I am a fan of constructive criticism

** You need some level of resilience. ** Isn't the whole point of the inventor journey to figure it out. ** The metric for me isn't necessarily success. It is voice and mission. ** Why did you start on this journey? ** The Pet Rock analogy. ** You need a mission and a purpose. ** Even if I won the lottery, I would still do what I am doing now. ** Criticism is a natural extension of success. ** I still have my Pet Rock. ** Pool Noodles and Pet Rocks. ** Are you really telling me that you think the Pet Rock was a genius idea? ** Is making money the definition of a successful product or brand? ** What is your mission? Older vs. younger entrepreneurial mindset. ** An instant traction product is very rare. ** Most people bank on being lucky. ** People think it is easy because they have been influenced by theory and bad advice. ** Influencers exist because of the love/hate relationship and the criticism. ** Criticism can ruin your night. You need the drive and resilience. ** You will get criticism. What you do with the criticism is up to you. ** I wish some successful clients shared their struggles as well as their successes. ** When you are at your lowest low you know how bad you want to continue. ** Team dynamics and solo entrepreneurs. ** You have to decide to keep going or to close it down. ** If you are not sure get data and feedback. ** What makes it worth it to you? ** All the formulaic advice from theory consultants have metrics tilted towards failure. ** Don't go down the paid route until you have all your information lined up. ** You should get ROI on every dollar spent. ** You have a fixed amount of resources. What is the best spend to get progress? ** Use criticism as a driver and a look back mechanism. ** Peoplease discount code for all your HR needs.

** Thank You, Peoplease. ** Discount Code: PPLSTRIKE. ** Peoplease feel free to send over an HR expert. ** Challenging your comfort zone. ** Why we push people to challenge their comfort zone. ** An incubator pushes you in a safe and nurturing way. ** Most people have incorrect perceptions about themselves and the market. ** It's easy as an individual or small team to get frustrated. ** Our incubator is designed for individuals. ** There are different levels of risk tolerance. ** If your priority is safety and security and never to fail, this is not for you. ** Your product or idea is like your baby. ** We look at metrics and see what works and what doesn't. Reevaluate, modify and move on. ** We talk about constant feedback, constantly improving. ** We are going to disprove it and if we can't then maybe you have something. ** It's all about proper alignment. ** A lot of programs have no pushback. ** Are Mallomars only sold in winter? ** Whenever there is something I really don't want to do, that is exactly what I should be doing. ** Most people are unprepared to answer specific questions. ** You should always want to learn more. ** You can do everything right and it still might not work out. ** It helps to have a team around you. ** People treat pushback like we are judging them which is not the case. ** The whole point of the podcast is to paint a realistic picture of what we are doing. ** If you are not comfortable being uncomfortable then we are not for you. ** Collaboration means compromise. ** Events, tradeshows, expectations and discomforts. ** Learn something anywhere you go, good or bad. What to do. What not to do. ** You need a mindset of always wanting to learn. ** A good deal is where everyone compromises a little bit. ** Thanks again, Peoplease.

** What is your goal for the website? ** A website is like a living document. It takes work to maintain. ** Your website should be driving users to something. ** Why are we talking about this? It is a common topic with new incubator members. ⁠**⁠ What if your actual company name domain is already taken? ** Fabbro Industries web strategy. ** EDA Funding. ** If you can't put up relevant, cogent information about what you're doing, why have a website? ** What is your message and target market? ** Triggers, calls to action, SEO and the resources you have. ** Sometimes having a website does you a disservice. ** Know what channels your customers buy from. ** Don't just automatically assume you need a website. ** I know my market, so I took down my websites and doubled down on social media. ** You have to be an expert about your own company. ** I don't sell on Etsy because I feel it would dilute my particular brand. ** Do your research for your particular product and market. ** Our products sell better in person because they are heirloom quality. ** Use proper intel to know your market. ** You must do your research specific to your own products and goals. ** Theories and books are great, but they are not 100% applicable to each specific case. ** One of our members came in with all the buzzwords but didn't know how to apply them. ** The Chinese restaurant we use doesn't have a website. ** Try it, test it, listen to the market and be willing to change. ** Know your business model and what your customers value and how to provide that value. ** Have the right resources at the right time to execute your web strategy. ** What is the journey you are taking your customers on? ** Observe your market first to see where you fit. ** It can pay off 10-fold to have your strategy properly mapped out. ** Founders and inventors can get frustrated by a lack of quick progress. ** Don't buy the hype, buy the journey, and other useful cliches. ** Listen to the market research and filter the information.

