MediaTech Ventures

The future of media is shaped by several critical considerations, but I had recently, an opportunity to sit with a few notable thought leaders about media, and I came away from the event thinking about if and how we could steer everyone’s attention to the game changing issues. Especially with the rapid advancements in technology and evolving government policies, here’s what comes to mind:

1. Artificial Intelligence and Machine Learning

AI and machine learning are revolutionizing how media content is created, distributed, and consumed. These technologies enable personalized content recommendations, automate content moderation, and even create content through AI-driven tools. In the span of only a few months, MediaTech Ventures‘ has seen AI evolve from images and written replies so bad that we can’t help but laugh, to fully created videos, written books, voice interaction nearly indistinguishable, automatic transcription of meetings with roadmaps and tasks allocated, lectures produced and given by AI, and deepfake technology that once concerned us now used so that movies dubbed for different languages actually show the actors speaking those languages.

“Artificial intelligence will increasingly play a crucial role in content creation and distribution, making media consumption more personalized and efficient.” – Sundar Pichai, CEO of Alphabet Inc.

2. Data Privacy and Regulation

As governments worldwide tighten data privacy regulations, media companies must navigate a complex landscape to ensure compliance while maintaining their ability to deliver targeted advertising and personalized content.

“We are entering an era where data privacy will be paramount, and our challenge is to find the balance between innovation and regulation.” – Mark Zuckerberg, CEO of Meta Platforms, Inc.

Now, why would I lead this consideration with the fact that governments are involved? Just this past week, the U.S. Supreme Court threw out a lower court ruling that had placed major restrictions on the ability of government officials to communicate with social media companies about their content moderation policies. In what has become an epicenter of Freedom of Speech debates, while the First Amendment of the U.S. Constitution establishes clearly that the U.S. Congress can’t make a law curtailing anything anyone says (the word used is “abridge”), what this establishes is that the White House or other government officials certainly can request the removal of content on social media… which opens up the implications lobbying, political influence, and other measures that rather effectively might compel platforms to deal with speech that the government finds objectionable.

3. The Rise of Decentralized Media Platforms

Blockchain and decentralized technologies are emerging as potential disruptors in the media industry, promising greater transparency, reduced censorship, and new monetization models for content creators. Amusingly this, this turns our previous consideration on its head.

“Decentralized media platforms are the future, providing creators with unprecedented control and audiences with unparalleled access.” – Vitalik Buterin, Co-Founder of Ethereum

This is a big one because though we’ve experienced “blockchain” through both irrational exuberance and hype, and failed promises, in startups, we are starting to see the implication fully develop. Here’s what’s possible:

Shared Ledger: a digital ledger, an append-only system of records shared across a network, providing visibility to all transactions throughout
Smart contract: a collection of business terms stored in a transaction database. Its implementation occurs in conjunction with their respective transactions
Cryptocurrency: a means of value that can be transferred, with all of the benefits and implications of the you find in the rest of this list
Decentralized infrastructure: think of this like you might understand open-source technology (which, by the way, is considered the greatest competitor to all proprietary technology); the difference being that open source still has distinct points of management, deployment, or control – decentralizing technology (or media) means it exists and is available without a single point of control
Privacy: such that though transactions or productions are trustworthy, authenticated, and verifiable, while we still don’t know who you are.
Transparency: and with it, accountability, as everything is accounted for… but keep in mind, we might not know who, and when decentralized, we might not have any point of control to deal with something we don’t like

Appreciate for a moment why understanding these three things in particular, are critical to the work you might be hoping to do in media. While we might love or hate the implications of Artificial Intelligence, Privacy, or Data/Content Regulation, the fact of the matter isthat Blockchain has within the means to make our opinions and preferences irrelevant.

Creators x Convos

Ingenius Studio held this talk to which I referred, just a few weeks ago, and I want to impress upon you all how critical it is that have many more of such conversations. We cannot talk about nor develop AI, blockchain, social media, or public policy, without taking ALL THREE of these considerations into account. And frankly, people serving in government can’t be expected to understand any of one of these things, let alone all three — which demands even more of you, because this also means that we can’t move society forward if policy is set through the narrow influence of media or technology companies that want to drive the outcomes they prefer – we have to understand, talk about, and teach others what’s happening here.

