What is the Founder Institute?
It is 4-month curriculum of weekly training courses and business-building assignments, you graduate the Founder Institute as the Founder of an enduring company. Plus, sessions are held at night, so you can keep your day job. The interesting thing is that it is run from Silicon Valley and is constantly evolving, they have chapters in 40 countries and have had 1185 complete their course.
This is Awesome!
8 Founders will be graduating on Thursday night, the 21st of August 2014 in Perth, at Spacecubed 45.
We started at 23 people, then over the course due to a variety of reasons, people dropped out.
It is my pleasure to announce that Tradr will be graduating from the Founder Institute!
What did Tradr hope to achieve?
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At the start of this course 16 weeks ago, we hoped to achieve the following:
- Be able to pitch my company to the public
- Establish clear milestones
- Be able to run the company with a clear focus
- Communicate to small businesses about our services effectively
- Build revenue
We have successfully hit all of those targets to some degree, but more importantly during the course we developed systems and processes that help do this at scale.
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5 Important Things Tradr Learnt from the Founders Institute
1. The FI Course is Intense
The Founder Institute course was super intense. On average you spend 15-20 hours per week doing assignments and practicing your startup pitch. We listened to mentors on Thursday nights and then pitched at the end of the night. Following that we re-convene at a local pub for a beverage. This is tougher than university assignments. It is practical assessments that will kill your time but also teach you a lesson – ‘Survey 200 people’, ‘speak to 25 people who are willing to invest in your idea’, ‘conduct market research for 5 competitors in 3 similar industries’. It takes up a lot of your time and you need to make sacrifices.
2. What Value are you Creating for the World that is so Amazing that they will Give you Money?
This is a difficult question for any startup entrepreneur to ask themselves, does your idea hold up to the test?
Here at Tradr, we strongly believe small businesses do not have the time or money to get online and make sales. They have to build a website, list their products, setup e-commerce and then spend massive amounts of time marketing their products or services. We want to change all that, through a simple and affordable platform that will do it all.
3. Marketing is Hard
Starting new social media profiles and trying to promote your message it very tough. You have to come up with creative ways to share your message and you can’t stop there! You have to measure your traffic conversion funnel and work out what works best to convert leads into paying customers.
4. Ideas are Nothing, Measurable Results are Everything
The biggest progress I have made during the course is being able to make the jump having an idea and creating a product, to actually measuring results and reiterating based on those results. It is easy to build a website, it is
5. Traction, Traction, Traction
No investor wants to hear your idea, they want to see traction. They want results. They want you to de-risk your venture with solid revenue results, a proven team, a working growth engine and a validated market. Maybe then, you will get a chance to speak to them.
What are we going to achieve now?
Over the next 3 months we will developing our front end to make it super easy for customers to build websites and market to their local community. We will also be rolling out iPhone and Android apps so community shoppers can find them! Why? To build traction, build revenue and measure every result we get so we can figure out ways to make Tradr better.
Thank you for your support over this challenging period and I’ll see you at the Founder Institute graduation ceremony!
Founder of Tradr