There was once a B2B entrepreneur…
We will call her Ms. B. She lived in a nice neighborhood in the Big City, had great friends and family — but Ms. B had a bit of a problem. Her other startup peers were all B2C. Not only were they getting all the press and the right investors, many of them were seeing revenue coming in just after launch. Ms. B was spending too many days wondering if she had started the right business.
It’s Not Easy B2B-ing…
She had to face the truth — her startup experience could be vastly improved. She was barely making payroll since her team had underestimated the sales cycle to close new customers. Her runway was almost up and her closest competitor had just closed on the SAME two deals she was counting on for her next quarter income. Her friends and family didn’t understand what she was building and at social gatherings the unsaid weighed heavily on her mind — “that enterprise companies are hard-to-build and frankly, boring”.
Ms. B never heard “The Harvard Business Review has boldly proclaimed “data scientist” to be the sexiest job of the 21st century.!”
The truth is it is hard to be an enterprise startup. Luckily, NYC is one of the best places in the world for your B2B idea to thrive and that’s why the Startup Weekend NYC team is producing its first-ever B2B Startup Weekend this May — to highlight, enhance and educate the local B2B ecosystem.
NYC has got your B2B Back…
We all know NYC is the home of big business, with more Fortune 500 companies than any other city in the country. Success stories have grown in the past 3 years, including NYC-based Buddy Media’s acquisition by Salesforce for $700mm+ in 2012. At the time, it was the largest acquisition by Salesforce to date (at multiple of a little less than 19 times revenue). NYC-based Quirky is making recent headlines for its acquisition of Undercurrent, an NYC design & consultancy firm that will enhance Quirky’s transition from being THE-place-for-inventors-to-pitch-new-products to a full service B2B firm helping mammoth companies such as GE and build new businesses and brands.
One of NYC’s most respected incubators, Workbench, has also positioned itself as a enterprise technology growth accelerator that is building a “bridge between enterprise startups and Fortune 1000s.” The New York’s Economic Development Council is also in the game showing unprecedented support and benefits to local B2B startups. While the local grassroots communities such as the New York Enterprise Tech MeetUp has grown to over 3,600 members.
The real deal is — this is a massive ecosystem and ideas like Ms. B’s should be thriving.
NYC on the B2B case
True to the Startup Weekend spirit — it is amazing what can be learned in 54 hours. This May some of the best new B2B ideas in the city will dig into B2B basics by hands-on building their own B2B startup — how to have one clear message to your target customer, how to craft a realistic sales cycle and stick to your runway projections, how to build a business that provides customers with short term benefits to increase retention, and how focus on one clear market segment is what leads to great success.
Ms. B — this one’s for you. We wish you had had the chance to attend a Startup Weekend before you launched your company but the future is forward.
Don’t worry you great B2B ideas — Join us this May. You have a home in New York City!