After 35 interviews done so far for Inspiring Innovation Podcast (a cool milestone — if I may add), I have dissected and collated fifteen of the most valuable tips and advice we’ve received from top entrepreneurs sharing their story so far.
Why Stop From Normal Scheduling And Do This Episode?
Actually, it was triggered by a challenge from one of the VIP members who posed a question, asking for a list of the ‘top 10 completely unnecessary mistakes which can make a business fall’.
I thought it was a great idea and came up with another one: highlight the best pieces of advice that all these amazing entrepreneurs whom I interviewed in the show had shared with us so far.
I’ve also been playing with the idea of producing an additional weekly episode — a shorter one apart from the weekly interview — that’ll be showcased on a Monday perhaps (with a co-host or someone). We’ll talk about and dissect the interview episode, extract lessons and talk about it for about 20 minutes or so.
For this episode, it’s going to be a compilation of all those golden nuggets that I also find myself giving to VIP members, to people who email me and friends. I realized that it would be much helpful to list them all down in one place.
So, here are the top 15 take away from 35 interviews:
“Richard And I Will Invest Dollar-for-dollar In Your Company”
How many people do you know that made a million dollars from Twitter?
How many people do you know that got funded by Sir Richard Branson, on their first startup?
How many people do you know that did both – before they turned 19?
“Mom, we have some really, REALLY good news”
Today’s guest is Stacey Ferreira Co-founder of MySocialCloud. Stacey’s story has been told again and again over the last two years, and for a very good reason.
When Stacey finished school, she moved to California to live with her brother and work on the project which is now MySocialCloud. They shared an apartment in south central Los Angeles, not the area where you would want to live. The apartment was very small. They set up their office in the living room, and in typical entrepreneur style – Scott slept on the coach while Stacey slept on an air mattress. Stacey says that they lived the project that summer, sometimes not going outside for weeks at a time.
One morning Stacey was on Twitter and saw a tweet from Sir Richard Branson. The tweet said that If you donated $2,000 to the charity of his choice, you could attend the 25th anniversary celebration of Virgin America and meet him in Miami for intimate cocktails. Stacey was skeptical that someone like Sir Richard Branson would send out such a tweet, but she decided to go for it, afraid that someone else will steal her opportunity. She replied and asked if she and Scott could participate – even though they were underage. At 2am, Stacey and Scott got a positive response.
Of course, they didn’t have $2,000 – never mind $4,000 for the two of them, plus expenses. So they called their parents in the middle of the night, asking for a loan. Stacey and Scott’s parents were dubious; but decided it would be a good learning experience for them. Two days later, the siblings were on a plane to Miami. On the first night, they waited with about 18 others to meet Sir Richard Branson. It just happened that Stacey was by the door when Richard Branson entered. Stacey took the opportunity and introduced herself. After telling him a bit more about their project, Stacey boldly asked for his contact information, and was delighted when he gave it to her.
Getting Funded, A Dream Coming True
Once the Ferreiras returned home, they focused on building the initial product. They kept Branson updated on what they were doing with regular emails. Eventually he suggested that he introduce them to a friend of his – Jerry Murdock. They talked with Murdock by phone, explaining their vision and what they were planning. A few weeks after their initial conversation, Jerry flew out to California.
The cofounders went over the product and gave Jerry a little demo. That night at dinner, Jerry announced, “Here’s the deal. Branson and I are going to invest dollar for dollar in your company.” Stacey and Scott were amazed by Jerry’s announcement. It was such an incredible opportunity. Now with investors, they could build their product!
Two years have passed, and a lot has changed. The MySocialCloud story became world known. Stacey dropped out of college and moved to the west coast to work full-time at MySocialCloud. But more important — so many lessons were learned, mistakes made, achievements reached – and all of those Stacey shares with us today.
In This Episode You Will Learn
How Stacey & Scott Ferreira got $1M funding for their startup because of a single tweet
The secret to making huge things happen for you.
How to build your team and what are the crucial things to pay attention to
What kind of prototype do you really need in order to get an investment from Richard Branson himself, Jerry Murdock, or someone of such caliber
How to keep your business going in the right direction
What challenges did the MySocialCloud team face since funding, and how they overcame.
How does a free tool like MySocialCloud make money
What are Stacey’s thoughts and tips for young entrepreneurs that are about to start college
How to effectively execute your ideas
How to find an opportunity, make a goal and make it happen
Our Udemy Giveaway is still taking place, where I’m giving away 4 of my favorite Udemy courses, at a total value of $771, to the listeners of the show. Join and claim your prize right here. The giveaway ends in two weeks, and winners will be announced on episode 8 of the podcast.
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