“Creators and Convos” aims to explore rich experiences and creative journeys, fostering an environment where every conversation opens a doorway to greater understanding and inspiration.

Headlined by Ingenius Studio’s CEO & Founder, LaTecia Johnson. The evening brought together Mari Tippman, Rebecca Otto, Mitch Morales, Patrick Moody, and me. I want you to get to know these thought leaders better and connect with them so that we can accomplish this more elevated understanding, and sophisticated teaching and influence, of the future of media.

LaTecia Johnson, whose past includes roles at Apple, Microsoft, and Nielsen Media, as well as delivering activations for artists such as Nas, Diplo, and The Chainsmokers, emphasized the importance of creators owning their intellectual property and forming authentic brand partnerships. She discussed strategies for monetizing audiences and building an integrated ecosystem that positions creators at the forefront.

Rebecca Otto is the founder of The RKO Group and she draws from an extensive past working with athletes and in sports media and marketing. Clearly appreciating the implications of what’s to come in media, she works in amplifying the voices of professional athletes and the evolving role of content in sports recognizing that the athlete is in many respects the creator or artists – deserving of much more from and much more control over their work.

Mari Tippman runs sales for a platform connecting creator content with fast-growing CPG brands like Olipop, Goodles, and Thelma’s. She highlighted the significance of aligning sales and customer success teams to drive growth; or as I might put it similar to the many times I’ve pushed founders to understand what Marketing really means, she’s reconnecting the dots that the early internet broke – that everything is interdependent. Let me remind you of those three areas of focus I mentioned, and why you must proceed with understanding how each will influence the other.

Patrick Moody provided a cross-functional perspective on the future of media, drawing from his experience in finance, venture capital, and media. He currently helps to lead finance and strategy at Atmosphere, the world’s leading streaming TV service for businesses, and his insights into community building and strategic growth were particularly valuable for early-stage ventures and startups.

“Our incredible lineup featuring Rebecca Otto, Patrick Moody, Mari Tippmann, Paul O’Brien, and LaTecia Johnson gave us a unique opportunity to explore their rich experiences and creative journeys that led them to where they are today while allowing attendees to get deep personal insights into tomorrow.”
Umar Brimah, Austin Venture Association

The future of media is an intricate interplay of artificial intelligence, data privacy regulations, and decentralized platforms, each influencing and amplifying the other. AI and machine learning drive personalized content and efficient distribution but require vast amounts of user data, highlighting the critical need for robust data privacy measures, if that’s even possible. As governments implement stricter regulations, media companies must balance innovation with compliance, ensuring user trust while harnessing AI’s potential. Decentralized platforms, enabled by blockchain, promise transparency and reduced censorship, offering new monetization models but also introducing risks like misinformation, anonymity, loss of control, and security vulnerabilities. Navigating all of this demands YOU learn, keep up, and speak up, so that society is careful in our approach to leveraging benefits while understanding the inherent risks that we can’t simply regulate away.

By the way, we’re going to talk more about the future of media

JULY 10, 2024, REGISTER for an interactive online workshop will challenge the traditional startup mindset and show you why media is the new capital.

We’ll be online where you prefer; 1 CST on Wednesday the 10th:

Possessing a compelling story outweighs merely having a brilliant idea so much so that media has become the new capital for burgeoning founders.

The fundamental concept here is that media — encompassing storytelling, audience engagement, and community building, well beyond what you might consider it to mean in “the press” — serves as a powerful currency. For startups, especially in their early stages, the ability to attract and engage an audience can be more crucial than securing financial capital. Why? Because a passionate, engaged community can provide invaluable support, validation, and momentum that money alone cannot buy.

The Power of Storytelling and Community

At its core, a startup thrives on its ability to connect with people. A great story does more than just convey what your business does; it humanizes your brand, making it relatable and memorable. This narrative forms the backbone of your startup’s identity and helps differentiate you in a crowded market.

Consider the example of Airbnb. Early in its journey, Airbnb faced significant financial struggles. What helped them persevere was their compelling story and the community they built around the concept of belonging anywhere. Founders Brian Chesky and Joe Gebbia famously sold custom-designed cereal boxes to raise initial funds, a move that not only provided much-needed cash but also captured media attention and public imagination. This quirky, relatable story became a pivotal part of their brand identity, fostering a strong, supportive community.

