David said he started his education as a computer scientist, but had started out to be a chemist, but changed from being a physicist to a computer scientist. He had been involved in several start-ups which failed and finally had a start-up that was a success. He believes that failure is a way of life. He recommended the video of his friend Alberto about pretotyping which I did watch online.
He stated that failure was not a straight line but more of a twisted and turning route to success. He works for Google at the Mountainview Googleplex (free food, nap stations, beer and other things.)
The four rules for success are:
Layout the possible failures
Regulatory requirements can spell such a problem that it can result in failure.
One must be determined to work around the failures.
Lobbyist when speaking to congressional leaders ask “What would you need to change in the world that would allow you to say "yes"?
One should detect how to determine that the plan has failed.
The biggest failure – inability to get deal flow – generate customers. Hard to get someone to be the first customer.
Financiers in Silicon Valley want 10X – or in plainspeak - they want 10 times return on the money invested in the venture. Silicon Valley investment comes from within its borders not from outside investment.
Learn from failure:
Retrospection asks not who, but what & why
Expected vs unexpected failures
How well do you really understand the system
Iterate post mortem
What is your pivot - start-up refine the business model and pivot - change what I am going to do based upon the business model change. Start-ups learn from their data - ie failures and insights into what a customer may or may not want.
Some investors are impact investors and have certain provisions for helping certain causes or people without profit interest.
Kickstarter website - run a kickstarter to raise money for a fund.
RocketHub also is for raising capital.
Iterate - start a new start-up again
Get yourself mentally ready
Failure is hard stuff and it happens over and over
~90% of all start-ups fail
Google Labs made it easy to innovate
Say it with data
Shapeway site for 3D shapes