9 Things I Learned from 9 Startups /  by Aanarav Sareen

I’ve been fortunate enough to be an investor, an advisor and a startup founder. The last 4 years have been the most challenging, the most uncomfortable and the most rewarding times of my professional life.

As an investor, we've invested in companies that have gone on and done great things. As an advisor, we've helped companies figure out issues from staffing to user-experience. And as a founder, I’ve been through hell and back working on everything at once — product, financing, tech, legal, operations, etc.

Here are 9 things I've learned:

1. Perseverance —

“I'm convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” — Steve Jobs. This fact cannot be stated enough. In order to succeed, you have to be brutally tough, thick skinned and want to succeed. Over the past few months as I've moved into more of an advisory role for a few of our companies, I’ve seen potential new entrepreneurs get disheartened simply because someone challenged their product thesis. Accept criticism and move on. Most good ideas were thought of to be stupid before they became multi-billion dollar companies.

2. Dedication —

It’s surprising to me how many people try to run a startup from their employer’s desk. Not only is it unethical, it will most likely fail. A startup should be your full-time gig. It is the thing that you should protect and fight for. If you can't afford to do it full-time, look for consulting gigs or other flexible assignments that allow you to generate an income to live.

3. Team —

Your team will either set you up to succeed or it will be the reason why you fail. I cannot stress this enough — pick good partners. Pick good founders. And know how they react under significant pressure. Most people crack when you push them against a wall. You can't afford this. Pick people who will either break through that wall or help you scale it.

4. Confidence —

If you're having an off day and you're not feeling confident — please do not go to any meetings. Work from your desk and push meetings to another day. Your staff, investors and board are all going to pick up on the fact that something is off. If you worry, so will the rest of your company.

5. Relevance —

We live in an attention driven world. If you pitch your product to the wrong person — you're not going to get anywhere. If you pitch your company to the wrong investor — you won’t get a response. If you are not a part of the community — no one truly cares when you need help. However, the opposite is entirely true. If you are helping other entrepreneurs with ideas, feedback or intros — they will help you out. They will care about your success.

6. Lean —

When you get your first investor check — don’t go out and spend it at a club with your team. Use it wisely. You will always run out of money faster than you think. There will always be another tax bill, an attorney invoice and paperwork that costs a lot of money. Make sure you run a lean startup — avoid the fancy PR firm — do the grunt work. Avoid the massive launch party — buy a 6 pack if you really need to celebrate.

7. Experience —

This may seem obvious — but make sure that your product is easy to use and clearly communicates what it does. I've downloaded so many apps lately that ask me to sign-up before telling me what they do, how it works and why it is good for me. Make sure you spend time focusing on the finer details of your product. Please. Not having a phenomenal user-experience is almost guaranteed death.

8. Financing —

Fundraising is a necessary evil for young tech startups. It is a distraction and you need an incredibly thick skin. Extremely successful investors, funds and operators will often tell you that they're not interested because you're too early or don't have enough traction. Move on. There are quite literally thousands of investors in any given market category. Find them.

9. Believe —

Not to be philosophical — but always believe that you are going to succeed and that you have nothing else left to lose. You’ve emptied out your bank account, you’ve closed out your savings account and your 401k is now completely done. The only thing that remains is your company. You have to give it 1000% to make it succeed. Always believe that it can be done and you will be surprised as to how far that goes.

Above all — have fun. Starting and running a company is insanely stressful. Make sure you never forget those who stand by you as you chase your dream. Your startup is going to teach you more about you, about the people around you and about the world we live in. You will always make mistakes and you should — because what you're about to do hasn’t been done before. It’s your dream. Live it.

Sunrise and Outlook for iPhone /  by Aanarav Sareen

The iPhone is my primary device for just about everything. With the exception of writing, design and some of the other creative projects - I use my iPhone most of the time.

Lately, I've been disappointed with Mailbox. It started off as a great tool, but has bee painfully unreliable lately. 

On the other hand, I've been trying Sunrise and Microsoft Outlook on the iPhone. The combination - even for Google Apps is extremely powerful. 

Microsoft hasn't been winning the mobile race, but their apps are certainly making me reconsider their stance and their direction. 

Looking forward to what Microsoft produces in the future. 

Finding your Unicron /  by Aanarav Sareen

We are all unreasonable people, and progress depends on us changing the world to fit us, not the other way around. 

Nearly 4 years ago, we set off on a journey to change online commerce - the largest driving force of the digital era. 

Still in its infancy across the world, we’ve seen incredible progress - ranging from cars that arrive at your doorstep within minutes from the push a button to cash that is transmitted via an app nearly instantaneously. 

We’ve been fortunate enough, lucky enough and crazy enough to build companies that have challenged incumbents, have gone up against well funded companies and still come out standing tall. 

To those who criticized us, thank you. You made us stronger. 

To those who rejected us, thank you. You made us work harder. 

To those who stood by our side, thank you. We do this for you. 

Startup life is not for everyone. I’ve almost quit so many times. And then I remember why I started any of it - to make a difference. In the world. In someone’s life. For us. 

We believe in crazy. 

We invest in risk. 

We challenge normal. 

It’s what drives us every day. It’s the reason we get out of bed. It’s why - despite the hardest of times - we smile our way out of it. 

To every startup founder out there - may you find your unicorn. May you continue to believe in yourself when no one else does. And I hope you continue to change the world - even if it is one person’s world. 

Thank You for Being Mediocre /  by Aanarav Sareen

House of Cards

House of Cards

I love mediocrity. 

No, truly. 

