Why I Love Founder Institute (And You Should, Too!)

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And, just like that, I’ve graduated from Founder Institute.

In the middle of September this year I, along with 24 hopeful entrepreneurs, attended orientation for the Melbourne 2016 Founder Institute course. Founder Institute “is the world’s premier startup launch program for talented entrepreneurs”.

Essentially it’s a 3-month course taking people who want to be entrepreneurs through all the steps they may fudge around in over a period of three years. Instead of directionless faffing about, attendees undertake a directed program through stages such as “vision and ideas” and “product development” through to “bootstrapping and fundraising.

The goal of the program is to take the Silicon Valley philosophy and networks and distribute them around the world.

Entrepreneurs need to work hard

There is a lot of work each week, and it’s supposed to be a hard slog. When a course is promising to launch success-ready startups, the participants can’t be of the misguided belief that entrepreneurialism is easy.

Doing coursework 50 to 60 hours a week while holding down a regular gig, as well as attempting to allocate sufficient energy to family, friends and health dispelled any thoughts that starting something significant from scratch is for everyone.

Of the 25 who started, there were nine left at the end. Better odds than most Alien movies, but an illustration that, despite the best-laid plans, things can still go wrong. Founder Institute offers participants who drop out the opportunity to come back at a later semester, so dropping out is better referred to as “deferment”.

It’s all about the team

A highlight of the course was the other participants. We were allocated workgroups at the beginning, and our workgroup (TeamBlack) quickly bonded and became a huge source of support, encouragement and ideas. The benefits to having people who were going through exactly what I was going through were immeasurable and I came to look forward to the twice-weekly Skype chats.

It was while working with my workgroup that I learned a valuable startup lesson – People Like To Help.

You need to understand that I have just spent 20 years in the freight industry. Unfortunately, at least in Australia, the industry is not the model of trust, honesty and collaboration. I believe this is due to the red ocean philosophy predominant in logistics that the only source of new business is to take it from competitors.

Startups, on the other hand, are swimming in the blue ocean. There are unlimited opportunities to expand and develop new projects. In fact, competitors are beneficial as they validate a business model or industry segment.

Another benefit of Founder Institute was the access to a whole network of mentors and advisors.

Entrepreneurs like to help people

There is a strong Australian network of entrepreneurs, startup advisors and people with enormous experience in, and understanding of, the difference between starting a small business and launching a startup. Amazingly, they make themselves available to guys like me – just a middle-aged man with an idea.

For the price of coffee, it is possible to get thousands of dollars of advice. No strings attached. However, if (when?) people ask my advice, I will be ready and willing to give freely of my own time.

And now it begins

The next step is all up to me. Founder Institute, or any launch program, can only take one so far. The real work starts now. My startup, Passel, has received some seed investment, and I’ve got a couple of months to go and find some customers and suppliers, integrate a little tech and start delivering on my promise!

If you want to follow the journey, I do have a mailing list you can subscribe to here.

If you’ve been thinking about making the jump from worker to entrepreneur, you can learn more about the Founder Institute here.

Enjoy 2017,

Marshall

Passel helps retailers gain more sales by providing cheap, convenient and friendly same-day home deliveries for online orders.

Using a flexible crowd-sourcing platform, Passel manages local deliveries by people living and working in the local community.

Passel – same day online deliveries.

For more information, please visit www.passeldelivery.com or call Marshall Hughes on +61419134461.

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