Weighted Average Cost of Capital

In this episode:

** The best way to raise money is to sell something. ** Debt is cheaper than equity. ** It's become common to have a cycle of cap raises. ** They never look at organic revenue and only focus on the raise. ** I want to explain the concept that debt is cheaper than equity. ** Debt is the first thing that has to be paid back. ** Equity stake holders are bottom rung as bond or debt holders are paid first. ** Once you are in revenue debt becomes an option. ** Let me paint a picture of debt vs. equity. ** You are wrong if you look at the equity side as just getting money. ** What debt doesn't give you are experts helping build your business. ** For most companies, it is a mix of debt and equity. ** If you are pre-revenue and have to do multiple raises, each has a different valuation. ** You have more options if you can get to an mvp and pre-sell products. ** This showcases the conversation we have with some of our members. ** Don't take on personal debt, keep it in the corporation. ** Some people feel equity is less risky but that is not my view. ** Sometimes you take out more than you need with an equity play. ** Some people's whole business model is to raise money. ** Investors should bring more to the table than just money. ** A lot of people don't vet investors. ** Is it truly risk capital? ** The investor base is a key stakeholder, and they should be relied on. ** They know they need funding but don't specifically know what to do with it. ** It's all about having the right conversations. ** If the investors aren't asking hard questions, they are not really interested. ** T's dinner with a potential investor. ** It should be an uncomfortable conversation. Money can wreck relationships. ** The chasm between design and revenue is huge. ** You must prove to investors that you are an expert about your business. ** There is a cost in time and energy in going after grants or dealing with investors.

Healthy Conflict, Respectful Disagreeance

How do you build a good relationship when you constantly disagree? ** Organizational Behavior 101, Conflict is Good. ** Respectful disagreeance is the cornerstone of democracy. ** We base our relationship on honesty and direct talk. ** We are aligned mission wise but see things from a different pov. That is a strength. ** Healthy conflict is disagreement but not hostility. ** I want you to push back on me to make my point better or destroy it. ** Where healthy conflict exists there is growth. ** The best compliment is to be called "genuine". ** We can find better solutions through healthy conflict. ** Genuine means that I am willing to take a stand based on experience and being who I am. ** We try to talk about being genuine to people who are told "be something you're not". ** If you don't want to prove your statements then you've got nothing for me. ** We operate on finding truths and making informed decisions by following the data. ** We've taken the time to build real relationships and a real culture. ** You're not going to build a real team overnight. It takes time and a lot of work. ** Have processes in place to manage healthy conflict and not shy away from it. ** I've worked in the white-collar and blue-collar worlds; they handle conflict differently. ** You need a healthy outlet for passive aggressive feelings in business. ** Ask hard questions to cut through the bs. ** We are a solo voice in a world filled with nonsense and bad advice. ** If you can't answer hard questions, you have nothing for me. ** I don't want to deal with disingenuous people. ** I am genuine. I put all of myself into my customer's projects. ** You have to be accountable for all you do, the good and the bad. ** It comes from a place of working towards growth. ** We are giving our clients an outside perspective on how to make things better. ** We have a culture where if we mess up, we try to fix it together ** You are never a solo in this endeavor, it is always a team. ** I hold myself to the highest standard. ** The thing about having a moral compass is that you always have your true north. ** It's ok for things to get elevated as long as it is in the best interest of moving forward. ** Behavior has to be modeled for people. ** It takes time to build trust. ** You don't have to agree, you have to understand each other. ** You have to know how to disagree in a healthy way and then prove it.

