It’s 9am, you’re at your real job, you’re tired, but still excited about what you did over the weekend. But now what? Regardless if you “won” or not, you should consider moving forward – perhaps with your exact idea, or perhaps with a modified idea after hearing the judge’s feedback. Here are five things you should think about doing this week before time slips away.
1. Keep in touch with your team
First, don’t lose contact with your team. Keep the conversation going. You might schedule a meet up over coffee or happy hour. But it is important that you keep talking with your team so you can all provide positive feedback and encouragement to keep moving forward.
2. Keep in touch with your mentors
The mentors were there to help you. They obviously care about what you are doing and want to see you succeed. So reach out to them with follow up questions and for guidance on where to go next. Most of the mentors will be well connected in the community and even if they don’t have the answers you are looking for, they will often be able to point you in the right direction.
3. Research your market
Assuming your idea was fresh on Friday, you probably need to spend more time researching your market. You need to spend understand more about your competitors, the big players, and anything else relevant in your market. Perhaps more thorough research will revel things you didn’t know over the weekend and those items might influence how and why you move forward.
4. Re-think your idea
After reflection and feedback from mentors, judges, and others, you should consider whether your current idea is viable. If not, think about how you can make changes to make it viable. Often, a great idea that comes out of a coffee induced rush to make a pitch will have holes. This isn’t to say your idea is bad. It might be great. But you should step back and think through the basic premise one more time.
5. Form a LLC or other business entity and decide who will continue
Finally, if you want to take things to the next level, consider forming a business entity and making the tough decisions quickly. There are interesting legal issues that arise out of startup weekend and you may need to talk to an attorney; but you should have a group discussion with your team to decide who is moving on and who isn’t. You’ll quickly learn that differences exist and some team http://kansascity.startupweekend.org/files/2014/06/chris_brown-200×300.jpgmembers need to go. When that happens, you might consider giving those leaving members a tiny, non-voting, ownership interest in the company as a thank you for their time at startup weekend. That will hopefully avoid future litigation because they will have to sign something acknowledging they are obtaining an ownership interest but that they are not moving on.