"Know People"

Know People

One of the founders of DreamIt commented about the importance of ‘Knowing People.’ He stated: “Before you critique someone, walk a mile in their shoes…besides, by the end, you're a mile away…. and you have their shoes.” Though the final statement was made in jest, I am a firm believer that ANY team can increase their chances of becoming successful by having at least one individual with the ability to Know People.

When I use the term Know People, I do not necessarily mean the number of individuals you call ‘Friend’ on FaceBook.

In order to Know People, you have to be able to understand and relate with individuals not like yourself; literally, put yourself in their shoes. Ask the questions: What are they actually thinking and feeling?

Though this is a hard quality to master, people who can comfortably relate with others in this fashion, can come off as more respectful, observant, and comfortable.

Even if they are not the most intelligent of individuals, the innate talent of Knowing People is extremely valuable. People who Know People can comfortably sell, present, and give insight to situations.

How to “Know People”

Knowing People is something one learns by being exposed to different environments, being aware of foreign practices, and having an inherently social personality. Judging body language is also a critical component of knowing people.

Being able to Know People is probably 25% genetic. But inherently, you are not born with a strong ability to Know People. However, many individuals are predisposed to Know People based on their upbringings and personality types.

When Identifying one who Knows People it might not be best to look to the number of friends in their FaceBook profile; a better place to look is the diversity of friends from separate networks.

What to do with an employee who Knows People?

Though to him it is not necessarily thinking outside the box, this individual has the ability to see connections and possibilities where many do not. They possess the ability to market outside the scope of those they surround themselves with.

They can adapt to any situation like a chameleon adapts its color. They can relate to individuals, and this ability increases trust, which makes them incredible salespeople.

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People who Know People Can Be:

The Dude who sees people as potential new friends as opposed to random strangers

The Dude who has a reasonable temper, patience, and an upbeat personality.

The Dude who can say “hi” to an inanimate object.

The Dude who effortlessly makes strangers smile on a daily basis

The Dude who has no limits

The Dude who can adapt to any situation or individual and make those from all walks of life comfortable in their presence.

The Dude who is not threatening

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Conclusion

Everyone has heard the statement “every action has a reaction;” those who Know People have a better understanding of what the outcomes of certain situations will be and can give insight into how a situation has/will play out.

Quotes:

"I still like to hold a newspaper; it's part of my upbringing" - Tim Russert, NBC's Meet the Press

The Incubator Decision

Although it’s only been a month since we stepped foot in the Science Center to begin DreamIT 08’, the benefits and drawbacks to the incubator program are fairly pronounced. Every incubator is different, promising a unique set of tools and resources operating within an innovative organizational structure.

We were drawn to DreamIT initially because our company was right in their sweet spot; we were a company with an idea, a half-built product, and a business plan while running our home offices out of the Villanova Law library. Post family and friends funding and pre-seed/angel round, TapInko was struggling to find its identity.

DreamIT called us in for an interview, and we became one of 10 companies out of approximately 250 to get the invite into the program. First, I will discuss the pros and cons of the decision to accept or deny an offer from an incubator, and then I will conclude with some brief remarks about how DreamIT is rolling along at the one month mark.

1. You Don’t Have Enough Time to Make an Educated Decision about the Offer
If you get an interview with an incubator, make sure you have thought about your response to various offers. I’ve heard horror stories about how Y Combinator gives their offers by phone, forcing startup company founders to scramble for one hour to make a decision. DreamIT is a little more reasonable, allowing their offerees a couple days to mull the offer letter. Did TapInko waver? Yes. Why? We’d give up 6% of our company to the DreamIT guys. Would it be worth it? We didn’t know. This was DreamIT’s first year in operation. We would be taking as much of a risk on DreamIT as they were taking on us.

2. They want 6% of Your Company
Is 6% a reasonable amount of money to give to an incubator for a one-time summer experience? At first glance, 6% seems like a lot for three months of resources and exposure. they gave TapInko a $333,333 valuation. However, the incubator promises at least $5k in legal assistance, $5k in accounting assistance, office space at the University City Science Center, synergies with the other DreamIT companies, and the assistance of gurus, strategists, and weekly speakers. Not to mention the pizza, calzones, and soda (mmm brainfood). These value-ads are only as valuable as your ability to utilize them. Did we have 6% to give to DreamIT? Yes. We jumped in.

3. The Offer Letter is Difficult for Law Students to Swallow
The scariest part of the DreamIT offer was the two page offer letter. An hour after the offer letter was emailed to our CEO, we sent the DreamIT guys a long letter with questions that the offer letter didn’t address: (1) Class of units the DreamIT shares would be; (2) terminations provisions; (3) voting rights; etc. We just went over a sample term sheet in e-business class, and it was difficult to accept such a vague offer. They promised “legal and accounting services at no cost to you.” They should have mentioned that the legal services were at no cost up until $5,000 of in-kind services. Pepper Hamilton, the law firm selected for TapInko, has been absolutely amazing guiding TapInko around the legal pitfalls of small startups. DreamIT told us that the reason for having a concise term sheet is so the developer-heavy teams wouldn’t become frustrated with the complexity of the term sheet and walk away. Understandable.

4. Access to Funding Sources
It is inherently difficult for young entrepreneurs to get in the door of angel groups and venture funds, so the rolodex of connections provided to TapInko will be essential to our success in getting funded. The Funding Day/Demo Day at the end of the summer was the clincher for our team. Instant access to a forum for pitching to 60-80 investment groups may provide further validation of our product.

5. Speaking of Validation…
As DreamIT grows its community reach, the status of being a DreamIT company will provide instant validation for our startup. It is often difficult for small companies to get a great reputation and industry penetration, and TapInko has already seen the benefits of this affiliation. Many potential clients have congratulated us when they saw, through the TapInko blog, that we have been accepted into DreamIT. It is a real honor to be selected as a top 4% startup on the east coast.

…At the end of the day, are we glad we decided to accept DreamIT? Yes, absolutely. In the span of one month in the incubator, working the day-to-day grind together in our pods, we made strides that would normally take entire semesters.

In the land of tech startups, there is no time to waste time. Someone is likely out there in the interwebs doing exactly what you’re doing. The only way to succeed is to release your product quickly, be an active thinker, secure your clients, conquer your niche, get funding, and expand. Let’s roll.

Buzzzzzzz

The TapInko team had the opportunity to meet one of Half.com Marketing masterminds. Pete even collected a personal signature!

"May The Buzz Be With You" - Mark Hughes - Author Buzz Marketing

DreamIt is underway. Development is cranking. Business is moving. You cannot pay for this type of experience.


TapInko Founding Fathers - Pete, John, Nick, (from left to right) - Cool-bicles aka Pods



TapInko Art - An original never opened Half.Com Urinal Screen (with gloves) has been added to Pete's Wall Art Collection. Amazingly, his marketing exposure and experience at Half.Com has played an integral part in laying the foundation for the TapInko venture.

DreamIt Ventures

After an intense two years, TapInko has been accepted into an Venture Capital incubator. This summer will be an amazing adventure.

Come check out our offices:

The Science Center
3701 Market Street
Philadelphia

DreamIt Ventures

What an incredible opportunity...