Another powerful example is Red Bull, which, beyond giving you wings, we explore with founders in detail in our incubators. The company famously evolved from an energy drink company into a media powerhouse with a strategy revolving around creating content that resonated with its target audience—extreme sports enthusiasts and adrenaline junkies. They invested in producing high-quality videos, sponsoring extreme sports events, and even launching their own media house, Red Bull Media House. This venture produced a wide range of content, from documentaries to live event coverage, that not only promoted their product but also built a lifestyle brand around it. This approach has made Red Bull synonymous with extreme sports and adventure, far beyond just an energy drink.

Why Media is More Critical Than Capital for Startups

Audience Engagement and Validation: When you build a strong media presence, you attract a community that believes in your vision. This audience acts as early adopters and brand advocates, providing critical feedback and validation that can guide your development and refine your product.
Organic Growth and Virality: A captivating story and an engaged community can drive organic growth far more effectively than traditional advertising. Users who are emotionally invested in your brand are more likely to share your story, leading to viral growth—a phenomenon that paid marketing campaigns often struggle to achieve.
Credibility and Trust: Media coverage and a robust online presence can significantly boost your startup’s credibility. Being featured in reputable publications or gaining traction on social media platforms builds trust with potential customers and investors alike. For instance, Tesla’s rise can be attributed not just to its innovative products, but to Elon Musk’s masterful use of media to craft a compelling vision of the future.
Resource Efficiency: Leveraging media is often more cost-effective than extensive advertising campaigns. Crafting a compelling narrative and building a community requires creativity and strategic thinking more than substantial financial resources. Startups like Dollar Shave Club used viral videos to disrupt traditional markets without the need for massive advertising budgets, showcasing how media can level the playing field for smaller players.

Building a Thriving Community Around Your Brand

Building a community starts with understanding your audience and what resonates with them. It involves continuous engagement, authenticity, and delivering value beyond your core product. Social media platforms, blogs, and interactive content like webinars and podcasts are excellent tools for fostering this connection.

Glossier, a beauty startup, built its brand on community engagement and customer feedback. By actively involving their audience in product development and using social media to create a dialogue, Glossier cultivated a loyal following that propelled them to success without traditional advertising.

Crafting a Powerful Pitch

Your pitch must be more than a presentation of facts and figures or a fill-out of the pitch template some accelerator or article told you to fill out; it should be a story that resonates on an emotional level. It needs to convey not just what you do, but why you do it and why it matters. Simon Sinek’s Golden Circle model emphasizes starting with the “why” to create a deeper connection with your audience.

To measure the success of your pitch and overall media strategy, focus on engagement metrics: shares, comments, and community growth are more telling than simple view counts. And let me pause here because if you’re a startup founder, you likely thought I was referring to your Startup Pitch (a pitch deck), and I am… because your storytelling as a startup should be a varied and compelling as that which you create online to promote yourself. Tools like Google Analytics and social media insights can help track these metrics and refine the content you create, helping turn media into far more than likes.

For startups, media truly is the new capital. Embrace the power of story and community, as these elements can transform your vision into a thriving business. Building a strong narrative and engaging your audience are not merely supplementary tactics—they are fundamental to your startup’s success. By leveraging media effectively, you can achieve organic growth, build credibility, and foster a supportive community that money alone cannot buy.

For further reading, consider exploring resources such as “Building a StoryBrand” by Donald Miller or “This is Marketing” by Seth Godin, which delve deeper into the art of storytelling and community building in the digital age. These works provide practical insights and strategies that can help amplify your startup’s media presence effectively; this is *capital* that you can raise right now, making fundraising far easier when it comes to engaging and interesting investors in what you’re doing.

LEARN MORE, JULY 10, 2024

REGISTER for an interactive online workshop will challenge the traditional startup mindset and show you why media is the new capital.

We’ll be online where you prefer; 1 CST on Wednesday the 10th:

We’ll dive deep into how passionate communities, captivated audiences, and the power of attention are the driving forces behind successful startups. Learn how to craft the perfect pitch: a captivating story that not only attracts customers, but also compels others to share and get involved.

