Anyone with an inbox knows what I'm talking about. A dozen emails to set up a meeting time. Documents attached and edited and reedited until no one knows which version is current. Urgent messages drowning in forwards and cc's and spam.
When you think of technology that gets people excited - long lines at stores, enthusiastic reviews in the blogosphere, passionate evangelists - the first thing to come to mind probably isn't thermostats. Then, along came Nest.
Hammer down product fundamentals first. Make sure you've got something that works before doubling down on promotion and marketing. Create a groundswell of organic support, and only then leverage PR and advertising to spread the word.
The point is that instead of a monolithic brick of printed content - delivered more or less unchanged to all subscribers - social media offers news that is personalized and nimble.
For resourceful tech founders, finding capital is rarely a problem; making the best use of it is another story. A few years slinging pepperoni pies and chicken wings - on tiny margins and with minimal investment - might not be the worst fiscal training.
Every day I'd come home after school, pop the hood of my mom's car, put alligator clips on the battery, and wire into the house and go play on my computer. If I used it for too long, I'd wear down the car battery, and my mom would be all mad at me the next day.
During the early days of HootSuite, when social media was still seen as a fad, I made the decision to treat our funding as if it were my personal bank account. That's not to say I blew it on fast cars and fancy dinners. Exactly the opposite.
Working with lots of old media clients, I've had a front-row seat on the ascension of new social players and the decline of traditional news outlets. And it's clear to me that old media has an awful lot to learn from social media, in particular in five key areas: relevance, distribution, velocity, monetization, and user experience.
I grew up off the grid in Vernon, and I saw my parents work hard every day, as teachers but also while farming and building a log home. So from a young age I knew the value of hard work.
As an entrepreneur, one of the biggest challenges you will face will be building your brand. The ultimate goal is to set your company and your brand apart from the crowd. If you form a strategy without doing the research, your brand will barely float - and at the speed industries move at today, brands sink fast.
Importantly, companies are using social media to do things that go way beyond just chatting up existing customers on Facebook. Sales departments use social to nurture leads and close sales. HR posts job openings and vets applicants. Community and support squads mine networks, blogs and forums with deep listening tools.
One thing I would like to see in Vancouver and Canada is something similar to the PayPal mafia. They were all early employees of PayPal. They all had monster exits with PayPal, and they were able to take their winnings and form a syndicate that co-invests.
Ultimately, I'd love to see a legacy company that has alumni that come out of it and go on to create other big things. A maple-syrup mafia, a HootSuite mafia.
