Ignite on “Bootstrapping CampusLIVE”
Oct0
I did an “Ignite” talk last week, and it was recorded by local TV Station ACTV. The topic was “Bootstrapping CampusLIVE“, and was my first ever Ignite format presentation.
ACTV Amherst posted it on Facebook, here is the link: http://www.facebook.com/home.php?#/video/video.php?v=738599518572
Learn more about this unique speaking format here.
Excerpt:
If you had five minutes on stage what would you say? What if you only got 20 slides and they rotated automatically after 15 seconds? Around the world geeks have been putting together Ignite nights to show their answers.
Startup IV: Advising
Jun0
I just had my first meeting with an Advisory Board that I am a member of for a company based near Boston, MA. I can’t discuss any details of the project I am advising on, but I do want to go a little bit into detail about advisory boards and the general giving of advice.
First: WHAT is an Advisory Board? Google says:
An advisory board is a body that advises the board of directors and management of a corporation but does not have authority to vote on corporate matters, nor a legal fiduciary responsibility.
That’s not a bad definition for an established company. However - I’m far more used to advising companies between the prototype and beta stage, and that is where I think an advisory board can be most useful. In this particular company, my main task is to be a technical advisor - to advise the founding team on how to actually get the product built. Now, here’s the catch: Advisory Boards DON’T get paid. Sometimes they will get minor stock compensation for helping out, but that is not a necessity and should not be expected.
So WHY do people do it? Well, Keith Ferrazzi put it best in his new book (and I’m just paraphrasing here):
People LOVE to think that their input is valuable.
Seriously. I drove to Framingham, MA (a 1.5 hour commute) and spent an ENTIRE business day helping out another start-up. It wasn’t just me, though. Joining me were two very bright business executives with their own companies, time commitments and MIT Biz School degrees (seriously, Sloan, not bad huh?). These are potentially $1000/day guys who will give you input for free.
The advantages of an Advisory Board:
-A ton of helpful advice on development, business, scale, sales, marketing and strategy from PEOPLE IN BUSINESS (and maybe the industry).
-Names to drop. I’m working with so and so on this project. If you tell me you’ve got some experience on your board - you get the benefit of the doubt. If it’s just you and a couple kids in a basement - people are skeptical.
-Similar to above: a MUCH stronger pitch to VC’s. Advisory Boards provide you with credibility. They provide you with business diversity. You can’t hire me, but you can still use my expertise. Catch my drift?
Too many aspiring entrepreneurs don’t know this.
A lot of you guys and girls are thinking about dropping everything and rifling off invitations to your advisory boards. DON’T DO THIS. Not yet. It is critically important that you meet EVERY single potential member of your board in person ABOUT YOUR PROJECT before you invite them onto the board. Furthermore, not everyone will just jump on the bandwagon. Develop them like you would a client. You need to make sure that when you ask them to join the board, there is no way they will say no. Get them invested (time-wise) in your project before you ask them to do anything official.
Speaking of official. Any entrepreneur who spends money for a lawyer to put together an Advisory Board is a fool. The MOST you need to do is have them sign an NDA (1000’s of versions available online). If you’re giving them stock, you will want to talk to a lawyer. My advice: don’t give them anything until their advice works.
So, cheers to all of your new advisors!
-Boris Revsin
An endorsement of Jordan Belfort…
May1
Today I wrote an endorsement for Jordan Belfort. Sasha, our director of marketing at CampusLIVE, coordinated with Jordan’s camp to have him come up and speak to two-hundred students on campus at the University of Massachusetts, Amherst.
Jordan came and did a fine job. He motivated the crowd and told us about his funny, sad and lavish lifestyle before he went to jail. He told us about the money he stole and the money he’s supposed to give back ($100+ million) for the stocks he sold to unwitting investors at outrageous prices. The new Jordan Belfort, however, is squeaky clean. Having sold his script to Warner Bros (Martin Scorsese directing and Leo Di Caprio acting), he is now on tour at college campuses generating hype for his book, the movie and himself.
But Jordan is a great speaker. I know this, because I was in the room when he spoke, and he motivated me. And I’m already pretty motivated.
So, when all was said and done, Jordan’s right hand man (Mike) asked me to write an endorsement. Being in such fine company as Leonardo Di Caprio, I figured I might as well help Jordan keep speaking.
Below is what I signed and emailed to Jordan:
To Whom It May Concern,
Jordan Belfort spoke at the University of Massachusetts, Amherst on April 28, 2009. He made the full effort, driving nearly half of the day to arrive on campus and motivate a group of some two hundred entrepreneurs and students at the university. The topic of discussion that day: ethics.
As a student entrepreneur operating a successful advertising business, I am faced with ethical challenges every day. Much like trading stocks, advertising can be a complicated and expensive business; inflated prices and outrageous “agency fees” present a variety of nefarious opportunities for those who would strive to grab every penny.
But let us not confuse ambition with greed. Likewise, let us not make villains out of examples.
The cause for concern is time. It is right now that the best is required of all of our upcoming students and right now that we need a positive story and a strong message. In light of the current financial crisis, Jordan Belfort’s story proves exemplary. Belfort provides real-life evidence of a man who stepped over the line, paid the price, and returned to give back what he could to the community. He is a true testament to the fact that not all hope is lost for the U.S. economy; the trajectory is not one-directional.
Jordan speaks with a passion that can inspire an entire room in minutes. All of the elements are there for an excellent take-away: success, failure, intrigue, hard work and redemption. His vast and profound behind-the-scenes knowledge of the current economic downturn is invaluable to those who will soon be forced to secure jobs and raise families.
Jordan Belfort can tell his story in stark detail and brutal honesty. He can allow thousands of students to learn from his mistakes. He can and has motivated people to win fairly and shoot high. I see no downside to that. Quite the contrary, I see opportunity.
Regards,
Boris Revsin
Co-Founder & Chief Operating Officer
CampusLIVE, Inc
If you want to see Leonardo Di Caprio’s endorsement, click here.
Let’s hope Jordan continues to spread his positive message, and I hope to stay in the loop on all of his developments.