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Wednesday, December 12, 2018

Red Rocket's Best Startups of 2018

Posted By: George Deeb - 12/12/2018

Red Rocket gets introduced to hundreds of startups each year, in the normal course of doing business, or via our involvement with variou...



Red Rocket gets introduced to hundreds of startups each year, in the normal course of doing business, or via our involvement with various startup groups or events.  We wanted to honor the best of these startups that we met in 2018, in Red Rocket's 7th Annual "Best Startups of the Year".  This list is not intended to be an all-encompassing best startups list, as there are many additional great startups that we are not personally exposed to each year.  And, this list is not intended to be only for businesses that launched in 2018, it is open to startups of any age, that they or their advisors had some personal interaction with us in the last 12 months.  The business simply needed to have a good idea, good team or good traction, that caught our attention.  Congrats to you all!!


THE BEST STARTUPS OF 2018 (in alphabetical order):

Crowdstaffing (CEO, Sunil Bagai) - B2B on-demand talent platform

Direct (CEO, Wes Smithe) - B2B vacation rental management platform

Exit 7C (CEO, Blessing Egbon) - B2C gasoline on demand

FanFood (CEO, Carson Goodale) - B2C in-stadium food ordering app

Farmer's Fridge (CEO, Luke Saunders) - B2C fresh meal vending machines

Furtrieve (CEO, Jordan Hetlund) - B2C smart tracking collars for pets

Garcon (CEO, Nick Miller-Sanchez) - B2B at-restaurant-table ordering and payment app

GiftCrowd (CEO, Eshed Doni) - B2C group gifting platform via PTAs

Goodwell Co. (CEO, Patrick Triato) - B2C non-electric motorized toothbrush

Lampix (CEO, George Alex Popescu) - B2B table top augmented reality platform

Levitate (CEO, Jesse Lipson) - B2B word-of-mouth marketing platform

ProsRent (CEO, John Clark) - B2B construction equipment rentals marketplace

Pryon (CEO, Igor Jablokov) - B2B augmented intelligence platform for enterprise

Reozom (CEO, Jason Tibble) -  B2B real estate sales platform without commissions

RewardStock (CEO, Jonathan Hayes) - B2C awards travel optimization platform

RoomZoom (CEO, Elien Becque) - B2C roommate matching platform

SceneSave (CEO, Meghan Hoover) - B2C shop your favorite television shows

Stride Travel (CEO, Gavin Delany) - B2C adventure travel booking platform

Unpakt (CEO, Adam Doron) - B2C marketplace for mover quotes

Voyajoy (CEO, Diana Thai) - B2B rental listing management & marketing platform



And, don't forget to check out the 2012 winners, 2013 winners, 2014 winners, 2015 winners, 2016 winners and 2017 winners, many of whom continue to be doing great things.


Congratulations to you all!!  Keep up the good work.


For future posts, please follow us at: @RedRocketVC



Tuesday, December 4, 2018

[Video] George Deeb Presents Successful Startup Strategies on ASBN

Posted By: George Deeb - 12/04/2018

Last month, I wrote an article for Entrepreneur about the importance of a startup to Keep It Simple Stupid , in terms of setting thei...




Last month, I wrote an article for Entrepreneur about the importance of a startup to Keep It Simple Stupid, in terms of setting their business strategies and processes.  I was fortunate that the Atlanta Small Business Network (ASBN), an online "television network" serving the small business community read that article and invited me on their show to talk about it.  I thought this video turned out great, and I wanted to share it all with you, to help you think through your business strategies.  I hope you like!!




The embedding option didn't give me a chance to change the size of this video.  But, if you want to see a bigger version of this video, simply click the expand size button in the player above, or feel free to watch it on the ASBN website.

Thanks again to Jim Fitzpatrick and the ASBN team for having me on the show.  I look forward to our next interview together.


For future posts, please follow me on Twitter at: @georgedeeb.


The Top 6 Steps of Strategic Planning

Posted By: George Deeb - 12/04/2018

I have previously written about how to write a business plan , including the key components that are needed to attract investor atten...




I have previously written about how to write a business plan, including the key components that are needed to attract investor attention.  But this was more of an external document to use with third parties like venture capitalists or banks.  Building an internal, long-term strategic plan for the business, that is going to guide management with its decision making, is different.  It is a lot more detailed and can take months to create.  Here are the top six key components for building a killer strategic plan for your business.

