#groundwork labs

[getfanpack]

Having the right questions is more important than having the right answers

[getfanpack]

GWL Pitch Practice

Our time at GWL today focused on two areas. First, we practiced our elevator pitch. Second, we talked through our main activities for the week.

I'm not a huge fan of the term elevator pitch. It feels a bit unnatural. However, having an honest and clear response for if someone asks you "What do you do?" or "What is your startup?" is crucial.

Here's how the exercise went down. Each person present was asked to give their 30 second pitch. After they spoke, we pitched back to them what we thought their company/product was about. This format only works one time (the first time) but it's amazing what people hear. Many times it's not what you say and quickly highlights any unclear areas in your story.

We also spent time talking through our next activities. Right now, we're working on opening Benny's and Jake's FanPacks for the next issue and we have some really cool surprises in store. In addition to being awesome for their fans, it will give us an opportunity to test a few marketing ideas to see how well the audience responds.

At the same time this is going on, we're about to launch a white label version of the platform for labels, agents and other organizations looking to offer a product subscription service to their customers.

That's it for today. More to come...

[getfanpack]

Laying the Groundwork

Last week was FanPack's first week at Groundwork Labs. So far it's been great. Over the next eight weeks I'll share our experiences and things we've learned.

First Day

Do you remember your first day at school? That's close to the feeling of the first day here at Groundwork Labs (GWL). It was a lot of orientation and logistics led by John Austin. He's been a fixture in the Triangle startup scene for years. In addition, we met the other teams in the cohort and talked about the history and mission of the program.

The kickoff ended with homework and invitations. One assignment was nailing down your objectives for the program, or what desired outcomes you want to leave GWL with? Here are a few we're working on:

Solidify customer validation for the getfanpack.com website model

Validate (or not) the "white label" platform we're working on

Define or uncover our real value propositions for each business model

Accelerate customer acquisition

Develop a solid pitch deck

I'll do my best to share the journey with you. It's an exciting time for us and I know it will manifest in a better product for our contributors, customers (thank you) and all fans out there.

[jermberm]

Groundwork Labs - The Time to Pivot is Now

One of the exciting things of working at a startup is that you can never predict what is going to happen next.  Within two weeks of interning, I learned that a new accelerator had come into town, Triangle Startup Factory, and that my role as an intern was going to drastically change.  As an intern for Groundwork Labs I had three main tasks:

Help create the structure of the program and source mentors

Participate in the application process and conduct due diligence on the team, market and product of the applicants

Help out with the day-to-day operations of the program – engage with and assist the companies in the accelerator

With the emergence of Triangle Startup Factory, this was all going to change.  Before I go into how it is going to change, I want to discuss the reaction of the Groundwork Labs director.  I have always heard that great entrepreneurs know when it is time to pivot their startups strategy (re: http://gigaom.com/2011/11/18/lessons-from-billy-chasens-epic-pivot-to-turntable-fm/) and now we had to figure out if now was our time to pivot.  The purpose of Groundwork Labs was not to be the best accelerator in the area.  Its purpose was to be the only accelerator in the area and fill a void within the RTP entrepreneurial ecosystem.  So when the director of Groundwork Labs heard about Triangle Startup Factory, he did what any great entrepreneur would do – he pivoted Groundwork’s strategy.  Instead of competing for applicants with the other accelerator, he decided that Groundwork would take its funding and try to fill another void in the community.  I cannot go into details because the new strategy has not officially been released, but just know that Groundwork is going to strengthen the community in another great way. 

My role as an intern has changed from the three tasks outlined above to helping define the strategy of the new Groundwork model.  From an MBA student perspective, this is great experience.  I am using what I learned in strategy class and VC class by working with the director to create a new strategy for Groundwork and I am creating models to determine if it is a good investment for our investors.

So within the first month as an intern, I have already learned a valuable lesson – as an entrepreneur or startup employee, you need to roll with the punches and know when to pivot. 

[jermberm]

Spring Internship at Groundwork Labs

As I quickly noted in my last post I am interning at a new technology accelerator in Durham, NC – Groundwork Labs.   Accelerator programs play an important role in an entrepreneurial ecosystem linking together entrepreneurs, mentors and investors and as an intern I will be at the center of it all.  Groundwork Labs is not hosting its first class of startups until the spring so I will get to help build the program from the ground up.  Essentially, Groundwork Labs is a startup itself, so the internship will be great exposure into both the startup and accelerator worlds and give me experience in both the operational and financial sides of starting a new company. 

More importantly, I am proud to help fill a void I believe is going to significantly help grow the entrepreneurial community in the RTP area.    Entrepreneurial ecosystems flourish when startups are created and ultimately succeed.  The presence of Groundwork Labs will definitely be a major factor in accomplishing both of these factors.

So if you are thinking of starting a company or have already started a company that could benefit from an accelerator apply here and hopefully I will be seeing you around this spring.