Earlier this month, High Alpha Managing Partner Scott Dorsey took the stage alongside Purdue University President Dr. Mung Chiang–two serial entrepreneurs–at Rally, the largest global cross-sector innovation conference.
With High Alpha and Purdue’s new partnership and advancements in AI, Indianapolis is continuing to foster innovation and provide opportunities for aspiring entrepreneurs. While they had much valuable information to share, I compiled Scott’s and Dr. Mung’s must-have tips for the next generation of founders.
Near Death Experiences Are Inevitable For Entrepreneurs
When we look at breakout companies like Meta and Apple, we often think that everything must have gone perfectly for them to be successful. When reflecting back on his time building ExactTarget, Scott told the audience that is rarely the case. In fact, Scott listed a few near death experiences his company had, so what should founders do to pivot in these situations? Scott and Dr. Mung had a couple tips.
Build A Resilient Team. According to Scott, the reason their company survived those near death experiences were because of the employees.
As you build your team, Scott said you must ask yourself, “Will my employees stick together, stay positive, and go the extra mile?” Being resilient will keep your company going, so it’s imperative you hire people into your organization that believe in your vision and embody your values.
Stay Focused and Execute. When looking back on his experiences, Dr. Mung said entrepreneurs must be able to remain focused. Having a near death experience can leave you confused and wondering what to do next, but you must get back on track. Scott agreed and said, “The most gifted leaders can take a lot of data and inputs and distill it down into a simple direction that everybody can rally behind.”
The Next Breakout Companies Will Dig Deeper into AI
With the internet bubble, efficiency increased. Paper files turned into computer drives, and employees could organize their work much faster. But now, AI is taking it a step further.
“This is a whole new dimension of technology and capabilities that is going to change our lives and also really change how we work,” Scott said.
The recent advancements in AI will do more than just make employees more efficient and productive; it will make companies more creative and strategic and bring their job performance to new heights. Scott and Dr. Mung said it is up to entrepreneurs to tackle the toughest problems, and AI has given them the tools to do this in a bigger way than ever before.
Your Confidence and Your Team Will Set Your Trajectory for Success
When asked for any last advice, Scott and Dr. Mung had two remaining pieces of wisdom.
Be Confident. If you have an idea for a company, believe in yourself and do it. Scott said, “The most talented and gifted entrepreneurs are so compelled to build a company, and they have a vision of the future that many others don’t. Through sheer will and determination, they find a way to make it happen.”
Pick a Winning Team. For his parting advice, Dr. Mung reminded the audience that the “who” is better than the “what.” You can have a great idea, but it will only be as successful as the people executing it.
Before ending their discussion, Scott gave the audience one last piece of inspiration.
The next wave of innovation is upon us, and the world needs big ideas to continue making it a better place. Are you working on a new concept? We’d love to hear what you’re working on.