Here’s what you’ll gain:

Understand why media is more critical than capital for startups.
Discover how to build a thriving community around your brand.
Learn the secrets to crafting a powerful pitch that tells a story people want to be a part of.
Develop the skills to measure your pitch’s success through media engagement.

This workshop is perfect for:

Aspiring and existing entrepreneurs
Anyone looking to build a strong brand story
Marketing and communication professionals

By the end of this session, you’ll have the tools and knowledge to leverage media as your most valuable asset, turning your vision into a thriving startup.

One more time:

Sound Designer Eduardo Pesole joins us to share his 10 suggestions for working with Audiokinetic’s Wwise and Unreal Engine 5.

ENROLL NOW: Master Game Audio

Master Game Audio with Wwise and Unreal Engine 5 is a live online and interactive course taught twice weekly over 6 weeks by Berlin-based sound designer Eduardo Pesole.

Button

Organize your hierarchy structure: A well-organized project is the key! Build a solid hierarchy structure using a proper naming convention for your files into the project, categorize sounds with names and color coding, that would help you to easily navigate into the project and quickly find what you need.
Reach out to a community to ask for help: Game sound designers have a nice community of people that help each other solving problems, giving advice, sharing knowledge, etc… In my personal experience, it has always been a great resource for problem solving and inspiration. Here are some links:
Read Audiokinetic blog and watch their Twitch channel: These 2 are other powerful resources, they’re full of articles and videos of professionals sharing their projects, workflows and tricks. There is a lot to learn from them.
Mind your soundbanks: If you’re working with soundbanks in Wwise you don’t want to mess them up! Soundbanks that are too heavy will take more time to be loaded from the game engine. Dividing them into categories, loading and unloading them when required will substantially improve the performance.
Randomize assets: randomization is a great friend, randomize pitch, volume, triggering time of a sound, everything you need to make the game sound more natural as possible enhancing immersivity.
Recycle your assets: Recycling your assets is a good way to save resources and time; sometimes you can just change pitch, add some in engine effects, play with filters to make footsteps sound bigger or smaller for example and use them for different creatures in the game.
Use Multiposition: Another way to improve performance is using multiposition emitters, that allows you to place a sound effect in different positions in the map (for example lakes, torches, waterfalls) as many times as you want without using too many resources since it will always count only as 1 physical voice playing.
Use convolution: Reverbs are essential to the immersivity of a game, and the best thing is to use convolution reverbs to recreate the acoustics of a space.
Use built-in game syncs: Built-in game syncs can be very useful to drive real time parameters for the 3D spatialization of game objects, enhancing the mix and immersivity of the game.
Be creative: Last but not least, creativity. Be creative while designing your systems, think out of the box, explore the thousand possibilities that these tools are offering you; don’t be afraid to try and experiment while researching.

The live online and interactive course on sound design using Wwise and Unreal Engine for aspiring and professional game developers, sound designers and composer producers transitioning to game audio, is open for enrollment now: Learn More and Enroll Here

Remember, promo code MTV10 gets you 10% off

When 90% of startups fail, while you’re fixated on getting your MVP done, selling something, or raising capital, the advice that hopefully provokes you to think differently, is that you should venture not to succeed but to not fail. Eliminate the issues that the startup industry has well researched and confirmed result in failure.

Makes sense, does it not? I hope it does. Let me say it more clearly: YOU ARE GOING TO FAIL.

Therefore, are you going to work on trying to be successful or are you going to take a look at what results in failing so that you can eliminate those issues and give yourself a fighting chance?

Here are 7 Facts that Correlate with Success as a Startup Founder

1. The personalities, skills, and experience of your cofounders, matter

A recent study conducted by researchers from the Oxford Internet Institute, University of Oxford, University of Technology Sydney, and the University of Melbourne examined data from over 21,000 startup founders, identifying six key personality types associated with success. The research indicates that the collective personalities of a startup’s founding team significantly influence the venture’s outcome.

