Unlearn and Relearn — Key Takeaways Graduating from The Founder Institute.

Happy to announce, I just graduated from the Silicon Valley-based early stage accelerator, The Founder Institute. Initially, I was hesitant with the program since I previously had experience with starting up companies, but hey guess what? As futurist and philosopher Alvin Toffler once wrote:
“The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn”
Looking back now, I realized how valuable the experience was and how it allowed me to become both a better entrepreneur and an investor. Here are my key takeaways:
1. Finding a Co-Founder is Like a Marriage. Cannot stress how important this is. Spend time to learn about your co-founder’s previous experiences, passion, hobbies, and family before tying the knot. CHOOSE WISELY
2. Be Open-Minded. When pitching to mentors, friends and potential investors, you can face harsh feedback about your assumptions and business. When you’re open to ideas and negative feedback, instead of fearing failure, take this opportunity to learn and grow from it. Understanding different points of view will open you up to new ideas. BE HUMBLE
3. Be a Big Fish in a Small Pond — Getting someone’s time and attention is challenging in today’s busy world. If you are a small fish in a big pond, it’s almost impossible. So why not develop a reputation to a unique community? Find the right customer segment and focus on it, obtain the first traction in a narrow segment then expand. Doing this over the long-term will separate your startup from everyone else. Focus swimming in your small pond and you will be successful. STAY FOCUSED
4. Talk to the Customer and Gather Feedback. You may think you know your business and your customer’s preference. You can read publications and articles but at the end of the day, you will need to interact with your customers. This is a dynamic process. I remember a mentor bringing up the issue of comparing your preferences and mindset this year versus the previous year. How has that changed? Were you able to predict the types of change? Just like for your customers, their pain points and interest changes over time. Do not invent your customer, discover them. ALWAYS VALIDATE
5. Power Leverage and Bootstrap. For startups, money can be an issue, but sometimes money does not necessarily solve the problem. Use your network and resources to power leverage your brand. Use your money wisely by growth hacking. Bootstrap your startup off the ground, take advantage of government funding, cheap co-working space, or freelance your service on the side. Time and energy are limited. Money is everywhere. Make sure the perceived value of what you’re offering is higher than what your customer would normally get cash in. Remember this formula: Value= Benefit/Price . BE CREATIVE
Closing off, what makes the Founder Institute program a good experience is not the curriculum/assignments we do. Instead, I believe what’s important is how we apply the concept to our own business and establish meaningful relationships and support from mentors, directors and fellow founders who are all willing to help you achieve your passion from idea to reality.
I’m grateful to all who have guided us in this journey. Within our cohort, 18 Founders joined the program and only 8 of us managed to graduate. I look forward to helping future founders in their journey. Feel free to reach out to me!
Raised in Vancouver, Canada currently based in Hong Kong. Christian Ng is a Co-Founder of Tika Innovation. He seeks to connect with creative minds to help propel their idea and dreams.
