Building a Company: Top Tips for Aspiring Founders

As Head of Investments at Startuplab Ventures, Gisle Østereng shares his insights on what it takes to build a successful company. Here are his top ten tips for coming entrepreneurs:

1. Put the Customer at the Center

Begin by understanding the customer's situation and problem. Gather as much information as possible to ensure the problem is significant and costly. This understanding will allow you to be ambitious about sales growth.

2. Sharp Value Proposition

Your value proposition must be clear, quantifiable, and preferably referenced. It should appeal not only to the user but to the entire customer decision-making chain, including investors and partners.

3. Think Globally

Focus on the global market from day one. For most companies, an international perspective fosters faster growth.

4. Segmentation

Identify a niche where you can repeatedly make sales globally, and then take that niche to the world.

5. Pricing Strategy

Ensure your product's pricing is attractive to both parties, with good margins that can scale without excessive capital.

6. Global Recruitment

Be ambitious with your recruitment. Avoid reinventing the wheel by bringing in team members who already understand the problem from all angles. If they won't join your team, consider them for your advisory board.

7. Long-term Investor Strategy

International capital can complement Norwegian or Nordic funds, providing more capital or higher valuations. From the start, seek smart, competent capital to balance risk appetite and leverage investor support beyond just funding.

8. Innovative Marketing

Allocate sufficient resources to marketing and sales. Engage with those who already understand your customer's problems and are familiar with the market. Think partnerships and multi-channel distribution strategies. Remember, no product sells itself.

9. Think Outside the Box

Build an outlier or category winner that everyone wants to join.

10. Enjoy What You Do

Most importantly, pursue something you find fun and engaging.

Happy summer and happy building!