While it’s well-known that many startup failures stem from team-related issues like poor execution and misaligned expectations, society continues to debate whether entrepreneurial traits can be taught (I don’t believe that; they’re innate personality traits that contrary to the hope that entrepreneurial traits can be taught, are in fact beaten out of people by structured education, a culture of professional expectations, and reward for knowledge). Books emphasize Grit, Tenacity, Purpose, Passion, and Mission, yet many founders remain fixated on owning a business or making money, often overlooking the core attributes needed for success.

Personality tests such as Myers-Briggs or DISC help identify capable founders. It’s well established that founders who crave variety and novelty, show reduced modesty, are open to adventure, and possess heightened energy levels are more likely to succeed. Published in Nature Scientific Reports, the study asserts that successful founders exhibit traits deviating from the norm. These six personality types—Fighters, Operators, Accomplishers, Leaders, Engineers, and Developers (FOALED)—are more predictive of success than conventional factors like industry affiliation or founder’s age.

Lead author and adjunct professor at the University of New South Wales, Paul X. McCarthy, highlighted that personality traits significantly impact startup success. Their algorithm distinguished successful founders with 82.5% accuracy using Crunchbase data. The paper concludes that the more a startup team exhibits these traits, the greater the likelihood of success.

Interestingly, the research suggests that a founding team is more likely to succeed if it includes individuals with these traits, even if not all founders possess them. Oxford researcher Fabian Stephany noted, “Firms with three or more founders are more than twice as likely to succeed than solo-founded start-ups.” This supports the idea that diversity in personality is critical, leading to the “Ensemble Theory of Success,” which emphasizes the importance of a diverse mix of founder types for significantly higher success rates.

For early-stage founders, the priority should be assembling a team with the right mix of personality traits—those who are Fighters, Operators, Accomplishers, Leaders, Engineers, and Developers—ensuring a higher probability of success.

If that’s not you, that’s fine, find the co-founders who are. Harsh reality? Stop thinking you can because you want to; the bottom line is that you can because you are… or you’re not.

2. Don’t be the boss, serve your team

It’s a subtle shift in language from CEO / Boss / Manager to Founder and Leader, but it’s a meaningful one. A good leader’s ultimate motivation should be to serve, not to lead. For startup founders, this approach can be particularly impactful. When founders focus on serving their team and stakeholders, they foster an environment of collaboration and empowerment. Instead of striving to be the central decision-maker, they support and elevate those around them. This often leads to better outcomes for the business as a whole.

Research supports this perspective. Jim Collins, in his book Good to Great, emphasizes that the most successful companies are led by what he terms ‘Level 5 Leaders.’ These leaders are characterized by a blend of personal humility and professional will, prioritizing the success of their company and team over personal recognition. Collins notes, ‘Level 5 leaders channel their ego needs away from themselves and into the larger goal of building a great company.’

Similarly, Simon Sinek, a renowned leadership expert, argues in his book Leaders Eat Last that the best leaders are those who put the well-being of their team before their own. Sinek explains, ‘The leaders who get the most out of their people are the leaders who care most about their people.’ This servant leadership approach fosters loyalty, innovation, and high performance within teams.

Moreover, research from the Greenleaf Center for Servant Leadership highlights that organizations practicing servant leadership tend to have higher employee satisfaction and engagement, leading to better overall performance and sustainability .

Startup founders who adopt this servant leadership mindset often find that they don’t need to assert their authority loudly. By serving their team and creating a supportive environment, they naturally emerge as respected leaders. This subtle yet powerful shift from leading to serving can make all the difference in driving a startup’s success.”

3. Nobody cares. You’re not getting anywhere until you change that.

This comes to my mind from what I’ve started doing to push harder on founders practicing their pitch with us, “I don’t care.” Stop, I don’t care. Try again, I don’t care.

Similar to the psychology of imposter syndrome, it’s crucial for startup founders to understand that most people are primarily consumed with their own lives and concerns. They’re not inherently interested in you, your work, or your product any more than the next post in their social media feed. Unless it’s your mom, people are generally indifferent towards you at best.

This indifference can be a fun and exciting challenge for startup founders, especially those involved in content creation or marketing. To succeed, you must make people care. Seth Godin, a renowned marketing expert, often emphasizes the importance of standing out and being remarkable. In his book Purple Cow, he argues that in a world full of noise, only the truly remarkable get noticed: ‘The key to success is to find a way to stand out—to be the purple cow in a field of monochrome Holsteins.’