In this Episode: ** T's gift. ** If you DM us, please follow us too. ** Another instant traction myth. ** Invented the Ballbarrow & Boat Launcher in the 70s. ** It takes time to develop a quality product. ** Vacuums lose suction from a layer of dust clogging the bag. ** Inspired by the centrifugal separator. ** Built a cardboard model and tested it. ** You may be working on one thing but be open to recognizing other opportunities. ** Listen to the market, find the problem and start small with a proof of concept. ** As creators we are also scientists and detectives looking at how things work. ** Dyson... Sir James Dyson. ** People often say that if the idea is so good someone else would have already done it. ** Network, funding, perseverance and having the right support system. ** In a shed behind his house he developed 5,127 prototypes. ** It's very common for inventors and founders to get frustrated by a lack of progress. ** Know how your network comes into play. ** Rotork. ** Commercial success in Japan. ** "Say goodbye to the bag." A clear message of their unique value prop. ** A lot of listening to the market and iteration to find success. ** When major companies rejected his product, he opened Dyson Limited to make it himself. ** The alpha product, The Dual Cyclone Vacuum. ** They are true to their value of making digital electric motors. ** What is your strength? What is your UVP? Can you adapt into other products? ** It took a long time and that is the point. ** In our 3-phase process there can be no guarantees. ** "I made 5,127 prototypes of my vacuum before I got it right." ** You need emotional intelligence, the ability to withstand failure and to know when to stop. ** It's hard as a solo inventor to persevere, you need the power of a team. ** My product is my baby. ** I love the Dyson story. ** If you are an inventor working on an idea just keep going until you shouldn't anymore. ** Keep going but get honest feedback. ** You need to surround yourself with people that will tell you the honest truth. ** Sometimes at some point we do have to stop. ** It's not just grit. It's strategy, emotional intelligence and network. ** Incremental progress and Outro.

Sponsor this Podcast

Something Completely Different, The Great Snack Chip Debate ** Dipping potato chips in ketchup. ** Is ketchup a dip? ** Buying multiple chips at once. ** Guacamole is a dip; ketchup is a condiment. ** Would you dip a potato chip in mustard? ** The way you buy chips is inefficient. ** T hates cheese puffs. ** Doritos. ** Bob hates ranch dressing. ** No one in the world buys snack chips like you. ** If I go to a party, I want choices. ** Cookies. ** I love Oreos. I love Oreos too. ** T dips his Oreos in Cool Whip. ** If you dip a Lay's potato chip in ketchup, you need a chaperone. ** Have you ever dipped a potato chip in ketchup? ** That is like when people in prison make nachos in the toilet. ** I don't want salsa on a potato chip. ** Please tell me that I am wrong or that T is wrong. ** Look at the population and how many bags are sold a year. ** That is correlation not causation. ** It's not a 1 to 1 relationship. ** Are we actually rolling this episode? ** Please comment so I can prove that people buy more than 1 bag of chips at a time.

Announcing the First Strike Commercialization Studio Expansion ** We are now going to iterate our incubator into a commercialization studio ** We wanted to build an incubator that was about the real-world issues of getting to market. ** Part of the reason straight incubators don't work is that they are kind of one size fits all. ** How can you really do service to someone who wants to bring a product to market. ** We walk through this with you. It is an instant team to help you get to market. ** It's also central officing a lot of shared services and creating that nucleus. ** What is your value add? ** We have an in-house team to help build out your brand. ** Whatever your commercialization strategy is we walk that with you. ** I want our audience to experience the numerous reasons we made the decision. ** We did the incubator and took two members all the way to commercialization. ** To really move from proof of concept to revenue is an intense process. ** We will be guided by facts, data and market research. ** We need scale, more resources and a larger centralized headquarters. ** If you don't put your own money into something, how can you get others to put their money in? ** We are honest about what it takes and appreciate the engagement and pushback. ** This space exists to ask hard questions. ** We speak from experience. You don't have to agree or follow. ** We are focused on results. ** We would rather bring 5 companies to revenue than put 50 through the incubator. ** The path we set out is to take a true idea inventor from idea to revenue. ** Sometimes it's pivoting a product to find the right market. ** They thought they were ready to go to market but never did any market testing. ** Our goal is to make confident decisions backed by research-based data. ** If the market never experiences your product, you have no real intel to go forward.

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