I love waking up in the morning and turning on my bedside lamp only to find out that the bulb doesn’t work. Oh sure, there are companies that are working on some really cool smart bulbs, such as the folks at Ilumi. But my landlord is happy with the cheapest variety of lightbulbs found in the clearance rack of the 99 cent store. 

Wouldn’t it be nice for the lightbulb or lamp to tell me that it is about to die or I should think about replacing it soon? Of course it would! But when incumbents are scared of innovation, they try to lock you in to your good old mediocre standards. 

Ah, standards. 

Remember back in the 1980s when the average miles per gallon for a vehicle was 23.1mpg? The great news is that the average miles per gallon in this decade is not that much more! Less than a decade ago, it had barely budged up to 24.7mpg. 

I love that! We have standards that allow for mediocrity. 

I recently had a chance to fly Etihad’s A380 from Abu Dhabi to Sydney. I flew in a first-class apartment with a bedroom, a shower, a butler and a chef on board. On the other hand, US based air carriers are complaining about losing business because of government subsidies. 

And the list goes on and on and on. 

And yet, incumbents complain about losing marketshare or supporting legacy regulations. I wonder why! I always thought that mediocrity would continue to win. 

A Tale of 3 Summers /  by Aanarav Sareen

I've been thinking about this quote for a while lately. Despite all what is written about startups, the word risky and hard hold the most truth.

Risky: to most people, risky means simply walking away from a bad relationship hoping that something better comes along. Or quitting a job in the hopes that they might land somewhere else. Or traveling to a different country.

Hard: to most people, hard means extra effort. Or extra time.

But when you're running a company, it means so much more. Without getting into the romanticism of of startup life, here is a tale of 3 summers in reverse chronological order.

Summer 2015:

As I'm writing this, it is Tuesday. One day before this article gets published. I’m sitting solo at a bar in midtown Manhattan dealing with emails, text messages and catching up from everything. I was at my first meeting at 8:15am and by the time I fall asleep, I've had some very tough conversations to the point of being paralyzed emotionally. But — also moving on from them.

You can never let fear paralyze you. I've seen people give up because of fear. And yes, it feels great to have that one sigh of relief after giving up. But that comes with regret.

I've always had a policy that once you start something — you don’t look back. You never quit. You never give up.

I could walk away from ALL of this. But, as a friend has always reminded me — don’t walk away when you've paid off the interest on the car and don't own the car.

At 5pm today — I backed away from a bachelor party that I had already paid for and said yes to. The person is a good friend of mine and circumstances over the past 120 hours have made it nearly impossible for me to do anything of that scale. It sucks. Hell, it hurts. But — some days, it’s about making excruciatingly hard choices.

And I know that most people don’t think that startup entrepreneurs make those choices. The fact is — they do. They make them every single day about their family, about their friends and about themselves. You think it's easy getting texts like this from highly respected individuals who all tell you that you're going to fail?

Hell. No.

And then when you have to tell your investors you’re drawing all of your 401k because you believe in it that much?

And yet, knowing that all of this could go away and you still have the potential of ending up with nothing is such a surreal feeling — it’ almost surreal.

Regrets? No.

Why? Because success is in our drive. You haven't seen drive until you've met an entrepreneur who has nothing to lose.

Summer 2014:

I'm sitting outside the Hyatt in Union Square listening to one of my partners and our financier. Turns out, the deal we had struck with this company is no longer on the table because of a change of heart.

And that’s how that meeting ended — the news was delivered, we got up and went our separate ways.

To put it in perspective, our product was about to launch and we had been negotiating with our lead investor for the entire summer. Everything was moving along, papers were being signed and then — nothing.

I remember texting my trainer and letting him know that I would no longer be able to train with him. Why? Because I had to drastically reprioritize my finances in order to keep the company alive.

If you haven't been in the unfortunate place of fundraising for a company, I will say this now — it is challenging. You bet so many things on this one act and most of the times, it falls apart.

For our previous company, hundreds of people told us that we couldn't do it. And we did it. We did it right. We spent extra time on it. We were compliant. And we launched our product — the way we wanted and with great success.

There are things in life that will set you back a few months, a few years and maybe even longer than that. But, as long as you never give up and keep chugging forward — I promise you this — your perseverance and desire to succeed will make it nearly impossible for anyone to come in your way.

Summer 2013:

I'm sitting in a conference room in Amsterdam pitching PaLaCart. The team across the table seems really interested. We review business models, financial operations and investment needs. After a very long day of meetings, things seem to be on the right path. We go to a private penthouse to celebrate success with our partners.

Later that night, we grab dinner with the investors, go to the best clubs that Amsterdam has to offer and gradually see the sunrise the next day.

Life couldn't be better. The product is working. The investors are treating us to a night we couldn't imagine.

Fast forward a few weeks, the same investors are in New York and we start looking into the final details of the deal. Everything seems to be going well until we hit upon a snag — a legal and financial compliance issue. They can help us resolve it fairly quickly, but they don’t believe that the team is strong enough to be able to pull it off.

And just like that — everything crumbles down. It’s over.

Or so we thought. Not only did we end up raising a large round after that rejection, we also managed to get the license, making us one of the very few startups in the entire world to be able to negotiate a deal of that size.

You can measure the ups when you are an entrepreneur. However, there is no way you can predict the lows. Know that the lows are part of the journey. And know that the only way to recover from whatever is holding you back is to push forward in ways that even you never thought were possible.

Being an entrepreneur takes indescribable strength. And the only way you win — is by being strong enough to take whatever is thrown at you.

Be strong. Trust yourself. There are a lot of people that will tell you no. Use that as force to get a bigger yes.