Read the rest of this post in Forbes, which I guest authored this week.

For future posts, please follow me on Twitter at: @georgedeeb.


Saturday, December 1, 2018

The Risks of Candidates Climbing Back Down the Corporate Ladder

Posted By: George Deeb - 12/01/2018

Our brains have been wired to think about our careers going up the corporate ladder over time. A manager becomes a director, a directo...



Our brains have been wired to think about our careers going up the corporate ladder over time. A manager becomes a director, a director becomes a vice president, a vice president becomes a president, etc.  Obviously, there are a lot fewer job positions the further you go up the ladder. A typical company may have 125 managers, 25 directors, five vice presidents and one president. The odds of moving up the ladder aren’t really in your favor, with 80 percent fewer positions at each next level.  But, people need to make a living. What happens when an employee needs to go back down the ladder to find more open positions? Is that a good idea for you as a hiring manager to consider that candidate? Let’s find out.

Read the rest of this post in Entrepreneur, which I guest authored this week.

For future posts, please follow me on Twitter at: @georgedeeb.


Monday, November 26, 2018

Lesson #305: The Pluses and Minuses of Virtual Teams

Posted By: George Deeb - 11/26/2018

Red Rocket recently acquired Restaurant Furniture Plus , a B2B ecommerce website selling furniture to restaurants.   What made this ...




Red Rocket recently acquired Restaurant Furniture Plus, a B2B ecommerce website selling furniture to restaurants.  What made this business different from most of the other businesses I have managed was the fact it was 100% a virtual company.  The founders worked from their homes in California and the fulfillment team worked from their homes in Ohio.  So, we decided to try to continue to operate the business as a virtual workplace, with the owners working from their homes in the Chicago and Raleigh areas and the rest of the team working out of their homes in the Cleveland area.  It has been an interesting learning opportunity that I wanted to share with you, as you consider the pluses and minuses of virtual teams for your business.

THE ADVANTAGES OF VIRTUAL TEAMS

Lower Costs:  Since you don’t have to pay expensive and growing rent for a home office facility, you can save material expenses and reinvest those savings into other more important areas of your business, like talent or marketing.  And, you can just as easily hire talent in a lower cost market like Des Moines, as you can in a higher cost market like San Francisco.  And, virtual workers often come with their own home offices set up, so no material costs for computers, internet or phones.  So, hopefully, your virtual company has the potential to be materially more profitable than your non-virtual, traditional competitors.

Happy Employees:  One of the appeals of a virtual workplace is that many employees are looking for the flexibility that comes with that.  They can work from their homes, and not deal with long commute times each day.  They can more easily set flexible work hours, and squeeze in personal time, as needed.  They can come to work in their pajamas if they like!!  Just make sure the staff member really has the desire and discipline to truly work from their homes, as many people can’t clearly separate their work life from their personal life when doing both in the same location, or would have a tough time working by themselves every day.

Higher Productivity:  Without an office, there tends to be fewer unnecessary meetings.  So, more work gets done and employee morale is better when they are more quickly crossing work tasks off their list.  And, you can more easily hire local experts or benefit from local relationships that improve productivity as compared to outsiders learning a new market.  This also replaces the need for travel time, where they can put those costs and hours back into the company in more productive ways.

Flexibility:  With virtual companies, you can more easily scale them up . . . or down, in case your business ever gets into a slump, not saddled with expensive long-term real estate leases, as an example.  And, if ever needed, you can have staff geographically located across the globe, to allow for a 24/7 customer service experience.  When not “handcuffed” by a physical office, the world of options are literally available to you.

THE DISADVANTAGE OF VIRTUAL TEAMS

Harder to Manage:  There are clear advantages of having all your employees in one location.  You can more clearly see the work getting done . . . or more practically, not getting done.  You can more easily walk down the hall to have a face-to-face conversation with someone or see whether their inbox is overflowing with uncompleted work.  So, you have to be really good at leveraging online video and collaboration tools as best as you can to recreate the in-office experience.  But, you’ll never get the same physical cues you get from people when being in the same place.

Harder to Team Build:  It is much harder to create a culture that you aspire your team to work towards, when they are all working out of their homes and not really getting team exposure on a daily basis.  And, you can’t easily get the team together to celebrate employee birthdays or Friday happy hours, as examples.  You will have to be creative in how you get your staff to build loyalty to the team vs. loyalty to themselves, with incentives or team contests or whatever.

