Based on Failory statistics, 90 percent of startups do not succeed; the first two to five years are the most common for startups to collapse. Velocity2 technology event was launched by Ben Fletcher to assist later-stage tech enterprises in finding ways to avoid failure and thrive. Ben has vast experience gained from managing numerous companies and operating with others at Fast Growth Icons. During that time, he came to realize that similar issues sprang up over and over again. His new Velocity2 event in London initially planned to offer practical insight and advice to tackle those emerging issues; the real additional value was an honest and compelling discussion regarding the difficulties various businesses and teams faced.
The two-day events saw refreshing talks that were open about different wrong decisions entrepreneurs made and the obstacles they faced. The founder of Ambient Strategy, April Dunford, discussed misconstrued market positioning that nearly crushed a billion-dollar enterprise. Patrick Campbell, the founder of ProfitWell, gave an honest, inspirational talk concerning founder’s perseverance, providing processes and hints on how to proceed in the right direction and make tough decisions when the road gets bumpy. Many other discussions pointed out their failures and the challenges they are currently facing. These added talks were very informative and added real value to the conversation, not necessarily those that showcased the beautiful things that the company experienced.
Always keep asking questions and never forget your customer
The most profound ideas included April Dunford’s advice to stay away from automatically heading to your original market position, which could potentially write off a company with lots of value packaged differently. A product marketing manager from Deliveroo, Alicia Carney, offered an excellent business case, always to pay attention to your customer, several other talks from successful entrepreneurs, and CEOs emphasized listening and much more. After many presentations, one main thing was crystal: there exists no single answer. According to Ben Fletcher, his experience so far has made him believe that there is no silver bullet to a challenge.
The biggest mistake is thinking that you can’t go wrong
Fletcher discussed a concept he prefers to name delusional optimism. “It is important to be optimistic; some elements of it have to be present to develop a startup. However, believing everything is going as planned when in reality, there is a chance you may be failing, or even when plans are perfectly falling into place can be naïve and can result in failure.” The Openness displayed by Ben at Velocity2 is significantly helping streamline the debate to enable others to acknowledge their misconceptions and proceed forward honestly and with a purpose.