Gary Vaynerchuk, another thought leader in entrepreneurship and marketing, echoes this sentiment. He insists that capturing attention and creating a genuine connection with your audience is paramount. Vaynerchuk states, ‘Attention is the asset. Understanding where the consumer’s attention is, and building content that is native to that attention, is the key to success’

Research supports this approach. A study by Microsoft found that the average human attention span has decreased to just eight seconds, highlighting the need for compelling and engaging content to capture and retain audience interest. This means that founders must be creative and persistent in their efforts to make their startups stand out.

Therefore, accept the challenge. Embrace the reality that you need to actively make people care. Continuously put yourself and your message out there, refine your approach, and strive to connect on a deeper level with your audience. This relentless pursuit of engagement and connection can ultimately lead to the success of your startup.

4. Bury your Ego and Avoid Drama in the Team

In line with the idea that no one cares as much as you might think, startup founders should strive to be humble, bury their ego, and avoid drama. The less seriously you take yourself and your ideas, the less easily offended you become, fostering a more collaborative environment conducive to growth. In remote work, where written words can sting more than intended, maintaining humility and a drama-free attitude is especially crucial.

Jim Collins, to refer to him again as some evidence that all this stuff ties together, emphasizes the importance of humility in leadership. In Good to Great, he also describes ‘Level 5 Leaders’ as those who blend personal humility with intense professional will. These leaders focus on the success of their company rather than their own ego, resulting in sustainable growth and success: ‘Level 5 leaders are a study in duality: modest and willful, humble and fearless.’

Similarly, Patrick Lencioni, in his book The Five Dysfunctions of a Team, highlights the negative impact of ego and drama on team dynamics. Lencioni argues that teams plagued by ego-driven conflicts and drama are less effective and productive. He states, ‘Great teams do not hold back with one another. They are unafraid to air their dirty laundry. They admit their mistakes, their weaknesses, and their concerns without fear of reprisal.’

Research from the Harvard Business Review finds that humble leaders are more effective and better liked by their employees. Humility in leadership fosters an environment of trust, learning, and resilience, which is critical for a startup’s fast-paced growth.

Therefore, keep your toes short and your ego buried. Embrace humility and steer clear of drama to cultivate a collaborative and supportive atmosphere. This approach not only accelerates growth but also builds a resilient and cohesive team capable of overcoming challenges together.

5. Everyone experiences Imposter Syndrome. Everyone.

I often talk about Imposter Syndrome and have sometimes found myself in hot water on social media for suggesting that it isn’t a unique condition because everyone experiences it to some extent. It’s not a rare affliction; it’s a natural part of the entrepreneurial journey. Many times, I felt uniquely unqualified to do my job. However, as I met more people and I started my work with entrepreneurial people (startup founders), it almost immediately became apparent that everyone is faking it a bit, and no one feels certain of things. Everything breaks, and we are all just learning and doing our best.

Renowned author and psychologist Dr. Valerie Young, in her book The Secret Thoughts of Successful Women, discusses how imposter syndrome affects high-achieving individuals across all fields. She explains that these feelings of inadequacy and self-doubt are common, and it’s important to recognize them as part of the growth process rather than a reflection of true ability: ‘The only way to stop feeling like an impostor is to stop thinking like an impostor.’

Research from the Harvard Business Review suggests that imposter syndrome can actually be a sign of a high achiever. People who push themselves out of their comfort zones and constantly strive for improvement are more likely to feel like impostors because they are always setting higher standards for themselves.

Adam Grant, an organizational psychologist and best-selling author, encourages embracing imposter syndrome as a signal that you are growing and challenging yourself. He notes, ‘The best way to overcome imposter syndrome is not to silence those voices in your head but to acknowledge them and move forward anyway.’

So, it’s essential to put imposter syndrome on the shelf. Give yourself (and everyone else) grace (remember #4). Take a breath, hit a power pose or two in the mirror, and don’t let those feelings hold you back. Recognize that everyone in the startup world is navigating through uncertainty and learning on the go. Be patient with yourself and understand that feeling like an imposter is just part of the journey to becoming a better leader and entrepreneur.

