Wednesday, March 14, 2018

Striving for Unicorn Startup Status? Don't Count on Luck.

Striving for Unicorn Startup Status? Don't Count on Luck.

Want to become a unicorn startup in a world of so-so competitors? Well, don't count on luck to help you.

In fact, forget about luck altogether because it will lull you into a Disney-like sense of false confidence. According to CB Insights, less than 1 percent of new businesses in 2017 rose to the mythical "unicorn" status after undergoing initial funding rounds. In addition, 70 percent of them failed to make it to a second funding round or an exit.

Tall odds? You bet. The only way to surpass them is to stop believing in false hope and look at reality: Your innovative, disruptive "next big thing" won't rise to the top because of some twist of fate or fortune. It will shoot to stardom only because you understood the external risks and made the decision to put yourself in luck's path.

Making luck out of circumstance

After selling my first startup, I had the opportunity to begin a second company. One of the first startups to hire us needed to raise funds. It had engaged in a crowdfunding campaign on Kickstarter, but still needed help getting the word out. I confidently said I'd assist in the effort.

Truth be told, I had very little experience with crowdfunding consulting. I could have easily backed out, but I applied my prior knowledge of social media, digital marketing and public relations to the crowdfunding realm. In other words, I created my own luck..


by Idham Azhari


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