This evening Silicon Flatirons, the CU Engineering Entrepreneurship Program (eship) and the Leeds School of Business hosted Paul Berberian, the Boulder resident and serial entrepreneur most noted for founding both Raindance Communications and Market Force Information. Speaking to an audience of over 100 at a lecture hall in the Engineering Center, Mr. Berberian took questions from the audience as well as moderators Robert Reich, founder of Me.dium, and Jason Mendelson, partner at the Foundry Group. Among the more substantial discussion points:
- “Don’t start a company unless you have a partner.” Berberian noted the primary reason for this rule is to protect against finding oneself locked in the clean, well lit room of a single perspective: “When you’re looking in the mirror, you tend to think everything is a good idea” Mendelson supported this wisdom by sharing that his venture capital group would not fund any firm missing a management partnership. Berberian went onto describe the ideal partner: Someone you trust, respect, and who is competent in their area of responsibility. And it’s “absolutely critical” this is a person you can have fun with, as you are likely to spend more time with them than your family or significant other.
- “It isn’t the idea…it’s matching the idea to the entrepreneur.” In discussing one of his few failures (Zuzingo), Berberian reflected that had he been a marketing savant as well as in possession of a few hundred million dollars he might have sold the product to every person in the world. But at the end of the day, successful execution rested upon his ability to deliver competencies that existed right outside his grasp. His successful exits, however, demanded skill sets falling squarely within his comfort zone.
- “Early on, don’t be afraid of failure.” Berberian highlighted that the most important knowledge gained from a first entrepreneurial venture is “the experience of running a business.” Again, this point was supported by Mendelson who said VCs are not concerned about seeing failure on the resume of an entrepreneur – unless there is an unbroken string of a half dozen or so.
Led by Director Kurt Smith, the Engineering Entrepreneurship Program (eship) offers certification in entrepreneurial education to undergraduate and graduate CU Boulder engineers. Started in 2008, the program has already enrolled over 75 participating students. Entrepreneurs Unplugged will next be hosting Todd Vernon, CEO and Walter Knapp, COO of Boulder-based Lijit on October 23 in room 235 ECCR of the Engineering Center at 5:00 PM. This event is free to the public.