6. Your ideas and strategy are worthless if your not DOING it

In fact, they’re costly; ideas, suggestions, advice, and strategy, without execution, is a costly waste of time and resources on efforts that may still prove wrong.

Intelligence often thinks in terms of right and wrong, research, existing evidence, or convincing qualities, but ownership in your team must be about responsibility and outcomes. Startup founders must ensure that every team member is individually accountable for their KPIs, execution, and results. Ideas, plans, tools, and strategies are only valuable if the person suggesting them does the work to create real value. Anything else is a distraction.

Reframing ‘ownership’ as accountability and responsibility is crucial. People who feel accountable for their work excel without the fear of second-guessing or being wrong. When you hire well, trust your team to run with their responsibilities, and get out of their way.

Empowering employees with clear responsibilities and trusting them to execute leads to remarkable outcomes.

Stephen R. Covey, in his book The 7 Habits of Highly Effective People, underscores the importance of starting with the end in mind. Covey’s principle is that clarity on the desired outcome is crucial when presenting an idea, exploring an opportunity, or discussing possibilities. He asserts, ‘To begin with the end in mind means to start with a clear understanding of your destination. It means to know where you’re going so that you better understand where you are now and so that the steps you take are always in the right direction.’ Recall #2 and being of service, not a boss? Sinek argues that leaders must create environments where people feel responsible for their work and its impact. ‘When we feel accountable for our work, we take pride in what we do, and this pride drives us to achieve more,’ he states.

Focus on individual accountability. Your idea / suggestion / possibility / connection / plan is COSTLY to a startup if YOU don’t deliver it. Ensure that every team member understands their KPIs and is responsible for their execution and results. By doing so, you create a culture where everyone is invested in the success of the startup, leading to faster growth and better outcomes.

7. Cut the timeline allowed in half

Reinforcing accountability and responsibility, startup founders need to internalize the concept that speed is free and time spent is expensive. Execution is paramount, but it must be aligned with a clear mission, vision, direction, and expected outcomes. This alignment ensures that the team’s efforts are focused and productive.

The mindset of the team’s culture is crucial in driving execution. The antidote to Parkinson’s Law, which states that work expands to fill the time available, is making deliberate choices about time management. Cut timelines in half, think in terms of deliverables, and trust your intuition. You will learn more from three days of taking action than from three months of research. As Reid Hoffman, co-founder of LinkedIn, famously said, ‘If you are not embarrassed by the first version of your product, you’ve launched too late.’

Elon Musk, known for his rapid execution style at Tesla and SpaceX, emphasizes the importance of speed and action. He states, ‘The first step is to establish that something is possible; then probability will occur.’ This underscores the importance of moving quickly to test and iterate on ideas.

Research from McKinsey & Company supports the idea that rapid execution can lead to better performance. Their studies show that companies that act quickly and decisively are more likely to achieve superior outcomes compared to those that spend excessive time in planning and strategizing.

Therefore, instill a culture that values swift execution. Make sure that your team is clear on the mission, vision, direction, and expected outcomes. This clarity will enable them to move quickly and efficiently, turning ideas into results. Remember, speed is free, but time spent is expensive—get it done now.

Venture Not to Succeed but to Not Fail

Passionate about revolutionizing the music industry, Sylvain Martineau is the co-founder and CEO of Hall Up, a live and remote music production platform. Hall Up’s mission is to offer musicians access to top-notch music professionals and a unique in-studio experience at each step of the creative & production side of their music projects.

Tuesday, June 18 at 11AM (CT), Sylvain joins Daniel Crane, host of Global Industry Spotlight

Sylvain and his co-founder, from a recent cohort, started this project in Spain for their personal needs. Having surrounded themselves with music industry professionals, they’ve noticed more and more interest in the concept, and having been bootstrapping from the beginning this interview captures the result of a their success thus far: a Delaware C-Corp and move to the U.S. Focused on expanding the team, both operational and of advisors, and building a roster of professionals and their product with earliest customers’ feedback, Martineau will hop on the air with the Center of Creative Entrepreneurship Program Director, Crane, for a conversation focused on providing resources and insights to creative entrepreneurs.