We’re often talking about start ups, starting a new business, what it takes to succeed, and we cover many of the practical aspects of owning and operating your own business in our Small Business Management course. We’ve also touched on prepaid legal services for bookkeepers who have completed our online MYOB training course and the latest provider to enter the prepaid legal fray: LawPath — which is also the latest venture of start-up incubator, Pollenizer.
Pollenizer: How it all Started-Up
Based in Sydney’s Surry Hills, Pollenizer, which was founded by Mick Liubinskas and Phil Morle — the former chief technology officer of infamous file sharing site, Kazaa — aims to co-found companies and grow them to a point where the founders can then exit for a profit.
Pollenizer’s most recent success story is that of group-buying site, Spreets, which was sold to Yahoo for $40 million dollars after only 12 months.
When Morle and Liubinskas spot a start-up they’re interested in, they invest up to $150,000 to help get what is often just an idea scribbled on a napkin off the ground.
Pollenizer’s Start-Up Science
How do ideas make it to some kind of fruition? This involves employing what Morle calls the Pollenizer “start-up science” where each start-up is dragged over Pollenizer’s so-called technical and marketing coals.
Discovery, Validation and Efficiency
Starting with discovery, the Pollenizer team looks into whether a particular start-up solves an existing problem and whether customers will pay for the solution. Next, is validation — testing whether real people will actually want to pay for the product. The last stage is efficiency: ensuring the business is capable of operating when more customers come on board.
But about half of the start-ups don’t make it past the second stage.
But one of the most interesting aspects to the way Pollenizer operates occurs before you’ve even opened your doors for business, so to speak: Pollenizer’s “start-up science”.
By methodically looking at your business idea and what your business aims to do, you’ll discover any pitfalls you may encounter, giving you the chance to modify and refine your business idea.
We all like to think we have a great business idea that could change the world. But as Pollenizer shows, for half of us it’s just an idea.
That doesn’t mean give up; it means research, reassess and retry.