Harder Legally:  Instead of having to know employment laws, hiring practices and payroll tax rules for one location, you may need to learn how to live by the rules of all cities in all states (or the whole world).  But, at least there are centralized HR tools you can leverage to help you deal with these types of issues.  And, don’t forget about the potential security risks of having all your important customer or business data stored in the cloud, instead of under lock and key in your home office.

YOUR FIRST DECISION--WHERE TO LOCATE NEW EMPLOYEES?

When we acquired Restaurant Furniture Plus we inherited the team in Cleveland. But, we quickly needed to expand the team to support our sales growth.  But, in what market do we hire these people?  Do we hire them closer to the owners in Chicago or Raleigh?  Do we hire them closer to the Cleveland team?  Do we hire nationwide?  The immediate instinct was we can hire the best talent wherever they reside, nationwide.  But, when we thought about the payroll tax implications of managing employees in 50 states and that became a daunting endeavor.  Then, we thought, we will hire the new team members near the owners, and ultimately build our “headquarters” near one of us, so we can more easily manage them in person, if needed.  

But, we ultimately decided, that we will need to be training the new staff on their new jobs, similar to the roles of the Cleveland team, so it will ultimately be easiest to hire all new staff in the Cleveland area.  First, for simplicity in training and tax reporting.  Second for ease of getting the team together for any in-person meetings over time.  And third, all centrally located in one market, in case we ever wanted to open a physical office someday, if the virtual workplace experiment ever was a bust. The only downsides of that decision was, we have now set up the team in a market that is far away from the owners in Chicago and Raleigh (potentially making it tougher to manage), and we have capped our talent pool to the Cleveland area (instead of pulling from talent nationwide).  But, we’ll see how it goes over time.  There is no single right strategy here.  You need to consider what is best for you and your business.

CONCLUDING THOUGHTS

So, as you can see, running a virtual company can be very different than running a traditional company.  There are many advantages and disadvantages to consider.  But, if you hire the right team members that are truly desiring and disciplined to work well from home, and put the proper group communications tools and online processes in place, there is no reason it cannot be successful.  Or, better yet, materially more profitable than operating in traditional ways.  I’ll let you know how our adventure into the world of virtual workplaces evolves over time.  But, so far, so good!!


For future posts, please follow me on Twitter at: @georgedeeb.



Monday, November 5, 2018

[NEWS] Startup Lessons #203 - #303-- Now a Downloadable eBook from @RedRocketVC

Posted By: George Deeb - 11/05/2018

Red Rocket started writing its first " 101 Startup Lessons--An Entrepreneur's Handbook " back in March 2011.  Over ...



Red Rocket started writing its first "101 Startup Lessons--An Entrepreneur's Handbook" back in March 2011.  Over seven years later, it has grown to over 303 startup lessons for entrepreneurs.  It is a comprehensive, one-stop read for entrepreneurs who want actionable learnings about a wide range of startup and digital-related topics. The book is a startup executive's strategic "playbook", with "how-to" lessons about business in general, sales, marketing, technology, operations, human resources, finance, fund raising and more, including many case studies therein. We have demystified and synthesized the information an entrepreneur needs to strategize, fund, develop, launch and market their businesses.

We published our first "101 Startup Lessons" in November 2013, and our second "Startup Lessons #102-#202" in April 2015.  Now, we are excited to bring our third volume, "Startup Lessons #203-#303", to all of you in this freely downloadable eBook.

Thanks to all of our 1,500,000+ readers who have already benefited from these lessons via our blog, which we will continue to update with new lessons in the years to come.

To download the full eBook into your eBook readers, visit your favorite eBookstore website:

Amazon (Kindle) - $0.99
Barnes & Noble (Nook)- Free
Blog Into Book - Free
Google Play - Free
iTunes - Free
Kobo - Free

If you also wish to download our first two eBooks, you can do so at this link.

Thanks for sharing this editorial adventure with us.  We appreciate your readership, and your sharing these lessons with your entrepreneurial colleagues in need.


For future lessons, be sure to check back weekly on the Red Rocket Blog, or follow us on Twitter at: @RedRocketVC or @georgedeeb.


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