10 Takeaways from my First Startup Accelerator Program

Recently I had the privilege to participate with the first cohort of startup teams at the University of Pittsburgh’s new student accelerator program, The Blast Furnace.

Classroom style lectures featuring various speakers combined with hands-on experiences in customer discovery outside the classroom, led to a dynamic and engaging learning environment (the free pizza each week may have also played a role).

The most rewarding aspect of The Blast Furnace was the opportunity to learn from and network with a diverse range of successful professionals. Through the program we met with lawyers, VC's, and University alum entrepreneurs in addition to a myriad of other accomplished individuals.

Over the course of this 8-week program, I found myself jotting down some of the most memorable and influential quotes from the speakers, as well as The Blast Furnace staff and advisors. Now that the program has ended, I’ve had some time to reflect upon these quotes, and take away some valuable lessons.

I believe the following quotes can be applied to all facets of life, business, and beyond.

Here’s my top 10:

1. "I'm from Spain. I'm a relatively good lover. All the girls that are interested, here is my number." - Danny Garcia

Context: Granted, this may seem as though it is an extremely bold opening line — but that's because it is; these were Pitt alum Danny Garcia’s first words on his initial day of classes at the University of Pittsburgh. 

Takeaway: As we know, first impressions can say a lot about a person. And Danny is emphasizing his boldness. Be bold; be memorable. Just make sure you aren't being someone you're not. Plain and simple.

2. "There isn't anyone you couldn't love once you’ve heard their story." - Mr. Rogers

Context: Greg Coticchia, a director at The Blast Furnace mentioned this quote in his talk about the significance and manner in which you should pitch your story to others.

Takeaway: Tell your story! Whether pitching an idea, or selling yourself in an interview, using your story to connect with your audience is one of the most powerful things you can do. There aren’t many people who have painted that picture better than national-award-winning columnist at The Dallas Morning News Dave Lieber in his TEDx talk about the power of storytelling.

3. "It’ll be ok.” - Andy Hannah

Context: Serial entrepreneur Andy Hannah spoke about this inherent feeling he’s always had. These three words have provided him with the notion that no matter what obstacles he faces, "everything is going to be ok."

Takeaway: Don’t underestimate the benefits of courage, optimism, and a little delusion. Although it may be difficult to envision, in order to achieve the seemingly unachievable, keeping Andy’s words in mind can do wonders for maintaining your drive and focus towards achieving your goal.

4. “Start with why.” - Simon Sinek

Context: Carnegie Mellon graduate and serial entrepreneur Eric Boduch began his talk with a quote from Simon Sinek’s TEDx keynote where he expressed how truly great leaders inspire action. 

Takeaway: People don’t buy into what you do, they buy into why you do it. Why does your organization exist? Why are you training for a marathon? Why are you fighting for a specific cause? Once you truly know why you do what you do and are capable of enthusiastically articulating your passion, you will find that others will relate and buy into your values, your product, and your organization.

5. "All success gives you is the right to have a different set of problems." - Larry Shoup

Context: Entrepreneur Larry Shoup summing up growth transitions.

Takeaway: It’s easy to take your foot off the pedal after reaching the top of the mountain only to realize that the next mountain ahead looks a little larger than the last. Having said that, you shouldn’t stress about the inevitability of another hurdle arising especially when you’re working hard to overcome the current one. Set goals, crush them, but keep in mind that there will always be new challenges.

6. "In God we trust, all others bring data." - W. Edwards Demming

Context: Carnegie Mellon graduate and serial entrepreneur Eric Boduch mentioned these words by Demming, referring to the importance of data in today’s data driven world.

Takeaway: Engineer credibility by supporting what you say with reliable data. An influential professor at Pitt once told me; “No one cares about what you think, they care about what you know to be true.” Keep this in mind when trying to drive a point home to someone. That extra bit of effort you put into backing your claims with cold hard facts may just win the argument, close the deal, or begin to build the credibility you’re looking for.

7. “Everything to everyone is nothing to nobody.” - Malcolm Bane

Context: Greg Coticchia in his presentation about finding your target market.

Takeaway: First things first, know who you are and know whom you’re targeting. It doesn’t matter if you’re a large corporation rolling out a new product, or a college student trying to make new friends. If your plan is to play the numbers game and try to appeal to everyone, you’re not going to find your niche or be successful. Research potential customers, then get out there and talk to them. This is the only way you’ll be able to truly narrow down who cares about you, and your product.

8. "The market will value your company." - Sean Sebastian

Context: Founding partner of Pittsburgh-based VC firm Birchmere Ventures, Sean Sebastian revealed the final question he asks those pitching their company: “How do you value the company?” The correct answer in his eyes is that "the market will value it."

Takeaway: Don’t get distracted by the dollar signs and flashing lights. A lot of entrepreneurs get caught up in planning their exit strategy before they’ve even gotten started. This can lead to constant self-valuations and stack rankings of their competition, reducing the amount of time one can spend getting customers and building their business… you know, the important stuff. Sean searches for entrepreneurs that believe that the market will value their company. This shows that they are not only focused but also self-aware because they know what they can and cannot control.

9. "Don't wait, the time will never be right."- Mark Twain

Context: Eric Boduch brought up legendary author Mark Twain in his talk concerning the importance of timing.

Takeaway: Don’t allow yourself to fall prey to paralysis by analysis. If you’re searching for the absolute “perfect” time to make a decision when all variables are taken into account for a sure thing, please let the rest of humanity and I know when you find it. In today’s world there is a seemingly unlimited amount of information to discover and digest. In fact, we create 2.5 quintillion bytes of data each day — so much that 90% of the world’s data was created in the last three years! While it’s important to back up your decisions with data (see quote 6), we will often toss our gut feelings aside and forget about them completely. Doing so can inhibit you from pulling the trigger on something you’re truly passionate about.

Ask yourself how much you would regret not making the decision that is on your mind, and then weigh that with the immediate consequences of the decision. Just remember, you're always going to feel worse about indecision than making a bad one.

10. "If you build it, they will come... uhhh NO." - Greg Coticchia

Context: Greg Goticchia debunking a common misconception.

Takeaway: Don’t forget whom you're building your products for. Just because you created a toy for your dog that you think everyone will love and buy, doesn’t mean they actually will. Constantly ask yourself not only “whom are we building this product for?” but also “what testimonials and feedback do we have to back up our theory that they will love it?” This isn’t a “look what I built. Come and get it” type of world. Listen to your potential customers, and use them as a guide to perfect your product.

Bonus: “Your current (business) plan is just one, not THE, scenario that may lead to success. ” - Larry Shoup

Context: Entrepreneur Larry Shoup on keeping an open mind.

Takeaway: There are multiple paths that lead to success. Although you may be focused and passionate with your current (business) plan, don’t let that give you tunnel vision. We live in a world where things change in the blink of an eye, so above everything else, listen, and remain aware of the moving parts around you… they might just guide you to success.