5 completely solid pieces of startup advice from Sitecore’s Lars Fløe Nielsen

The CMS software provider Sitecore hit a revenue of 1,4 billion DKK in 2016, so we feel it’s okay to call them a blow-up rather than a scale-up. Here co-founder Lars Fløe Nielsen provides delightfully tangible word’s of wisdom. 1.    Speak up about your competitors ”You are rarely alone in your market. One of the most common mistakes … Continue reading 5 completely solid pieces of startup advice from Sitecore’s Lars Fløe Nielsen

The CMS software provider Sitecore hit a revenue of 1,4 billion DKK in 2016, so we feel it’s okay to call them a blow-up rather than a scale-up. Here co-founder Lars Fløe Nielsen provides delightfully tangible word’s of wisdom.

1.    Speak up about your competitors
”You are rarely alone in your market. One of the most common mistakes I see in the pitches I receive as an angel, is a graphic with some visualization of a sweet spot, where you are the only player. Then I will feel compelled to do my own research and find the competitors myself.”

2.    Test globally
“If you are serious about scaling then it is not enough to test your product close to home. Call potential foreign customers too, when you are at a very early stage. And don’t hesitate to ask them for commitment as future buyers.”

3.    If you’re bought, get product lovers on board
EQT signed on the majority stockholder of Sitecore last year. Formally it is a loss of control, but what has made a big difference for us is their board construction. Five of the seats are filled by very talented industry people from outside EQT, and we had the freedom to veto profiles we did not find relevant. There is an interest in the product, we haven’t encountered among US funds.”

4.    Hire people that are difficult
“The ones that understand some areas better than you and therefore will disagree with you. It pushes you and makes the product better. If you have a tendency to react strongly to diverging input, try to wait a day, before you respond.”

5.    Be opportunistic, but back it with data
“Don’t just go into the Israeli market like we did once. What looks like a window for new sales, should be backed up by data every time. From numbers on local investments in technology to cultural factors such as language and trust.”