April 4, 2015
Entrepreneurship can be a lonely place, and figuring out which mentors are best suited to give you advice is a long process. The team at XLR8 seeks to efficiently connect entrepreneurs to the peers, mentors, co-founders, service providers, investors, and ESOs who are best suited to their needs. XLR8 promotes their intelligent matching engine as the solution, because it reduces the capital burn rate and increases the likelihood for entrepreneurial success. Effectively, this service bridges communities with a global sharing network.
We got to know the folks at XLR8 during our Startup Showcase at SXSW 2015, so we are thrilled to share with you some of the thoughts that Founder and CEO Rick Duree expressed about the process of starting up.
Is Failure Necessary?
“The line I heard as a young entrepreneur was ‘failure is required for success.’ Wrong! A lot of people have done the entrepreneur thing before you. Learn from their mistakes and avoid failure. Often this will save you money and time, two valuable resources in “startup land.” While failure is not a necessary step in achieving success, it will probably happen. Don’t be afraid to fail, but don’t do it because ‘they’ say it is necessary.”
What Can Other Founders Learn from Your Experience?
“Whatever pricing you choose for your products you have to bake into it employee errors, inventory cost hikes, and sales slow downs. Everybody gets pricing wrong. Do your research and hope for the best.”
Where Do You Look for Inspiration?
“The Lean Startup by Eric Ries is AMAZING. I’m known as a “let’s do it now” guy, but this book has provided me framework that I use to grow XLR8 into a business.”
What’s so Great about Starting Up in St. Louis?
“The St. Louis metro area is quickly becoming a hot-spot for high-tech startups and is home to tons of great incubators, accelerators, mentor programs and some great entrepreneurial focused universities. The area is even starting to attract outside money and talent, which is big news for XLR8, the intelligent matching platform for entrepreneurs. The area is poised to become a tier-one city in terms of high-tech entrepreneurship and we’re psyched to call the St. Louis metro town of St. Charles home.”
Duree adds that “It’s impossible to know everyone, let alone the exact right people. XLR8 quickly connects you to the people you need to build your dream.” He says that he hopes one day, XLR8 will be “the entrepreneur’s home page.” This long-term vision involves providing a library of entrepreneurial knowledge and resources where entrepreneurs can easily create their business plan, quickly register for business plan competitions and find best practices and resources from across the globe.
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