Wednesday, November 01, 2006

Tune to the market to find your exit options

I am part of the unconfernece movement, which brings tech entreprenuers together at BarCamps.

I spoke on"Business to Concept"at BarCamp Boston in June 2006. It was about taking a business concept and how to validate your idea and build in into a business with market development and money . Thanks to Chris Penn of Financial Aid Network for the podcast.

I am so excited today to hear the news of one of our Boston BarCamp companies Reddit's successful exit by its aquisition into Wired Digital.

Reddit is a great product, was always second fiddle to Digg from a brand perspective. So, apart from my personal feelings, I think there is a lesson to entreprenuers here.

- They raised just $100K in summer 2005.
- They executed on their product, site, launched, offered a clean user experience online
- They formed an optimistic team and networked like crazy.
- They exited into a bigger company where they can execute on their vision accepting market conditions, instead of fighting a marketing game and losing focus to raise more money for the same.

The last part excites me because they tuned to the market to understand their exit options. They focused on what their core competency was in the team and enjoyed executing on it (It showed when you met any of the team members).

So entreprenuers can have great exit plans which they tout when they raise money. The reality is to be aware of your options and decide based on what your team really enjoys and wants to continue to do as part of the passion of the business.

BTW, BarCamp Manchester is round the corner on November 18th. I plan to go. Hope to see you there.


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