A second post about this enlightening book after this one. A multitude of quotes that make this book really fascinating. The importance of the human component; entrepreneurship is not a science after all. The experience of the field probably counts as much as the academic knowledge, the adventures are unique in spite of their common features. Here are some new examples:
“The first meetings with investors are dialogues between human beings: they will see in you the person who takes risks, who has the ability to develop a strategy and execute plans. Three major criteria are of interest to investors: the team, in particular the CEO [Chief Executive Officer] who creates and inspires the company on a daily basis, and then the product and size of the potential market.” Pascale Vicat-Blanc.
“It is essential to open your idea, your project as soon as possible. The upstream contacts are very rich and can be quite simple”. Stéphane Deveaux. [Page 43]
“The creation of a company is first and foremost a work of definition and development of an offer and the positioning of this offer in the market”, explains Éric Simon. “I met a company that was immediately very enthusiastic. We had to solve many technical challenges that we had not encountered in the world of research. [But this first big client] led us into a dead end. […] I stood firm and remembered that even if you have an important client, you must immediately diversify so as not to be at his mercy.” [Page 55]
While market research and marketing training are often present in incubators, know-how is sometimes difficult to transfer. Researchers-entrepreneurs insist on the importance of the field. “So we did a lot of interviews, visits to customers, prospecting to really know our market. This is the best market research compared to buying ready-made studies.” Benoit Georis, Keeno [Page 61]
There arethen discussions about the relative importance of public and private investors, a phenomenon so specific to France. Yes an exciting book!