Case Study: Voxar / Andrew Bissel
From Entrepedia: The Entrepreneurship Wiki
Notes from Connect Scotland's "Meet the Entrepreneur" speech
About Andrew Bissel:
Andrew Bissel is a successful technology entrepreneur from Edinburgh. He founded Voxar in 1990, and while his venture was a startup he won a SMART award. He sold out of Voxar in 2005, meaning he successfully navigated both the dot com and 9/11 crises. He has experience in business areas ranging from graphics accelerator to medical 3D. He is now an active investor in next generation companies combating climate change.
Tips / Experiences:
Bissel advises entrepreneurs not to be afraid to stand out in order to get noticed: at their first American trade fair, Voxar presented themselves in kilts while everyone else wore suits and ties. He also warns that, as an entrepreneur, you will need the supposed of friends and family; it is not unlikely that you'll have to live off of your partner's income in the beginning stages of your company. He says, "Ask widely for advice, but be focused when asking for money," but notes that when asking widely, entrepreneurs shouldn't value the responses too highly or be put off by negative responses.
When it comes to venture capital, Bissel recalls how VC deals take time (in Voxar's case, a year), and advises entrepreneurs not to panic if a VC deal means giving up the majority of your company. He says that this is normal, and if you end up with 15% owned by yourself that is a good deal.
Some more advice from Andrew Bissel:
- Find a mentor, also for emotional backup
- Take your time, get your business plan solid
- It's ok to not have a straight forward university career, browsing studies can help you find out what you are interested in.
- Take any support you can get, especially participate in university programs and schemes (crosslink to xxx)
- Become a legal expert - really read and understand any contracts you sign, it can save you a lot of trouble in the long run.
- Get highly qualified advisors when you need them
- Communicate your idea; train your presenting and pitching skills
- Don't sell your product too cheap; it will look as if you are not being serious about your business.
- Evaluate your market and the competition as much as you possibly can
- When you have some capital don't shy away from drawing a small salary for yourself.
- For feedback rather focus on your target customer group (e.g. through usability testing)
