Fireside chat with Chris Heivly from Tech Stars Recap....

This evening Startup Grind Triangle held a fireside chat with Chris Heivly, serial entrepreneur (MapQuest co-founder) and early-stage investor with company-building experience from $0 to $25M. He is a frequent blogger - www.heivly.com, and contributing writer for INC.com and speaker about startups, corporate innovation, and entrepreneurial community development. In addition, he is author of the book, "How To Build A Fort".
The talk tonight focused on what it takes to build a startup in the Triangle along with how to leverage your community to gain best chance at success. Enclosed is recap of top wisdom points shared:

• MapQuest founded in Lancaster, PA by people who just loved maps and were computer tech loving geeks. Followed technology and pivoted along the way. First started as map solutions for AAA print ups, then CD-Rom, and then MapQuest.com internet. Took years of work, change, and passion fueled it all.
• Biggest challenge is customer. Figuring out who the customer is and selling. Win that and your past half way there.
• Remember the first mover advantage. Be the first big fish and play in a fast growing pond.
• "Get out of the damn office". No business plan survives first contact with the customer. Talk with everyone about your idea to polish your communication, strategy, and plan. Talk with 35-50 well informed people during discovery phase to solidify idea and business opportunity. Constantly adjust and fine tune your idea and business.
• Don't get your feelings hurt if someone says your "baby is ugly". Be super open minded to all suggestions and adjust. Always be seeking improvement.
• Always seek vast advice and gain as many view points as you can for broadest perspective to chart your best path. There are 1 beer ideas and then there are 3 beer ideas. Think big.
• When seeking advice ask, "Have you seen this situation before and dealt with it?" If the answer is no then weigh that advice less then if answer is yes. Be discerning.
• Do "meet and greets" with many people as fast as you can about idea and gather feedback to run with it. Like 30 coffees in 30 day pace!
• Building community comes down to 5 key important drivers: Culture, Density, Talent, Capital, and Institutional Support.
• Build a great network, find resources, and ask for help. Always seek and don't be shy.
• When do you know when to start your own company? Prepare mentally, physically, and financially. Be able to cover yourself for at least 12 months so you have time to get your company moving and get revenue going. Mentally be ready. Think through all the risks, opportunity, and process through everything needed. Run your ideas as side business until company is moving well and gain enough comfort to jump from your corporate job. Get traction going to have enough data to see opportunity exceeds risk to support your leap of faith. Prepare for your journey. It took Facebook almost 3 years to get any traction and expand out of the Harvard and education space.
• True value in company past discovery and validation is how easily and reasonably you can acquire customers.

Great wisdom shared and giving of time by Chris Heivly so kudos to his generous nature. Also big thanks to Mark Bavisotto, Director of Startup Grind Triangle, for organizing and hosting great event.

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