protective provisions, and liquidation preferences.

     
  • Soumya Santhanakrishnan 4:25 pm on February 14, 2012 Permalink | Reply
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    Dinner Speaker Series with Dan’l Lewin, Microsoft 

    Dan’l Lewin, cofounder of NeXT and current Corporate Vice President for Strategic and Emerging Business Development at Microsoft, was the Speaker on January 12 as part of the Dinner Speaker Series that StartX is hosting.

    Dan’l shared his founder stories with StartX Fellows, discussing how he arrived in Silicon Valley and how he used his understanding of relationships to develop his marketing strategies, including the first ever in-school distribution for Apple.

    Key Takeaway

    Distribution and marketing strategy can make or break a company.Large companies have many product and service spaces for small, young companies to fill.

     
  • Soumya Santhanakrishnan 12:34 am on February 14, 2012 Permalink | Reply
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    IP Protections Workshop with Erik Milch of Cooley LLP 

    Erik Milch, a Partner in the Patent Counseling & Prosecution practice group, and a member of the Cooley Litigation Department held an IP Protections Workshop for StartX Fellows on January 9th.

    He provided them with actionable information on how they can best protect their intellectual property, and avoid early mistakes that may affect a future financing or exit.

    Key Takeaway

    Simple, low cost and early steps to secure and define your company’s intellectual property saves an enormous amount of time and money, especially during future financings or acquisitions.

     
  • Soumya Santhanakrishnan 5:54 pm on February 10, 2012 Permalink | Reply  

    StartX Demo Day 

    The StartX Exclusive Investor Demo Day was held yesterday at AOL, where StartX companies presented to top VCs, angel investors and entrepreneurs as well as executives from Google, Intel, Greylock, Khosla, Sequoia, Microsoft and many more. The event was a grand success, and while we’d love to tell you more, you should check out the press coverage for yourself!

    The Demo Day was covered by TechCrunchXconomy and MedCity.

    Among our companies, Caleb Bell from Bell Biosystems was covered by SFGate, Vi Energy was covered by Business Insider, MindSumo by CNet, and BreakThrough by Business Insider.

    You can also check out the presentations here!

     
  • Soumya Santhanakrishnan 11:50 am on February 9, 2012 Permalink | Reply
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    Pratik Verma from AgeTak is featured on GigaOm!

    http://gigaom.com/cloud/can-big-data-help-a-family-business-compete-in-big-medicine/
     
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