Lessons from the X-Media Lab

X-Media Lab was all about companies getting one-to-one advice, but some advice is true for all entrepreneurs. Here are some of the top tips:

  • know what you need when you get in front of someone who can help you.
  • know what problem your product solves, and who it helps.
  • be multilingual — everything is converging, learn the language of, and get input from, all relevant disciplines
  • look for the money — a good idea is not enough. Where is the revenue stream going to come from?

These are all pretty good rules of thumb. And like any rule, there are exceptions. Twitter, for example, met no obvious need when it began (although plenty have arisen since then) and it still has no revenue. But the founders are subsisting on their mere $15 million in venture funding, because the team have a solid background and the funders know the team will make it work, as they have done with other products.

However, in a recession, it's a really good idea to find the revenue, and do the sums to make sure that revenue will get you where you want to be.