Historically, most of my writing has been either on my blogs or the books that I’ve written. Occasionally I’ve written for magazines, like a year-long stretch I did for Entrepreneur a few years ago, and longer form articles of mine appear in different places every now and then. But pretty much everything I write ends up on Feld Thoughts at some point.
I’m going to experiment with some different channels this year. The two that I’ve already gotten into a regular, once a week rhythm with are LinkedIn Influencers and the Wall Street Journal Accelerators. I’m putting up a lot more content on the Startup Revolution site and I’ll be adding at least one more channel in the next 30 days. Finally, I’m doing more guest posts, such as the article I wrote for Amazon Money & Markets titled Startups Are Everywhere.
Up to know I’ve been generally reposting these on Feld Thoughts. But in the next 30 days I plan to change the landing page for feld.com to include all the different channels, and I’ll also do my best to splice up a single feed for everything I write.
Like all things, this is an experiment. I haven’t figured out whether I like this or not, but I’m enjoying playing with different channels, different audiences, and engaging with an audience and other thought leaders around a specific topic.
For example, this week’s WSJ Accelerator question was “Is it possible for a startup founder to work on two or three products (or startups) at once?” Some posts include mine, which was “No, Mostly“, Steve Blank saying “Don’t Confuse Science Experiments With Commitments“, and Joanne Wilson stating “Choose One Company and One Company Only.” Each different article adds to a broader thought, which is part of the joy of “mentor whiplash” we talk about all the time in TechStars. Ultimately, you have to make your own decision as an entrepreneur – we are just providing data for you.
I’m at CES this week. If you want to see why, check out my LinkedIn post titled Why I Go To CES. And, if you are at CES and want me to stop by your booth, leave a comment here.
If you’ve figured out a great way to be a multi-channel content publisher, I’m all ears. Or, as a reader of this blog, if you have a strong opinion about what I’m doing, please weigh in. Remember – this is just an experiment.
This article (Business Plans Are An Historical Artifact) first appeared last week in the Wall Street Journal The Accelerators Column, which I’m contributing to on a regular basis.
In 1987 when I started my first company (Feld Technologies), I wrote a business plan for a course at MIT that I was in called 15.375: New Enterprises. The textbook for the course was Jeffry A. Timmons’ classic book “New Venture Creation” and the course ended with the submission of a written business plan.
I went on to create a company, with my partner Dave Jilk, that bore very little resemblance to that business plan. When I reread the plan several years ago for amusement, it motivated me to go dig up plans for other successful companies that I was a co-founder of or early investor in, including NetGenesis and Harmonix. In each case, the business plans were big, long, serious documents that had only a minor semblance to actual business that got created.
In the 1990s, business plan competitions were all the rage. I was a judge early on at the MIT $10k Competition (now the $100k Competition) and read lots and lots of business plans. By 1997, when I started investing as a venture capital investor, I was no longer reading business plans. And I don’t think I have since then.
Today, it’s clear to me that business plans for startup companies are a historical artifact that represented the best approach at the time to define a business for potential investors. In the past decade, we’ve shifted from a “tell me about it” approach (the business plan) to a “show me” approach (the Lean Startup). Rather than write long exhaustive documents, entrepreneurs can rapidly prototype their product and get immediate user and market feedback. They can use Steve Blank’s Lean LaunchPad approach to get out of the building and actually incorporate customer development early into the definition of their business. And they can learn the lesson we teach over and over again in TechStars – “show don’t tell.”
While “business plan competitions” are still around, some are rapidly evolving into “business creation competitions.” CU Boulder is at the forefront of this with their New Venture Challenge, which is experimenting with new things each year. And activities like Startup Weekend are teaching a new generation of entrepreneurs how to envision, create, and launch a startup in a weekend, and then incorporating Blank’s Lean LaunchPad into a month-long process called SWNext.
As an entrepreneur, I encourage you to reject the notion of a classical business plan from the 1970’s. You should still thinking deeply about the business you are creating and communicate clearly what you are doing to investors – just use contemporary approaches that are much more deeply incorporated into the actual creation of your product and business.
My friends Phil Weiser and Brad Bernthal at Silicon Flatirons (who are a big part of the book Startup Communities) are hosting me in Boulder on Monday for a “Crash Course: Startup Communities – Building an Entrepreneurial Ecosystem in Your City.”) It’s happening at CU Boulder from 6:15pm – 7:45pm and Lesa Mitchell from the Kauffman Foundation will be joining us for a discussion. Lesa and her colleague Paul Kedrosky has also been a big supporter and influencer on my thinking in this area.
If you want a preview of what I’ll be talking about, Steve Blank, the successful entrepreneur and brilliant brain behind the Customer Development idea, has an outstanding and thorough (like everything Steve does) review of Startup Communities up on his site.
This is the first public session in Boulder about Startup Communities. I’m in Chicago today at the Startup America Regional Summit where I’m talking about Startup Communities with leaders of about 35 regions that have embraced the Startup America movement. I’ve been having a lot of fun talking about the book, getting feedback from entrepreneurial leaders around the country, and meeting with some new and interesting entrepreneurs who are working on super cool businesses. But it’s always fun to have home court advantage and I’m very much looking forward to spending time talking about Startup Communities with a bunch of people in Boulder who helped me figure all this stuff out.
If you are in Boulder on Monday 10/15 and want to come hang out, register for the event now (it’s free) and come join us.