Just last Wednesday, we caught up with to Marc P. Bernegger (pictured below) down at NUS’ N-House where he talked to students about his key insights as a serial internet entrepreneur. Marc has such a long list of entrepreneurial achievements that I don’t exactly know where to begin. At 20, he founded online entertainment website usgang.ch, which was sold to media company Axel Springer in 2008. He is also a founder of Amiando, which was sold to business platform XING in 2010. At present, Marc is a partner of Next Generation Finance Invest, a founding partner of crowdfunding platform c-crowd, and an angel investor in several startups.
Marc adopts a “Just do it and don’t think too much about it” mindset. Of course, it is not just about blindly venturing into starting up a company. Marc reminds young entrepreneurs that being in a tech and startup environment where we embrace continuous innovations and changes, we need to be aware of what is going on in the dynamic internet environment.
Entrepreneurs need to think of how to develop addictive products and leave customers craving for more. Think – “How do I create a wholesome user experience? How can I better serve my customers? What was the reason your customers fell in love with your product in the first place?” Remember, your competitors are just a click away. You need to act fast and be even faster than the competition. Speed is very important in the internet industry; there is no other industry in which one can grow rapidly with little experience and capital, yet be a game changer.
In Marc’s words:
The success of most internet companies is based on the idea, an assertive team, and real customer value.
Ideas are important, but Marc also stresses that entrepreneurs should build a team with complementary skill sets. Upon the establishment of your team, find the sweet spot of your service and focus your heart and soul on building it. Avoid getting distracted and do that one thing right instead of dabbling in everything.
In a recent post we were reminded that all entrepreneurs should think big. You need to have a global vision, especially when you are running an internet company. There are no national frontiers, which means most web-based services can be offered worldwide. If you have an awesome product, you will be able to roll out globally.
Search for experienced and well-connected supporters for your business idea. Marc also advises entrepreneurs to explore the option of giving shares of your company to smart business angels. With the external know-how and feedback, these people are able to guide you through the first few months of your startup. You can even get, via such angels, access to networks you normally would not have access to, and also gain support in finding the first customers. Besides, with people backing your idea, it gives your startup higher credibility and a better negotiation position for potential financing rounds.
On the topic of finance, an exit of a company in the internet business is undoubtedly much easier than in other industries. Yes, it is certainly something to get excited about, but Marc cautions that it should not be the main driver of your intention to start up. Entrepreneurs should not be too focused on selling the company. Afterall, most successful exits were not planned; they were driven by their own successful product development.
His advice to students?
It’s the perfect time to start a business because there is no commitment (think of family and kids) as of yet. So if you are an aspiring entrepreneur, just do it, and not think about it.